Donald Trump

Venezuela’s interim President Delcy Rodriguez has signed into law a reform bill that will pave the way for increased privatisation in the South American country’s nationalised oil sector, fulfilling a key demand from her United States counterpart, Donald Trump.

On Thursday, Rodriguez held a signing ceremony with a group of state oil workers. She hailed the reform as a positive step for Venezuela’s economy.

“We’re talking about the future. We are talking about the country that we are going to give to our children,” Rodriguez said.

The ceremony came within hours of the National Assembly – dominated by members of Rodriguez’s United Socialist Party – passing the reform.

“Only good things will come after the suffering,” said Jorge Rodriguez, the assembly’s head and brother of the interim president.

Since the US military’s abduction of Venezuela’s former leader Nicolas Maduro and his wife Cilia Flores on January 3, the Trump administration has sought to pressure President Rodriguez to open the country’s oil sector to outside investment.

Trump has even warned that Rodriguez could “pay a very big price, probably bigger than Maduro”, should she fail to comply with his demands.

Thursday’s legislation will give private firms control over the sale and production of Venezuelan oil.

It would also require legal disputes to be resolved outside of Venezuelan courts, a change long sought by foreign companies, who argue that the judicial system in the country is dominated by the ruling socialist party.

The bill would also cap royalties collected by the government at 30 percent.

While Rodriguez signed the reform law, the Trump administration simultaneously announced it would loosen some sanctions restricting the sale of Venezuelan oil.

The Department of the Treasury said it would allow limited transactions by the country’s government and the state oil company PDVSA that were “necessary to the lifting, exportation, reexportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of Venezuelan-origin oil, including the refining of such oil, by an established US entity”.

Previously, all of Venezuela’s oil sector was subject to sweeping US sanctions imposed in 2019, under Trump’s first term as president.

Thursday’s suite of changes is designed to make Venezuela’s oil market more appealing to outside petroleum firms, many of whom remain wary of investing in the country.

Under Maduro, Venezuela experienced waves of political repression and economic instability, and much of his government remains intact, though Maduro himself is currently awaiting trial in a New York prison.

His abduction resulted in dozens of deaths, and critics have accused the US of violating Venezuelan sovereignty.

Venezuela nationalised its oil sector in the 1970s, and in 2007, Maduro’s predecessor, Hugo Chavez, pushed the government to increase its control and expropriate foreign-held assets.

Following Maduro’s abduction, Trump administration officials have said that the US will decide to whom and under what conditions Venezuelan oil is sold, with proceeds deposited into a US-controlled bank account.

Concerns about the legality of such measures or the sovereignty of Venezuela have been waved aside by Trump and his allies, who previously asserted that Venezuelan oil should “belong” to the US.

Canadian Prime Minister Mark Carney has hailed several new trade agreements, pledging to further diversify Ottawa’s partners while saying he “expects” the United States to respect his country’s sovereignty.

Carney discussed the trade deals during a meeting on Thursday with provincial and territorial leaders.

“Our country is more united, ambitious and determined than it has been in decades, and it’s incumbent on all of us to seize this moment, build big things together,” Carney said, as he hailed 12 new economic and security accords reached over the last six months.

His comments come amid ongoing frictions with the administration of US President Donald Trump, which has previously pushed to make Canada a “51st state”.

Carney highlighted in particular a new agreement with China to lower trade levies. That deal prompted a rebuke last week from Trump, who threatened to impose a 100 percent tariff on Canada.

In the face of Trump’s accusations that Canada would serve as a “drop-off port” for Chinese goods, Carney clarified that Ottawa was not seeking a free-trade agreement with Beijing.

But on Thursday, he nevertheless played up the perks he said the agreement would offer to Canada’s agriculture sector.

“Part of that agreement unlocks more than $7bn in export markets for Canadian farmers, ranchers, fish harvesters and workers across our country,” Carney said.

Carney added that Ottawa would soon seek to advance “trading relationships with global giants” including India, the Association of Southeast Asian Nations (ASEAN), and the South American trade bloc Mercosur.

“And we will work to renew our most important economic and security relationship with the United States through the joint review of the Canada-United States-Mexico agreement later this year,” he said, referring to the regional free trade agreement, which expires in July.

‘Respect Canadian sovereignty’

Carney’s pledge to diversify Canada’s portfolio of trade and security partners comes just eight days after he delivered an attention-grabbing speech at the World Economic Forum in Davos, Switzerland.

During the address, Carney warned that the “rules-based” international order was a fiction that was fading, replaced by “an era of great power rivalry”, where might makes right.

“We knew the story of the international rules-based order was partially false, that the strongest would exempt themselves when convenient, that trade rules were enforced asymmetrically,” Carney told the audience in Davos.

“We knew that international law applied with varying rigour depending on the identity of the accused or the victim.”

He ultimately called for the so-called “middle powers” of the world to rally together in these unpredictable times.

The speech was widely seen as a rebuke to Trump, who has launched an aggressive tariff campaign on global trading partners, including Canada.

In early January, Trump also abducted the leader of Venezuela, Nicolas Maduro, in what critics describe as a violation of international law.

His pledge to “run” Venezuela was followed by a series of aggressive statements towards the self-governing Danish territory of Greenland, which he threatened to seize.

Those threats have sent shudders through the NATO alliance, which counts both the US and Denmark as members.

Since before the start of his second term, Trump has also pushed to expand US control into Canada, repeatedly calling the country a “state” and its prime minister a “governor”.

In response to Carney’s speech at Davos, Trump withdrew Carney’s invitation to join his so-called Board of Peace.

Carney, however, has publicly stood by his statements, dismissing US Treasury Secretary Scott Bessent’s claims that he “aggressively” walked back his position during a private call with Trump.

In a separate exchange on Thursday, Carney was asked about reports that US officials had met with separatists seeking independence for the oil-wealthy province of Alberta.

The Financial Times reported that State Department officials have held three meetings ​with the Alberta Prosperity Project, a group that pushes for a referendum on whether the energy-producing western province should break away from Canada.

“We expect the US administration to respect Canadian sovereignty,” Carney replied.

“I’m always clear in my conversations with President Trump to that effect.”

Jan. 29 (UPI) — White House border czar Tom Homan says federal agents will continue so-called targeted operations in Minneapolis during a news conference on Thursday.

Homan added that the focus of these targeted operations will be “criminal aliens” and threats to public and national safety. He has also directed federal agents to prepare a drawdown plan for Minneapolis but clarified that the administration will not stop with detainments and deportations.

Homan added that decreasing the number of federal agents on Minneapolis’ streets will require the local government and law enforcement entities to cooperate with the federal government to identify and detain immigrants.

“We will conduct targeted enforcement operations. What we’ve done for decades,” Homan said. “With a prioritization on public safety threats. We are not surrendering the president’s mission on immigration enforcement. Prioritization of criminal aliens does not mean we forget about everybody else. That’s just ridiculous.”

Homan took the reins of President Donald Trump‘s Immigration and Customs Enforcement operation in Minneapolis earlier this week. Before his arrival, federal agents had detained several children from an area school district.

Minnesota Gov. Tim Walz, Minneapolis Mayor Jacob Frey and Minnesota Attorney General Keith Ellison have met with Homan this week.

Homan said he “did not agree with everything” the local officials have said, but they did acknowledge ICE is a congressionally approved agency.

“What we did agree on is the community’s safety is paramount,” Homan said. “What we did agree upon is not to release public safety risks back into the community when they could be lawfully transferred to ICE.”

