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Argentina's president heads to New York for crunch talks with Donald Trump, as Washington hints of a financial rescue.
It's World Business Express from the BBC World Service.
I'm Liana Byrne.
Nigeria cuts interest rates for the first time since the pandemic and Milan Fashion Week opens with a tribute to Giorgio Armani's final collections.
Yes, Argentina's President, Javier Mille, is sitting down with Donald Trump today and the White House is hinting it could step in with a much-needed financial lifeline.
Mille has promised to drag Argentina back from the brink of hyperinflation.
That's when prices in an economy rise extremely fast and they're pretty much out of control.
But after weeks of market turmoil, he's under real pressure to prove he can steady the ship.
Here's Sarah Rogers with a look on how we got here.
Before Milo's election, Argentina's economy was in a bad state.
More than 40% of the population were considered poor and prices were rising by 25% per month.
So what's he done to turn this round?
2019.
Javier Mille cultivated his popularity as an economic commentator on national TV.
With his vehement and provocative style, he quickly became an undisputed fixture in primetime.
In his speeches, Mr Mille formed a plan on how to get the country out of the economic pits.
November 2023.
Argentines elect him president.
Miele admitted the Treasury was empty and set about optimising government spending.
Pensions and subsidies for transportation, gas, water and electricity were cut.
Government spending on social needs fell by 35%.
April 2025.
The IMF approved a fresh 20 billion loan to replenish the central bank's reserves and help Miele relax currency controls.
September 2025.
Mille's coalition suffered a major defeat in midterm elections in Buenos Aires.
It was read as a rejection of the president's plans and as a signal the administration will face greater challenges in passing reforms.
Sarah Rogers there.
With me now is Fiona Sincotta, who is Senior Markets Analyst at Citi Index.
Fiona, tell me, how bad a state is the Argentinian economy in?
So, the economy is in a fragile state of recovery and that's basically after years of stagflation.
So, weak to no growth with high levels of inflation.
Malaya has brought in drastic spending cuts, which has actually brought inflation down from around 300 annually to around 30 in August.
And the peso weakened to a record low this week.
Now we have seen the central bank there make its bigger dollar sale in six years in attempt to curb this peso slide.
Okay, Fiona.
Well, have a listen to this.
Earlier, I spoke to Patricia Ortiz.
She runs Fincas Patagonicas, a wine business in Mendoza in the west of Argentina.
And she told me that for her industry the biggest shock hasn't just been Argentina's internal problems, but mostly US tariffs on wine.
For us, the biggest things that happened was the tariff that the U.S. put to our wines.
You know, U.S. is the biggest market for Argentina.
So that really changed the whole world when they put the tariff.
Because you know, Europeans wine now have higher tariff and also the euro is higher.
So they are not selling anymore to the States, and the States then is not selling anymore, for example, to Canada.
So they are full with wine.
They put cheaper their wine.
And now for us, we are paying tariff.
And Europeans want to start going to Brazil because they cannot go to the States.
And Brazil was, for example, for Argentina, the second market.
So now we are competing in Brazil with the European West, which was not the story before.
Now President Mele.
He's saying the worst is over in terms of the austerity measures that were in place.
Do you share that optimism?
Unless he wins now the midterm elections, he's going to be in a problem for sure, because to make the measure changes he wants to do, he needs to have the Congress, because today you can see all the measures that he put the Congress voted him against.
So that's what the turmoil is.
He has not passed any of the measures that he wanted.
So he really needs to win.
Otherwise, it's going to be a big crisis again.
So what would you like to hear from Millais when he sits down with Donald Trump?
Businesses like yours, what do they need right now?
We need stabilization, you know, of the currency.
We don't need inflation anymore.
And we need that the risk of the country comes down.
I mean, the last days, it went really high up.
We know that we need reserves.
He's losing a little bit of the reserve right now after the last two days.
If he's doing that because he wants to win the elections, we may support that.
That was Patricia Ortiz from Fincast Patagonia Cast Wine in Argentina.
Nigeria has cut interest rates for the first time since the pandemic.
The central bank's benchmark is still sky high at 27, but the move comes as the economy posts its fastest growth in four years.
And Indonesia has struck a landmark trade deal with the European Union.
Both sides say it could double trade within five years, with tariffs lifted on most Indonesian exports and duties scrapped on the bulk of EU goods heading the other way.
Now for our regular listeners, we've been following this story for you.
British carmaker Jaguar Land Rover JLR for short says its production lines will stay shut for at least another week.
It's still crippled by a cyber attack at the end of August.
The disruption has already cost the company hundreds of millions of dollars and is rippling out to other businesses too.
Lee Russell runs Land Flight Travel Services, which provides shuttle buses for thousands of JLR workers.
It's more affected the drivers.
So where we'd normally have them in early morning for the start of the shift at JLR, we are having to bring them in a bit later and also of an evening for those shuttles that we do.
We're having to send our drivers home as well.
We would like to think that we can support JLR the best that we can.
But like anything, we will have to adapt our shifts if we don't go back to probably sort of full needs for their business.
We're talking about thousands of people not just at JLR in the supply chain that work extremely hard to earn a living.
And the fact that someone can just do this and undo it all.
That was bus company owner Lee Russell.
Still with me, Fiona Sincotta.
Fiona, let's start with the Indian rupee.
It's fallen to an on-time low against the US dollar.
How much of this has to do with its relationship with America?
Yes, exactly that.
I mean, as you mentioned, it's fallen to a record low.
And that was following the announcement by Trump at the end of last week that the H-1B visa fees would rise to 100000.
Now, India's IT industry derives around 57 of its revenue from the US, and it leans heavily on this visa program, as well as outsourcing fees.
So this change could have a significant effect on the sector and also the broader economy.
And that's hitting the rupee.
I can imagine that visa programme is extremely important for its economy.
Also, news from the OECD.
Anyone listening who doesn't know what that is, it's an organisation made up of 38 countries.
Now, it's predicting the world economy will actually grow by more than expected this year.
Fiona, what can we take from this?
Yes, some good news at last.
The OECD outwardly revised growth to 3.2%, up from 2.9% forecast in June.
And this basically comes though, with a caveat, that they say that the full effects of Trump's trade tariffs are still to be fully felt.
So, whilst growth is expected to be stronger than previously predicted thought, there could be some weakening to come further down the line.
Listen Fiona, we'll take good news when we get it.
Also, I don't know if you're a fan of Giorgio Armani, you might be interested in this story, but the late designer's final collections are taking centre stage as Milan's Fashion Weeks opens today.
150 of his creations will be on show, a tribute after his death earlier this month.
And that's it from World Business Express.
Please subscribe to get the latest.
You'll find it along with our only other daily business podcasts, World Business Report, wherever you get your podcasts.
I'm Leanna Byrne.
Thanks so much for listening.
America is changing, and so is the world.
But what's happening in America isn't just a cause of global upheaval.
It's also a symptom of disruption that's happening everywhere.
I'm Asma Khalid in Washington, D.C.
I'm Tristan Redman in London, and this is The Global Story.
Every weekday, we'll bring you a story from this intersection, where the world and America meet.
Listen on BBC.com or wherever you get your podcasts.
