President Trump campaigned on peace. Yet, for months, he expanded America’s military presence in the Caribbean to its largest since the Cold War. Just days into 2026, Trump had Venezuelan President Nicolás Maduro captured and taken to a New York prison. Trump claims the United States will “run the country” until a proper transition takes place. Now the world’s left wondering what that means and what comes next. 

What are U.S. national interests in Venezuela in the first place? What does the United States stand to gain from a policy of maximizing control over Venezuela? And how does the U.S. operation in Venezuela impact the region, and even world order?   

To explore the consequences for the United States, Latin America, and the world, Christopher S. Chivvis is joined by Oliver Stuenkel, a Senior Fellow at the Carnegie Endowment for International Peace and Associate Professor of International Relations at Fundação Getulio Vargas (FGV) in São Paulo.