Milei's Shock Package and Argentina's Dollarization Risk: Lessons for Biden

President-elect Javier Milei, who won by a large margin in Argentina's presidential election, plans to implement significant shifts in the country's foreign policy. Milei rejects "communist" countries, including China and Brazil, and has threatened to break diplomatic ties with Beijing. China, a major investor in the Argentine economy, is concerned that an anti-China administration could harm its interests. While Milei's control over the economy may be limited, he will have free rein over foreign policy, potentially undoing alliances and agreements made by the current administration.