President Donald Trump’s hemispheric ambitions, and emerging as another potential source of rivalry with China. After announcing plans to seize control of more than 65 billion barrels of Venezuela’s crude reserves, the Trump administration made clear that was only the start. Ahead is a campaign to squeeze out China and powers like Russia that the White House has called “malign foreign actors,” in a push to ensure “American dominance in our hemisphere is never again questioned.” Next on Washington’s agenda is an attempt to restructure Venezuela’s debt, which includes billions of dollars owed to China.
Energy Secretary Chris Wright on Wednesday declared Beijing won’t have any claims to revenue from new Venezuela production — severing one channel for making repayments.
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