The Minnesota Department of Corrections has been working with ICE to identify and remove immigrants with criminal records, Homan added. He went on to clarify that he was referring to people who were already detained in the Minnesota prison system.

In regards to the fatal shootings of two Minneapolis-area residents Renee Good and Alex Pretti, both 37 years old, Homan said he will not comment or share his personal opinion. He only acknowledged that the federal operation in the city has not been “perfect” and he and Trump “have recognized that certain improvements could and should be made.”

Homan referred to anti-ICE protesters as “agitators,” and asked local officials to “tone down the dangerous rhetoric” and work with federal agents who are “performing their duties in a challenging environment.”

“They’re trying to do it with professionalism,” Homan said. “If they don’t, they’ll be dealt with. Like any other federal agency, we have standards of conduct.”

Homan later blamed the increase of federal agents in Minneapolis on “rhetoric” directed towards agents and the immigration operation.

“I said in March if the rhetoric didn’t stop there was going to be bloodshed,” Homan said. “And there has been. I wish I wasn’t right.”

Frey on Thursday acknowledged participating in “good and productive meetings” with President Donald Trump and Homan, but cautioned that “I will believe it when I see it” regarding improvements in immigration enforcement tactics in Minneapolis.

“They have talked about drawing down the numbers in terms of federal agents — ICE and Border Patrol — in Minneapolis, and that is essential,” Frey told media.

“The reality is we need Operation Metro Surge to end,” he said, adding that the operation did not make the city safer or reduce chaos.

He called the federal law enforcement effort an “invasion” of the city and said that he expects the “conduct to immediately change,” but did not address the conduct of protesters.

DENVER — Donald Trump lost his bid for reelection in 2020. But for more than five years, he’s been trying to convince Americans the opposite is true by falsely saying the election was marred by widespread fraud.

Now that he’s president again, Trump is pushing the federal government to back up those bogus claims.

On Wednesday, the FBI served a search warrant at the election headquarters of Fulton County, Georgia, which includes most of Atlanta, seeking ballots from the 2020 election. That follows Trump’s comments earlier this month when he suggested during a speech at the World Economic Forum in Davos, Switzerland, that charges related to the election were imminent.

“The man has obsessions, as do a fair number of people, but he’s the only one who has the full power of the United States behind him,” said Rick Hasen, a UCLA law professor.

Hasen and many others noted that Trump’s use of the FBI to pursue his obsession with the 2020 election is part of a pattern of the president transforming the federal government into his personal tool of vengeance.

Sen. Jon Ossoff, a Georgia Democrat, compared the search to the Minnesota immigration crackdown that has killed two U.S. citizen protesters, launched by Trump as his latest blow against the state’s governor, who ran against him as Vice President Kamala Harris’ running mate in 2024.

“From Minnesota to Georgia, on display to the whole world, is a President spiraling out of control, wielding federal law enforcement as an unaccountable instrument of personal power and revenge,” Ossoff said in a statement.

It also comes as election officials across the country are starting to rev up for the 2026 midterms, where Trump is struggling to help his party maintain its control of Congress. Noting that, in 2020, Trump contemplated using the military to seize voting machines after his loss, some worry he’s laying the groundwork for a similar maneuver in the fall.

“Georgia’s a blueprint,” said Kristin Nabers of the left-leaning group All Voting Is Local. “If they can get away with taking election materials here, what’s to stop them from taking election materials or machines from some other state after they lose?”

Georgia has been at the heart of Trump’s 2020 obsession. He infamously called Republican Secretary of State Brad Raffensperger on Jan. 2, 2021, asking that Raffensperger “find” 11,780 more votes for Trump so he could be declared the winner of the state. Raffensperger refused, noting that repeated reviews confirmed Democrat Joe Biden had narrowly won Georgia.

Those were part of a series of reviews in battleground states, often led by Republicans, that affirmed Biden’s win, including in Michigan, Wisconsin and Nevada. Trump also lost dozens of court cases challenging the election results and his own attorney general at the time said there was no evidence of widespread fraud.

His allies who repeated his lies have been successfully sued for defamation. That includes former New York Mayor Rudolph Giuliani, who settled with two Georgia election workers after a court ruled he owed them $148 million for defaming them after the 2020 election.

Voting machine companies also have brought defamation cases against some conservative-leaning news sites that aired unsubstantiated claims about their equipment being linked to fraud in 2020. Fox News settled one such case by agreeing to pay $787 million after the judge ruled it was “CRYSTAL clear” that none of the allegations were true.

Trump’s campaign to move Georgia into his column also sparked an ill-fated attempt to prosecute him and some of his allies by Fulton County District Atty. Fani Willis, a Democrat. The case collapsed after Willis was removed over conflict-of-interest concerns, and Trump has since sought damages from the office.

On his first day in office, Trump rewarded some of those who helped him try to overturn the 2020 election results by pardoning, commuting or vowing to dismiss the cases of about 1,500 people charged in the Jan. 6, 2021, attack on the U.S. Capitol. He later signed an executive order trying to set new rules for state election systems and voting procedures, although that has been repeatedly blocked by judges who have ruled that the Constitution gives states, and in some instances Congress, control of elections rather than the president.

As part of his campaign of retribution, Trump also has spoken about wanting to criminally charge lawmakers who sat on the House committee investigating the Jan. 6 attack, suggesting protective pardons of them from Biden are legally invalid. He’s targeted a former cybersecurity appointee who assured the public in 2020 that the election was secure.

During a year of presidential duties, from dealing with wars in Gaza and Ukraine to shepherding sweeping tax and spending legislation through Congress, Trump has reliably found time to turn the subject to 2020. He has falsely called the election rigged, said Democrats cheated and even installed a White House plaque claiming Biden took office after “the most corrupt election ever.”

David Becker, a former Department of Justice voting rights attorney and executive director of The Center for Election Innovation & Research, said he was skeptical the FBI search in Georgia would lead to any successful prosecutions. Trump has demanded charges against several enemies such as former FBI Director James Comey and New York’s Democratic Atty. Gen., Letitia James, that have stalled in court.

“So much this administration has done is to make claims in social media rather than go to court,” Becker said. “I suspect this is more about poisoning the well for 2026.”

Riccardi writes for the Associated Press.

When Melania Trump showed up on movie screens in 2001, it was a joke.

The former fashion model and her spouse, Donald Trump, then only a real estate mogul, played themselves in the Ben Stiller comedy “Zoolander,” about a dimwitted male supermodel. She silently looked on as her husband gushed at an awards show red carpet: “Without Derek Zoolander, male modeling would not be where it is today.”

The cameo offers a glimpse of the couple, who in 2017 would enter the White House as president and first lady. As they move past the first anniversary of their second stint in Washington, D.C., Melania has largely stayed away from the spotlight.

But this week the first lady is preparing for her close-up. She is center stage as star and executive producer in the documentary “Melania” hitting theaters Friday. Positioned as a companion to her best-selling memoir, “Melania” has been shadowed by controversy since its announcement several months ago. The project marks a comeback attempt by Hollywood filmmaker Brett Ratner, the director of the documentary, who was exiled from Hollywood in 2017 following charges of sexual misconduct by multiple women, including actor Olivia Munn. He continues to deny the accusations.

