Washington DC - President Donald Trump backed Argentina's far-right president Javier Milei and his radical economic agenda ahead of crucial mid-term elections in Argentina.

"We think he's going to win. He should win. And if he does win, we're going to be very helpful," Trump said on Tuesday as the beleaguered Milei visited the White House for bilateral talks.

"And if he doesn't win, we're not going to waste our time, because you have somebody whose philosophy has no chance of making Argentina great again," the Republican added.

The unpopular Milei is a close ally of Trump, whose administration has actively intervened in financial markets to support Milei's far-right economic policies.

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The US Treasury Department purchased large amounts of Argentine pesos to stabilize the national currency, while also agreeing to a $20 billion currency swap with Argentina's central bank. The deal means the two countries will exchange currencies for a set period, enabling Argentina to bolster central bank reserves and ensure liquidity.

Milei is now hoping to attract large-scale private investment. Ahead of his Washington visit, he told a radio station that the country could see a "flood of dollars" coming in.

After suffering a major setback in September's Buenos Aires provincial elections and facing economic turbulence, Milei is hoping for a strong showing in the parliamentary elections in just under two weeks. He currently holds no outright majority in either the Chamber of Deputies or the Senate.