New Delhi, Nov. 17 -- When it comes to US foreign economic policy, President Donald Trump's administration has two problems on its hands. Following what has become something of a pattern for this administration, both problems are of its own making.

In South America, Trump & Co. are heavily exposed to a dubious effort to stabilize the Argentine peso, a task to which they have committed more than $20 billion. In Asia, they are engaged in an on-again-off-again trade war with China, in which Chinese President Xi Jinping has the upper hand.

Argentia's President Javier Milei has made good on his promise to take a chainsaw to his country's budget deficit. But to reinforce the fall in inflation, he has propped up the peso's dollar exchange rate...