Amazon MGM Studios paid $40 million to license the project, and sources said it is spending around $35 million for marketing and promotion. Melania is skipping the traditional TV talk show circuit, opting for an appearance on Fox News, which featured an exclusive interview with her on Tuesday — her first since returning to the White House. The following day, she rang the opening bell at the New York Stock Exchange.

Trailers for the film have popped up on several networks including CNN, a frequent target of President Trump’s ire, and outdoor advertising has been installed in several major cities, including Los Angeles.

The project, which is slated to stream on Prime Video after a brief theatrical run, arrives as the president confronts sinking approval ratings and the most turbulent phase to date of his second term, which includes controversies over his handling of the economy, international relations, the demolition of the White House’s East Wing for a planned ballroom, and the long-delayed release of the Epstein files.

More pointedly, the lead-up to the official premiere, slated for Thursday at the Kennedy Center in Washington, has collided with an unexpected juggernaut: national outrage over the deadly shootings of two Minneapolis residents by federal officers carrying out his aggressive anti-immigration campaign.

The continuing protests over the deaths of Renee Good and Alex Pretti, as well as the backlash after Secretary of Homeland Security Kristi Noem and Deputy White House Chief of Staff Stephen Miller labeled them as domestic terrorists, has placed even more uncertainty over how “Melania” will fare with moviegoers.

Industry forecasters were divided on whether the film will be a hit or a bomb. Firms specializing in box office projections estimate the opening weekend will fall within the $5 million range.

“It’s very hard to predict whether people will show up, given the unique nature of the film and the marketplace,” said one veteran box office analyst who asked not to be identified.

On Wednesday, the film was pulled from theaters in South Africa, where it was slated to open on Friday, after the distributor announced it would no longer release the title, citing “recent developments,” according to a New York Times report.

Domestically, “Melania” is competing in a crowded movie weekend against the highly anticipated survival thriller “Send Help” from veteran filmmaker Sam Raimi (“Drag Me to Hell”), the horror film “Iron Lung” from popular YouTuber Markiplier (Mark Edward Fischbach), and “Shelter,” with action star Jason Statham.

President Trump kisses his wife, First Lady Melania Trump, during the presidential inauguration in 2025. The documentary will highlight the lead-up to the event.

(Julia Demaree Nikhinson / Associated Press)

Adding to the uncertainty on the film’s performance, the analyst said, is whether fans of Ratner, whose resume features several blockbusters including the “Rush Hour” trilogy, will show up for a documentary about the first lady. According to press notes, “Melania” follows the first lady in the 20 days leading up to the 2025 presidential inauguration as she orchestrates plans for the event and the family’s move back to the White House. The film’s trailer, released last month, does not offer much more insight.

During both of Trump’s terms in the White House, his wife has been described as mysterious and sphinx-like. Some Washington watchers have praised her for what they call her independence and individualism, while others say her accomplishments fall short of previous first ladies such as Michelle Obama, Hillary Clinton and Nancy Reagan.

Anita B. McBride, director of the First Ladies Initiative at American University, said that the position of first lady has been defined in distinct ways by every woman who has served in that capacity.

She said in an interview that the current first lady has exhibited a confident persona “that has never been defined by expectations. She now has the benefit of experience after operating during her first term in a very hostile environment. She is sure-footed with a staff that supports her, and she has made it clear that she is in control.”

The White House on Saturday hosted a VIP black-tie preview of “Melania,” with a guest list that included Amazon CEO Andy Jassy, former boxer Mike Tyson and Apple CEO Tim Cook, who this week criticized the shootings of Good and Pretti, calling for de-escalation in Minneapolis.

Rep. Alexandria Ocasio-Cortez of New York was among the politicians blasting the event, which took place hours after Pretti was killed.

“Today DHS assassinated a VA nurse in the street, [Atty. Gen.] Bondi is attempting to extort voter files, and half the country is bracing on the eve of a potentially crippling ice storm with FEMA gutted,” she wrote in a post on X. “So what is the President up to? Having a movie night at the White House. He’s unfit.”

In the interview on Fox News a few days later to promote the film, the first lady was asked about the controversy in Minneapolis.

“I’m against the violence, so please if you protest, protest in peace,” she said. “We need to unify in these times.”

Two US federal agents involved in the fatal shooting of intensive care nurse Alex Pretti during an immigration raid in Minneapolis have been placed on administrative leave, as fallout from the most recent killing of a US citizen continues to cause outrage. Al Jazeera’s Manuel Rapalo explains.

It was built on democracy, open markets and cooperation – with America at the helm.

But the rules-based global order created after World War II is now under strain. Conflicts are rising. International rules are being tested. Trade tensions are escalating. And alliances are shifting.

At the centre of it all is US President Donald Trump.

In just a few short weeks, he’s captured Venezuela’s president, vowed to take control of Greenland, and threatened to slap tariffs on those who oppose him.

Meanwhile, China is presenting itself as a stable partner.

Many warn that the global order is starting to break apart.

One of the biggest trade deals in history has been struck by India and the European Union, months after United States President Donald Trump hit both with tariffs.

What’s in the agreement – and how much is driven by Washington’s unpredictable measures?

Presenter: Tom McRae

Guests:

Brahma Chellaney – Professor emeritus of strategic studies at the Centre for Policy Research in New Delhi

Remi Bourgeot – Associate fellow at the French Institute for International and Strategic Affairs in Paris

Dhananjay Tripathi – Senior associate professor in the Department of International Relations at South Asian University in New Delhi

Protesters in Baghdad burned photos of Donald Trump and waved the Iraqi flag, rejecting the US president’s demand that former Prime Minister Nouri al-Maliki not return to the premiership.

FBI searches Fulton County election office in Georgia over 2020 election concerns linked to Trump-Biden contest.

The US Federal Bureau of Investigation (FBI) is executing a search warrant at a Fulton County election office in Georgia related to the 2020 United States election, an agency spokesperson said.

An FBI spokesperson said agents were “executing a court-authorised law enforcement action” at the county’s main election office in Union City, just south of Atlanta. The spokesperson declined to provide any further information, citing an ongoing matter.

FBI agents were spotted entering the Fulton County Election Hub and Operation Center, said Fox News, which first reported the search of a new facility that state officials opened in 2023.

The probe concerns the 2020 election, in which Republican Donald Trump, the current US president, lost to the former US president, Democrat Joe Biden, the official said.

The search comes as the FBI, under the leadership of Director Kash Patel, has moved quickly to pursue the political grievances of Trump, including by working with the Justice Department to investigate multiple perceived adversaries of the commander-in-chief.

The Justice Department had no immediate comment.

Find the votes

Trump has long insisted that the 2020 election was stolen even though judges across the country and his own attorney general said they found no evidence of widespread fraud that tipped the contest in Biden’s favour.

Representatives for Fulton County’s election office referred queries to the county’s external affairs office, which did not immediately return a call seeking comment.

The Democratic-leaning county, home to Atlanta, backed Biden by a wide margin in the 2020 election, helping him win the state and the presidency.

Trump unsuccessfully sought to overturn the result, pressuring the state’s top election official to “find” him enough votes to claim victory.

Earlier this month, Trump asked a state court for $6.2m in legal fees, saying he spent it fighting criminal charges of election interference filed by Fulton County District Attorney Fani Willis.

In August 2023, Willis obtained an indictment against Trump and 18 others, accusing them of participating in a wide-ranging scheme to illegally try to overturn the results of the 2020 presidential election.

That case was dismissed in November after courts barred Willis and her office from pursuing it because of an “appearance of impropriety” stemming from a romantic relationship she had with a prosecutor she had appointed to lead the case.

