Latin America is usually regarded as a minor theatre of the Cold War because of the tight grip of the United States on its »backyard«. Although the field of Global Cold War Studies has emphasized the importance to extend the analytical view to the so-called Third World during this period, there are only few Latin American examples which receive attention. This paper advocates for a fresh look at the regime of Juan Perón in Argentina in the context of the Global Cold War. In the early phase of the superpower confrontation, Perón warned about a clash of capitalism and communism and in 1947 proclaimed a Third Position between the two superpowers. Although the Argentine government guaranteed the US to be on its side in case of a future war, Washington considered this Third Position an obstacle to its hemispheric policy. An analysis of the Third Position can help us get a broader perspective on the early phase of the Cold War in Latin America.