Will Trump's sanctions on Venezuela backfire?
US could be biggest loser under plans to punish rogue South American nation

The Trump administration imposed sanctions on eight more individuals loyal to Venezuelan President Nicolas Maduro this week in a strategy shift that aims to punish regime supporters rather than the nation.
Last month the US promised "strong and swift economic actions" against Venezuela but so far the country hasn't felt them.
"No such action has materialised, leading some of Maduro's opponents to wonder whether the US president has lost his nerve," The Associated Press reports.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The latest sanctions target eight Venezuelan politicians and security figures involved in creating the Constituent Assembly, the "all-powerful legislative body" loyal to Maduro that will rewrite the constitution, reports New York Magazine.
The individuals, who include Adan Coromoto Chavez Frias, brother of former Venezuelan President Hugo Chavez, will have any US assets frozen. They will also be banned from travelling to America. Since protests began in April, Trump's administration has targeted 30 Venezuelan individuals in all.
Far from cowering, however, Venezuelans celebrate the newly sanctioned.
"Most Venezuelan officials wear US sanctions as a badge of honour," The Associated Press (AP) reports, adding that promotions are often handed to individuals who've been sanctioned.
"It's doubtful these sanctions will be enough to pressure Maduro and his allies to back off their power grab," New York magazine reports.
The problem is that Washington needs Venezuela's oil. A ban on petroleum imports from Venezuela – the US's third-largest supplier – would hurt "hurt US jobs and drive up gas costs", AP says. Many American refineries are designed for handling the type of heavy crude oil Venezuela exports. Replacing those supplies would be costly.
"We want to make sure that we don't have the unintended consequence of doing more harm to US refineries than the Maduro regime," Chet Thompson, CEO of a group representing 95 per cent of America's refining sector, told AP.
Some Senate Republicans could soon join the lobby. Senator Bill Cassidy, a Republican who sits on the Senate Committee on Energy and Natural Resources, is planning to raise similar concerns about the impact on the US fuel market.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Why are white South Africans emigrating?
The Explainer As the US welcomes Afrikaner refugees, the general exodus of South Africa's white population continues to grow
-
Why the weather keeps getting 'stuck'
In the Spotlight Record hot and dry spring caused by 'blocked' area of high pressure above the UK
-
Can Starmer sell himself as the 'tough on immigration' PM?
Today's Big Question Former human rights lawyer 'now needs to own the change – not just mouth the slogans' to win over a sceptical public
-
Why are white South Africans emigrating?
The Explainer As the US welcomes Afrikaner refugees, the general exodus of South Africa's white population continues to grow
-
Democrats: How to rebuild a damaged brand
Feature Trump's approval rating is sinking, but so is the Democratic brand
-
'Two dolls': Can Trump sell Americans on austerity?
Feature Trump's tariffs may be threatening holiday shelves but they've handed Democrats a 'huge gift'
-
Qatar luxury jet gift clouds Trump trip to Mideast
speed read Qatar is said to be presenting Trump with a $400 million plane, which would be among the biggest foreign gifts ever received by the US government
-
The fertility crisis: can Trump make America breed again?
Talking Point The self-styled 'fertilisation president', has been soliciting ideas on how to get Americans to have more babies
-
Trump taps Fox News' Pirro for DC attorney post
speed read The president has named Fox News host Jeanine Pirro to be the top federal prosecutor for Washington, replacing acting US Attorney Ed Martin
-
Trump, UK's Starmer outline first post-tariff deal
speed read President Donald Trump and British Prime Minister Kier Starmer struck a 'historic' agreement to eliminate some of the former's imposed tariffs
-
'Art is one of humanity's great empathic mediums'
Instant Opinion Opinion, comment and editorials of the day