Argentina's Javier Milei triumphs in midterm elections despite soaring prices and rising unemployment

President Milei won a crucial vote of confidence that strengthens his ability to carry out his radical free-market experiment, backed by billions of dollars from the Trump administration.

The chainsaw-wielding libertarian won 40.84% of votes to renew almost half of the lower house of Congress, according to tallies in local media using numbers from electoral authorities with over 90% of votes counted.

Pernosism, the left-leaning populist opposition, won 31.7% of the vote.

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If national media reports are correct, Mieli would have won six of the eight provinces that voted Sunday to renew a third of the Senate.

This election garnered international attention after US President Donald Trump suggested he could rescind the 20 billion dollars (£15 billion) he recently handed Argentina if Milei lost the election.

But the buzz around the election abroad was not felt in Argentina. Even though voting is compulsory, electoral authorities reported a turnout rate of just under 68%, among the lowest recorded since the nation's 1983 return to democracy.

Milei, a key ideological ally of Trump who has slashed state spending and liberalised Argentina's economy after decades of budget deficits and protectionism, had a lot riding on Sunday's elections.

His La Libertad Avanza party - which until Sunday had just 37 seats in the lower house and six in the Senate - needed to emerge from the vote with enough seats in Congress to see through the rest of his economic overhaul and secure that US rescue package.

Milei's government has been scrambling to avert a currency crisis ever since a major defeat by the Peronist opposition in a provincial election last month panicked markets and prompted a selloff in the peso that led to the US Treasury's extraordinary intervention.

A series of scandals - including bribery allegations against Milei's powerful sister, Karina Milei - hurt the president's image as an anti-corruption crusader and hit a nerve among voters reeling from his harsh austerity measures.

Although the budget cuts have significantly driven down inflation, from an annual high of 289% in April 2024 to just 32% last month, many Argentines are still struggling to make ends meet.

Price rises have outpaced salaries and pensions since Milei cut cost-of-living increases.

Households pay more for electricity and public transport since Milei cut subsidies.

The unemployment rate is now higher than when the libertarian president took office.