By Michael Hernandez

WASHINGTON

U.S. President Donald Trump voiced support for Argentina on Tuesday amid a worsening economic crisis in Latin America's third largest economy.

Trump said he spoke earlier in the day with Argentine President Mauricio Macri and ''reaffirmed the United States’ strong support for Argentina during this trying time for them."

"I have confidence in President Macri’s leadership, and I strongly encourage and support his engagement with the International Monetary Fund to strengthen Argentina’s monetary and fiscal policies to tackle the country’s current economic challenges," Trump said in a statement.

Argentina's central bank Tuesday sought to stall the worsening depreciation of the Argentine peso, selling off $100 million in reserves. The currency has lost roughly 50 percent of its value against the strengthening dollar this year, and continued to fall about 3 percent despite the bank's action.

Marci announced emergency measures Monday to combat the crisis, including a new tax on exports and steep budget cuts.

Argentine officials are in Washington for negotiations with International Monetary Fund officials. Buenos Aires is seeking to have the fund release $50 billion in standby credit quicker than initially agreed.

Argentina's economic woes have raised the prospect of a prolonged fiscal recession.