The United States Federal Reserve is holding interest rates steady in its first rate decision of 2026.

Rates will remain at 3.5 to 3.75 percent, the Fed said on Wednesday, defying US President Donald Trump’s calls for more aggressive interest rate cuts.

“The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook remains elevated,” the central bank said in its release announcing the decision.

Wednesday’s decision was widely expected. CME FedWatch, a tool that tracks expectations for monetary policy, forecast a more than 97 percent chance that the central bank would hold rates steady.

The tracker also expects two rate cuts in 2026, with the highest probability for the first cut occurring in June at the earliest.

“Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has shown some signs of stabilization,” the central bank said.

The decision comes amid signs of stabilisation in the US labour market. The US economy added 584,000 jobs in 2025, marking the lowest annual job growth since 2003. Payrolls rose by 64,000 jobs in October and 50,000 in December. While job growth remains weak, December’s figure represents a modest rebound from October, when the economy lost 105,000 jobs, according to the Bureau of Labor Statistics.

There are indications that the labour market may cool further in the months ahead. This week, both Amazon and UPS announced tens of thousands of job cuts, some of which were driven by a push towards increasing the use of artificial intelligence in the workplace.

Another threat to the US economy and the job market comes in the form of a looming government shutdown. That can happen as early as Saturday, and depending on its duration, it could slow spending as federal workers are temporarily left without paycheques.

Political tensions

The decision to hold interest rates steady comes despite Trump’s increased pressure on the central bank to cut rates. Fed Chairman Jerome Powell has long stressed the Federal Reserve’s independence, and Wednesday’s decision is the first since Powell’s rebuke of a criminal Department of Justice investigation into him. The central bank chair, whose term expires in May, called the inquiry a “pretext” to pressure him.

“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president,” Powell said in remarks in early January in response to a subpoena.

Last week, the Supreme Court heard arguments in a case examining whether Trump has the legal authority to remove Fed Governor Lisa Cook amid allegations of mortgage fraud.

Meanwhile, Fed Governor Stephan Miran’s term is set to expire this week. Trump picked Miran to temporarily fill the seat vacated by Adriana Kugler in August while seeking a more permanent replacement.

Miran was one of two central bank governors who voted to lower interest rates alongside Christopher Waller.

The developments come as Trump searches for a new Fed chair. He has explicitly called for further interest rate cuts and for a chairman who shares his views.

“Anybody that disagrees with me will never be the Fed Chairman!” Trump said in a post on Truth Social in December.

The political pressure has caught the attention of global central banks as well.

“The Federal Reserve is the biggest, most important central bank in the world, and we all need it to work well. A loss of independence of the Fed would affect us all,” Bank of Canada Governor Tiff Macklem said on Wednesday. Canada’s central bank held rates steady ahead of the US central bank’s decision.

Macklem was one of the central bank heads who earlier this month issued a joint statement backing Powell. Last September, Macklem said Trump’s attempts to pressure the Fed were starting to hit markets.

The Dow Jones Industrial Average is flat, as is the Nasdaq, and the S&P 500 is down 0.1 in midday trading.

Fears of a US attack on Iran are again heightened after Donald Trump demanded Tehran submit to his demands or face an attack “like with Venezuela.”

Thousands of Cubans marched in a procession to honour national hero, Jose Marti, who helped liberate the country from Spain. Some protesters disavowed any interference in Cuba from US President Donald Trump, saying Latin America will not become ‘his backyard’.

China is showcasing itself as a solid business and trading partner to traditional allies of the United States and others who have been alienated by President Donald Trump’s politics, and some of them appear ready for a reset.

Since the start of 2026, Chinese President Xi Jinping has received South Korean President Lee Jae Myung, Canadian Prime Minister Mark Carney, Finnish Prime Minister Petteri Orpo and Irish leader Micheal Martin.

This week, United Kingdom Prime Minister Keir Starmer is on a three-day visit to Beijing, while German Chancellor Friedrich Merz is expected to visit China for the first time in late February.

Among these visitors, five are treaty allies of the US, but all have been hit over the past year by the Trump administration’s “reciprocal” trade tariffs, as well as additional duties on key exports like steel, aluminium, autos and auto parts.

Canada, Finland, Germany and the UK found themselves in a NATO standoff with Trump this month over his desire to annex Greenland and threats that he would impose additional tariffs on eight European countries he said were standing in his way, including the UK and Finland. Trump has since backed down from this threat.

China’s renewed sales pitch

While China has long sought to present itself as a viable alternative to the post-war US-led international order, its sales pitch took on renewed energy at the World Economic Forum‘s (WEF) annual summit in Davos, Switzerland, earlier this month.

As Trump told world leaders that the US had become “the hottest country, anywhere in the world” thanks to surging investment and tariff revenues, and Europe would “do much better” to follow the US lead, Chinese Vice Premier Li Hefeng’s speech emphasised China’s ongoing support for multilateralism and free trade.

“While economic globalisation is not perfect and may cause some problems, we cannot completely reject it and retreat to self-imposed isolation,” Li said.

“The right approach should be, and can only be, to find solutions together through dialogue.”

Li also criticised the “unilateral acts and trade deals of certain countries” – a reference to Trump’s trade war – that “clearly violate the fundamental principles and principles of the [World Trade Organization] and severely impact the global economic and trade order”.

Li also told the WEF that “every country is entitled to defend its legitimate rights and interests”, a point that could be understood to apply as much to China’s claims over places like Taiwan as to Denmark’s dominion over Greenland.

“In many ways, China has chosen to cast itself in the role of a stable and responsible global actor in the midst of the disruption that we are seeing from the US. Reiterating its support for the United Nations system and global rules has often been quite enough to bolster China’s standing, especially among countries of the Global South,” Bjorn Cappelin, an analyst at the Swedish National China Centre, told Al Jazeera.

The West is listening

John Gong, a professor of economics at the University of International Business and Economics in Beijing, told Al Jazeera that the recent series of trips by European leaders to China shows that the Global North is listening, too. Other notable signs include the UK’s approval of a Chinese “mega embassy” in London, Gong said, and progress in a years-long trade dispute over Chinese exports of electric vehicles (EVs) to Europe.

Starmer is also expected to pursue more trade and investment deals with Beijing this week, according to UK media.

“A series of events happening in Europe seems to suggest an adjustment of Europe’s China policy – for the better, of course – against the backdrop of what is emanating from Washington against Europe,” Gong told Al Jazeera.

The shifting diplomatic calculations are also clear in Canada, which has shown a renewed willingness to deepen economic ties with China after several spats with Trump over the past year.

Carney’s is the first visit to Beijing by a Canadian prime minister since Justin Trudeau went in 2017, and he came away with a deal that saw Beijing agree to ease tariffs on Canadian agricultural exports and Ottawa to ease tariffs on Chinese EVs.

Trump lashed out at news of the deal, threatening 100 percent trade tariffs on Canada if the deal goes ahead.

In a statement last weekend on his Truth Social platform, Trump wrote that Carney was “sorely mistaken” if he thought Canada could become a “‘Drop Off Port’ for China to send goods and products into the United States”.

The meeting between Carney and Xi this month also thawed years of frosty relations after Canada arrested Huawei executive Meng Wanzhou in late 2018 at the behest of the US. Beijing subsequently arrested two Canadians in a move that was widely seen as retaliation. They were released in 2021 after Meng reached a deferred agreement with prosecutors in New York.

In Davos, Carney told world leaders that there had been a “rupture in the world order” in a clear reference to Trump, followed by remarks this week to the Canadian House of Commons that “almost nothing was normal now” in the US, according to the CBC.

Carney also said this week in a call with Trump that Ottawa should continue to diversify its trade deals with countries beyond the US, although it had no plans in place yet for a free-trade agreement with China.

Filling the void

Hanscom Smith, a former US diplomat and senior fellow at Yale’s Jackson School of International Affairs, told Al Jazeera that Beijing’s appeal could be tempered by other factors, however.

“When the United States becomes more transactional, that creates a vacuum, and it’s not clear the extent to which China or Russia, or any other power, is going to be able to fill the void. It’s not necessarily a zero-sum game,” he told Al Jazeera. “Many countries want to have a good relationship with both the United States and China, and don’t want to choose.”

One glaring concern with China, despite its offer of more reliable business dealings, is its massive global trade surplus, which surged to $1.2 trillion last year.

Much of this was gained in the fallout from Trump’s trade war as China’s manufacturers – facing a slew of tariffs from the US and declining demand at home – expanded their supply chains into places like Southeast Asia and found new markets beyond the US.

China’s record trade surplus has alarmed some European leaders, such as French President Emmanuel Macron, who, in Davos, called for more foreign direct investment from China but not its “massive excess capacities and distortive practices” in the form of export dumping.

Li tried to address such concerns head-on in his Davos speech. “We never seek trade surplus; on top of being the world’s factory, we hope to be the world’s market too. However, in many cases, when China wants to buy, others don’t want to sell. Trade issues often become security hurdles,” he said.

SAN FRANCISCO — Katie Porter’s still standing, which is saying something.

The last time a significant number of people tuned into California‘s low-frequency race for governor was in October, when Porter’s political obituary was being written in bold type.

Immediately after a snappish and off-putting TV interview, Porter showed up in a years-old video profanely reaming a staff member for — the humanity! — straying into the video frame during her meeting with a Biden Cabinet member.

Not a good look for a candidate already facing questions about her temperament and emotional regulation. (Hang on, gentle reader, we’ll get to that whole gendered double-standard thing in a moment.)

The former Orange County congresswoman had played to the worst stereotypes and that was that. Her campaign was supposedly kaput.

But, lo, these several months later, Porter remains positioned exactly where she’d been before, as one of the handful of top contenders in a race that remains stubbornly formless and utterly wide open.

Did she ever think of exiting the contest, as some urged, and others plainly hoped to see? (The surfacing of that surly 2021 video, with the timing and intentionality of a one-two punch, was clearly not a coincidence.)

No, she said, not for a moment.

“Anyone who thinks that you can just push over Katie Porter has never tried to do it,” she said.

Porter apologized and expressed remorse for her tetchy behavior. She promised to do better.

“You definitely learn from your mistakes,” the Democrat said this week over a cup of chai in San Francisco’s Financial District. “I really have and I’ve spent a lot of time thinking about how do I show Californians who I am and that I really care about people who work for me. I need to earn back their trust and that’s what campaigns are literally about.”

She makes no excuse for acting churlish and wouldn’t bite when asked about that double standard — though she did allow as how Democratic leader John Burton, who died not long before people got busy digging Porter’s grave, was celebrated for his gruff manner and lavish detonation of f-bombs.

“It was a reminder,” she said, pivoting to the governor’s race, “that there have been other politicians who come on hot, come on strong and fight for what’s right and righteous and California has embraced them.”

Voters, she said, “want someone who will not back down.”

Porter warmed to the subject.

“If you are never gonna hurt anyone’s feelings, you are never gonna take [JPMorgan Chase Chief Executive] Jamie Dimon to task for not thinking about how his workers can’t afford to make ends meet. If you want everyone to love you, you are never gonna say to a big pharma CEO, ‘You didn’t make this cancer drug anymore. You just got richer, right?’ That is a feistiness that I’m proud of.”

At the same, Porter suggested, she wants to show there’s more to her persona than the whiteboard-wielding avenger that turned her into a viral sensation. The inquisitorial stance was, she said, her role as a congressional overseer charged with holding people accountable. Being governor is different. More collaborative. Less confrontational.

Her campaign approach has been to “call everyone, go everywhere” — even places Porter may not be welcomed — to listen and learn, build relationships and show “my ability to craft a compromise, my ability to learn and to change my mind.”

“All of that is really hard to convey,” she said, “in those whiteboard moments.”

The rap on this year’s pack of gubernatorial hopefuls is they’re a collective bore, as though the lack of A-list sizzle and failure to throw off sparks is some kind of mortal sin.

Porter doesn’t buy that.

“When we say boring, I think what we’re really saying is ‘I’m not 100% sure how all this is going to work out.’ People are waiting for some thing to happen, some coronation of our next governor. We’re not gonna have that.”

Gavin Newsom, she noted, was a high-profile former San Francisco mayor who spent eight years as lieutenant governor before winning the state’s top job. His predecessor was the dynastic Jerry Brown.

None of those running this time have that political pedigree, or the Sacramento backgrounds of Newsom or Brown, which, Porter suggested, is not a bad thing.

“I actually think this race has the potential to be really, really exciting for California,” she said. “… I think everyone in this race comes in with a little bit of a fresh energy, and I think that’s really good and healthy.”

Crowding into the conversation was, inevitably, Donald Trump, the sun around which today’s entire political universe turns.

Of course, Porter said, as governor she would stand up to the president. His administration’s actions in Minneapolis have been awful. His stalling on disaster relief for California is grotesque.

But, she said, Trump didn’t cause last year’s firestorm. He didn’t make housing in California obscenely expensive for the last many decades.

“When my children say ‘I don’t know if I want to go to college in California because we don’t have enough dorm housing,’ Trump has done plenty of horrible attacks on higher ed,” Porter said. “But that’s a homegrown problem that we need to tackle.”

Indeed, she’s “very leery of anyone who does not acknowledge that we had problems and policy challenges long before Donald Trump ever raised his orange head on the political horizon.”

Although California needs “someone who’s going to [buffer] us against Trump,” Porter said, “you can’t make that an excuse for why you are not tackling these policy changes that need to be.”

She hadn’t finished her tea, but it was time to go. Porter gathered her things.

She’d just spoken at an Urban League forum in San Francisco and was heading across the Bay Bridge to address union workers in Oakland.

The June 2 primary is some ways off. But Porter remains in the fight.

Reporting from New York, NY — Media outlets are reporting that federal prosecutors have granted immunity to the executive in charge of the National Enquirer amid an investigation into hush-money payments made on behalf of President Trump.

Vanity Fair and the Wall Street Journal, citing anonymous sources, were first to report Wednesday’s development involving David Pecker, CEO of the tabloid’s publisher, American Media Inc., and a longtime friend of the president.

Court papers connected to ex-Trump lawyer Michael Cohen’s guilty plea Tuesday say Pecker offered to help Trump squash negative stories during the 2016 campaign.

The Journal said Pecker shared details with prosecutors about payments Cohen says Trump directed to buy the silence of two women alleging affairs with him.

Trump’s account has shifted. He said recently he knew about payments “later on.”

US president says he still has confidence in Homeland Security Secretary Kristi Noem amid calls for her resignation.

US President Donald Trump said his administration intends to “de-escalate” the spiralling crisis in the state of Minnesota after federal agents killed two United States citizens, including intensive care nurse Alex Pretti, who was shot by two Border Patrol officers over the weekend.

“I don’t think it’s a pullback. It’s a little bit of a change,” President Trump told Fox News on Tuesday.

“We’re going to de-escalate a little bit,” Trump said, referring to a sweeping federal immigration crackdown in Minneapolis that has led to weeks of protests, the killing of Pretti and Renee Good, and a standoff between state and federal officials.

Top Trump officials, including Department of Homeland Security Secretary Kristi Noem, are under fire from Democrats and a growing number of Republicans over how they responded to Pretti’s shooting.

Pretti was filming Border Patrol officers with his phone when he was shot and killed on Saturday.

He was also a licensed gun owner with a permit to carry a weapon in public, which he was wearing at the time of the shooting and which appears to have been confiscated by officers before he was killed.

Trump told Fox News that he still had confidence in Noem despite calls for her resignation.

Noem, who oversees both Immigration and Customs Enforcement (ICE) and Customs and Border Protection (CBP), responded to the killing by accusing Pretti of engaging in “domestic terrorism” and suggested the ICU nurse had brandished his weapon at Border Patrol agents during an altercation.

Noem’s remarks preceded any investigation findings and broke with the longstanding protocols of how US officials discuss a civilian shooting by law enforcement. Her characterisation of events also conflicted with preliminary video evidence showing that Pretti did not take out his weapon at any time while he was tackled and later shot and killed by officers.

A CBP official informed Congress on Tuesday that two federal officers fired shots during the killing of Pretti.

According to a notice sent to Congress, officers tried to take Pretti into custody and he resisted, leading to a struggle. During the struggle, a Border Patrol agent yelled, “He’s got a gun!” multiple times, the official said in the notice, according to The Associated Press news agency.

A Border Patrol officer and a CBP officer each fired Glock pistols, the notice said.

Investigators from CBP’s Office of Professional Responsibility conducted the analysis based on a review of body-worn camera footage and agency documentation, the notice said. US law requires the agency to inform relevant congressional committees about deaths in CBP custody within 72 hours.

Most European countries have either turned down their invitations to join United States President Donald Trump’s “Board of Peace” for overseeing the reconstruction of Gaza – or politely suggested they are “considering” it, citing concerns.

From within the European Union, only Hungary and Bulgaria have accepted. That is a better track record of unity than the one displayed in 2003, when then-US President George W Bush called on member states to join his invasion of Iraq.

Spain, Britain, Poland, Hungary, Czechia and Slovakia said “yes”.

France turned the invitation down on the grounds that Trump’s board “goes beyond the framework of Gaza and raises serious questions, in particular with respect to the principles and structure of the United Nations, which cannot be called into question”.

Trump pointedly did not invite Denmark, a close US ally, following a diplomatic fracas in which he had threatened to seize Greenland, a Danish territory, by force.

The US leader signed the charter for his Board of Peace on January 22 at the World Economic Forum in Davos, Switzerland, calling it “one of the most consequential bodies ever created”.

It has come across to many of the countries invited to join it as perhaps too consequential – an attempt to supplant the United Nations, whose mandate the board is meant to be fulfilling.

Although Trump said he believed the UN should continue to exist, his recent threats suggest that he would not respect the UN Charter, which forbids the violation of borders.

That impression was strengthened by the fact that he invited Russia to the board, amid its full-scale invasion of Ukraine.

‘Trump needs a big win ahead of midterms’

“Trump is thinking about the interior of the US. Things aren’t going well. He needs a big win ahead of the November midterms,” said Angelos Syrigos, a professor of international law at Panteion University in Athens.

The US president has spent his first year in office looking for foreign policy triumphs he can sell at home, said Syrigos, citing the abduction of Venezuelan President Nicolas Maduro, the bombing of Iran and his efforts to end the Ukraine war.

Trump has invited board members to contribute $1bn each for a lifetime membership, but has not spelled out how the money will be spent.

His son-in-law, Jared Kushner, is a member of the executive board.

“How will this thing function? Will Trump and his son-in-law administer it?” asked Syrigos.

Catherine Fieschi, a political scientist and fellow at the European University Institute, believed there was a more ambitious geopolitical goal as well.

“It’s as though Trump were gathering very deliberately middle powers … to defang the potential that these powers have of working independently and making deals,” she said.

Much like Bush’s 2003 “coalition of the willing” against Iraq, Trump’s initiative has cobbled together an ensemble of countries whose common traits are difficult to discern, ranging from Vietnam and Mongolia to Turkiye and Belarus.

Fieschi believed Trump was trying to corral middle powers in order to forestall other forms of multilateralism, a pathway to power that Canadian Prime Minister Mark Carney outlined in his speech at Davos, which so offended Trump.

“In a world of great power rivalry, the countries in between have a choice: [to] compete with each other for favour, or to combine to create a third path with impact,” Carney had said, encouraging countries to build “different coalitions for different issues” and to draw on “the power of legitimacy, integrity and rules”.

He decried the “rupture in the world order … and the beginning of a brutal reality where geopolitics among the great powers is not subject to any constraints”.

After the speech, Trump soon rescinded Canada’s invitation.

Countering agglomerations of power and legitimacy was Trump’s goal, Fieschi believed.

“Here you bind them into an organisation that in some ways offers a framework with Trump in it and the US in it, and implies constraints,” said Fieschi. “It’s not so much benign multilateralism as stopping the middle powers getting on with their hedging and with their capacity to have any kind of autonomy, strategic and otherwise.”

At the same time, she said, Trump was suggesting that the Board of Peace “might give them more power than they have right now in the UN”.

“Trump thinks this is like a golf club and therefore he’s going to charge a membership fee,” Fieschi said.

“If it was a reconstruction fee [for Gaza], I don’t think people would necessarily baulk at that,” she noted, adding that the fee smacked of “crass oligarchic motivation”.

The Board of Peace is called into existence by last November’s UN Security Council Resolution 2803 to oversee the reconstruction of Gaza.

It is defined as “a transitional administration” meant to exist only “until such time as the Palestinian Authority (PA) has satisfactorily completed its reform program … and [can] effectively take back control of Gaza.”

Trump’s charter for the board makes no mention of Gaza, nor of the board’s limited lifespan. Instead, it broadens the board’s mandate to “areas affected or threatened by conflict”, and says it “shall dissolve at such time as the Chairman considers necessary or appropriate”.

China, which has presented itself as a harbinger of multipolarity and a challenger of the US-led world order, rejected the invitation.

“No matter how the international landscape may evolve, China will stay firmly committed to safeguarding the international system with the UN at its core,” said Chinese Foreign Ministry spokesman Guo Jiakun last week.

The UN itself appears to be offended by Trump’s scheme.

“The UN Security Council stands alone in its Charter-mandated authority to act on behalf of all Member States on matters of peace and security,” wrote UN Secretary-General Antonio Guterres on social media on Monday, January 26.

“No other body or ad-hoc coalition can legally require all Member States to comply with decisions on peace and security,” he wrote.

Guterres was calling for a reform that would strengthen the legitimacy of the UN Security Council by better reflecting the balance of power in the world as it is, 81 years after the body was formed. But his statement can also be read as a veiled criticism of Trump’s version of the Board of Peace.

Transparency and governance are problematic, too.

Trump is appointing himself chairman of the board, with power to overrule all members. He gets to appoint the board’s executive, and makes financial transparency optional, saying the board “may authorise the establishment of accounts as necessary.”

Al-Maliki has been nominated by the largest Shia bloc in parliament as its candidate for PM.

President Donald Trump has threatened that the United States will end support for Iraq if Nouri al-Maliki, a former prime minister with ties to the US’s longstanding foe Iran, is reinstated to the post.

Trump, in his latest intervention in another country’s politics, said on Tuesday that Iraq would be making a “very bad choice” with al-Maliki, who just days previously was nominated by the Coordination Framework, the largest Shia bloc in parliament, as its candidate.

“Last time Maliki was in power, the Country descended into poverty and total chaos. That should not be allowed to happen again,” Trump wrote on his Truth Social platform.

“Because of his insane policies and ideologies, if elected, the United States of America will no longer help Iraq,” he said.

“If we are not there to help, Iraq has ZERO chance of Success, Prosperity, or Freedom. MAKE IRAQ GREAT AGAIN!”

Trump’s comments are the starkest example yet of the Republican president’s campaign to curb Iran-linked groups’ influence in Iraq, which has long walked a tightrope between its two closest allies, Washington and Tehran.

In a letter, US representatives said that while the selection of the prime minister is an Iraqi decision, “the United States will make its own sovereign decisions regarding the next government in line with American interests”.

As part of Trump’s pressure campaign, Washington has also threatened senior Iraqi politicians with sanctions on the country should armed groups backed by Iran be included in the next government, the Reuters news agency reported last week.

Al-Maliki, 75, is a senior figure in the Shia Islamist Dawa Party. His tenure as prime minister from 2006 to 2014 was a period marked by a power struggle with Sunni and Kurdish rivals and growing tensions with the US.

He stepped down after ISIL (ISIS) seized large parts of the country in 2014, but has remained an influential political player, leading the State of Law coalition and maintaining close ties with Iran-backed factions.

The US wields key leverage over Iraq, as the country’s oil export revenue is largely held at the Federal Reserve Bank in New York in an arrangement reached after the 2003 US invasion that toppled Iraqi leader Saddam Hussein.

Jan. 27 (UPI) — Minnesota Gov. Tim Walz met with President Donald Trump‘s border czar Tuesday to discuss the situation on the ground as immigration enforcement personnel operate in the state.

“Governor Walz met with Tom Homan this morning and reiterated Minnesota’s priorities: impartial investigations into the Minneapolis shootings involving federal agents, a swift, significant reduction in the number of federal forces in Minnesota, and an end to the campaign of retribution against Minnesota,” the governor’s office said in a statement to the media.

The two agreed to continue talks on the matter.

“The Governor and Homan agreed on the need for an ongoing dialogue and will continue working toward those goals, which the President also agreed to yesterday. The Governor tasked the Minnesota Department of Public Safety as the primary liaison to Homan to ensure these goals are met.”

Homan was sent to the state by Trump after he recalled Immigrations and Customs Enforcement commander Greg Bovino. Trump said that Homan will manage ICE operations in the state and will report directly to him.

“He has not been involved in that area but knows and likes many of the people there,” Trump said of Homan on Monday. “Tom is tough but fair and will report directly to me.”

Since ICE began Operation Metro Surge in Minneapolis in December, two people in the state were killed by federal immigration agents, causing a swell of protests throughout the state. Renee Nicole Good and Alex Pretti were both shot by agents. Good was driving away, and Pretty was filming an agent with his cell phone.

Walz said he had a “productive call” with Trump on Monday.

“The President agreed to look into reducing the number of federal agents in Minnesota and to talk to DHS [Department of Homeland Security] about ensuring the Minnesota Bureau of Criminal Apprehension is able to conduct an independent investigation, as would ordinarily be the case,” Walz posted on X.

Jan. 27 (UPI) — Venezuela’s interim president, Delcy Rodríguez, has reiterated comments made over the weekend that her country “does not take orders from any external actor,” saying the government answers only to the Venezuelan people.

Her remarks Monday followed recent statements by U.S. officials about Venezuela’s political and economic direction after the Jan. 3 U.S. military operation that captured former president Nicolás Maduro and his wife.

Rodríguez spoke during a public consultation on a partial reform of Venezuela’s Organic Hydrocarbons Law, according to local newspaper Últimas Noticias. She was responding to comments by U.S. Treasury Secretary Scott Bessent, who suggested Washington could influence decisions by the Venezuelan executive branch and the timing of possible elections.

“The U.S. Treasury secretary has made statements that are inappropriate and offensive, and I have to respond to them,” Rodríguez said. “The people of Venezuela do not accept orders from any external actor. The people of Venezuela have a government and that government obeys the people.”

Her comments came shortly after Bessent said leaders of Venezuela’s executive branch would follow orders from President Donald Trump‘s administration.

“We have left members of the [Venezuelan] government in their positions and they will take charge of administering the country,” he said in an interview with the YouTube channel Derecha Diario TV. Bessent also suggested that other leaders could be placed “under custody,” without naming names, “for the benefit of the Venezuelan people.”

Bessent added that “Everyone says, ‘What if Venezuelan leaders return to their old habits?’ I think when they see the videos of the president being expelled from Caracas and in a cell in New York, they will follow U.S. orders.”

On Sunday, Rodriguez delivered a similar message during a meeting with oil workers in the eastern state of Anzoátegui, where she openly criticized foreign interference in Venezuela’s internal affairs.

“Enough of Washington giving orders to politicians in Venezuela. Let Venezuelan politics resolve our differences and internal conflicts,” she said, according to footage broadcast by state television network Venezolana de Televisión.

In her latest remarks, Rodríguez said Venezuela does not rule out relations with the United States as long as they are based on mutual respect.

“We are not afraid of respectful relations with the United States, but they must respect international law, Venezuela’s dignity and its history,” she said.

At an event Monday with business leaders and officials from the energy sector, Rodríguez also outlined the government’s projections for the oil industry — the country’s main source of revenue.

She said the government expects a 55% increase in oil investment by 2026 as part of a strategy to revive crude production, according to financial outlet Ámbito Financiero.

Investment in the sector totaled nearly $900 million last year and is projected to reach $1.4 billion in 2026. The plan is supported by a legal reform that has already passed a first reading in parliament.

The initiative seeks to loosen regulatory conditions and expand participation by domestic and foreign private companies. A central pillar of the reform using productive participation contracts, enabled under the so-called Anti-Blockade Law, which the executive branch describes as a successful model.

Rodríguez said these contracts have helped attract capital and boost production despite international sanctions, adding that 29 such agreements are in place.

“We have to move from being the country with the largest reserves on the planet to being a giant producer,” she said, defending a framework that keeps state ownership of resources while incorporating new management models.

During the hydrocarbons law consultation, Chevron Venezuela President Mariano Vela highlighted the company’s long-standing presence in the country, noting that Chevron has been a key partner in Venezuela’s oil industry for more than 100 years.

He thanked Chevron’s Venezuelan workers, joint venture employees and state oil company PDVSA for their long-term commitment to building “an even brighter future for the Venezuelan people.”

“We are prepared to continue contributing our operational expertise with technological innovation, hard work and the goal of creating a more competitive oil and gas sector,” Vela said.

United States President Donald Trump’s $5bn lawsuit against JPMorgan Chase resurfaces his accusations of debanking – the act of removing a person or organisation’s access to financial services.

The complaint, filed in a Florida court on Thursday, alleges that the bank singled him out for political reasons and closed several of his accounts following the attack on the US Capitol on January 6, 2021, which was perpetrated by his supporters.

“JPMC does not close accounts for political or religious reasons. We do close accounts because they create legal or regulatory risk for the company. We regret having to do so, but often rules and regulatory expectations lead us to do so,” the bank said in a statement.

While the lawsuit was filed in his personal capacity, the concept of debanking has long been in the crosshairs of the Trump White House.

Late last year, the White House launched a high-profile effort targeting the nation’s largest financial institutions, accusing them of closing accounts based on political bias. Within days, Trump signed an executive order restricting banks from denying accounts on those grounds.

Trump has long framed “debanking” as a systemic effort targeting conservatives. But evidence for this claim is limited.

A Reuters news agency review of more than 8,000 complaints to the Consumer Financial Protection Bureau (CFPB) found only 35 related to political or religious reasons, let alone targeting Christians or conservatives specifically.

The push by banks centres on the use of “reputational risk” as a standard that allows them to weigh the social or political fallout of doing business with a client.

Critics say this practice makes banks arbiters of morality – freezing, withholding, or closing accounts based not on financial considerations but on social and geopolitical concerns. This approach has pulled financial institutions into the middle of cultural and geopolitical debates.

While often cast as a partisan issue, data show that Trump’s core base, evangelical Christians, are not the ones typically targeted by debanking efforts.

A report from the Institute for Social Policy and Understanding (ISPU), a research organisation that looks at the experience of the US Muslim community, found that 27 percent of Muslim Americans and 14 percent of Jewish Americans have faced trouble banking, compared with negligible rates among Christian denominations, especially with Trump’s core base, evangelicals, at 8 percent.

Overall, 93 percent of Muslim Americans reported experiencing trouble with banking access. In one situation involving Citibank, the New York Chapter of the Council on American Islamic Relations (CAIR) accused the financial institution of not opening the account of a Muslim woman because of her husband, whom she wanted to nominate as a beneficiary and who is a Palestinian Muslim. CAIR did not release the name of the woman at the centre of the complaint.

“It [debanking] is a huge barrier for actually Muslims fulfilling philanthropic goals,” Erum Ikramullah, a senior research project manager at the ISPU, told Al Jazeera.

“It’s a huge barrier for the actual Muslim-based, Muslim-led organisations who are managing relief both domestically and overseas.”

Between October 2023 and May 2024, at least 30 US nonprofits providing humanitarian aid to Gaza have had accounts closed.

“Muslim Americans and Armenian Americans have faced de-banking on account of their last names,” Senator Elizabeth Warren, the Democrat from Massachusetts who founded the CFPB in 2013, said in a Senate Banking Committee hearing last year.

But Trump continues to allege that groups like Christians and conservatives are the ones discriminated against.

Among them include the National Committee for Religious Freedom, led by former Republican Senator and Kansas Governor Sam Brownback. Brownback alleges that Chase closed his account on religious grounds, a claim the bank denies.

Regardless, the push to take on the problem of debanking is a rare spot of bipartisanship in Washington, with Trump and Warren both agreeing that banks should change their ways.

Industry turmoil

A US banking regulator said last month that the nine largest US banks put restrictions on industries that it deems risky, but this has been a long-term issue for several industries.

Operation Choke Point, under the administration of former Democratic President Barack Obama, targeted exploitative industries like payday lenders and arms dealers. The initiative pushed banks to consider entire categories of businesses – and the individuals who worked in them – as reputationally risky, even when that view lagged cultural sentiment.

In response, Frank Keating, the then-CEO of the American Banking Association, slammed the move in an op-ed in The Wall Street Journal, saying that the “Justice Department [is] telling bankers to behave like policemen and judges”.

Ultimately, that scrutiny affected people working in several industries over the last decade, most particularly in adult entertainment, cannabis, and cryptocurrency.

Within months of the new guidance from the Obama administration, hundreds of adult performers lost access to banking services from Chase Bank. The ability to keep a bank account persisted for adult performers. In 2022, adult performer Alana Evans penned an op-ed for The Daily Beast describing how Wells Fargo closed her account.

The Free Speech Coalition, an adult industry trade group, found that 63 percent of adult workers have lost access to a bank account because of their work in the legal industry, and nearly 50 percent have been rejected for a loan because of the nature of the profession.

“I think that when I talk to a lot of people about this issue, or when I’ve talked to even legislators about this, they really can’t believe it, because it’s never been anything that they’ve encountered personally. The idea that a bank could shut off your account because they disagreed with the type of work you do is sort of inconceivable to most people,” Mike Stabile, the director of public policy for the Free Speech Coalition, told Al Jazeera.

The cannabis business has faced similar problems. Over the last decade, both laws and public sentiment around marijuana use have drastically changed. Now, more people use marijuana daily than drink alcohol, and recreational use is legal in 24 states as well as Washington, DC.

Yet, legitimate businesses that cater to this growing market share and those who work for them have been subject to debanking.

Kyle Sherman, the CEO and founder of Flowhub, a cannabis payment processing company, testified in front of the Senate Banking Committee last year that his employees are routinely discriminated against in consumer banking. He alleged that one of his employees was denied a mortgage because of what he does for a living, as well as others who have had their personal accounts closed.

While state laws have shifted on marijuana’s stance, federal laws have not kept up, making it harder for banks to navigate the reputational risk.

Trump recently eased pressure on the marijuana industry by reclassifying the substance as Schedule III, which means it is less harmful, but it does not change the legality of sale and interstate commerce on the federal level.

“In some of the states that have recently gone legal with recreational and medical cannabis, the individual entrepreneurs [there] were previously considered outlaws. It is hard for a banker to get over the perception that yesterday, you were an illegal activity, and today, you’re a legal activity,” said Terry Mendez, the CEO of Safe Harbor Financial, a financial services company for the cannabis industry.

There has been a bigger about-face with regard to the cryptocurrency industry. At first, crypto was seen as a safe haven for illicit transactions because the underlying technology allowed for anonymous transfers, making it difficult for banks to determine which transactions were legitimate and legal and which ones were not.

As the industry began to move into the mainstream, the challenges were amplified. Exchanges and startups faced debanking or sudden account closures, and even major platforms like Coinbase struggled to maintain reliable banking partners.

“Historically, banks were kind of more naturally averse to crypto companies, going back to like 2018, to 2020, 2021. Crypto companies would often, when registering for accounts with banks, say that they were software development companies to try and avoid the mention of crypto because of fear of not being able to open a bank account, which, of course, then means it’s harder to make a payroll. It’s hard to take in funds from investors; you can’t pay vendors,” Sid Powell, the CEO of the asset management firm Maple Finance, told Al Jazeera.

That was not helped by the collapse of FTX, the notorious cryptocurrency exchange, pushing banks to pull back from working with the crypto industry.

Sentiment is shifting now. Under Trump, who has embraced crypto, financial regulators last year withdrew guidance that suggested that banks should be careful when working with the crypto industry. Powell says the executive order could help crypto avoid debanking in the future.

“It [the executive order] kind of signals to the FDIC and the OCC that they should act in a more balanced way when it comes to crypto companies and crypto startups, instead of taking a more hostile approach, or the approach of kind of lumping everyone in with the worst of the industry, which tended to happen post-FTX,” Powell added.

Powell was referring to the The Federal Deposit Insurance Corporation, an independent agency created by Congress to maintain stability in the nation’s financial system, and The Office of the Comptroller of the Currency, an independent bureau of the US Department of the Treasury, which charters, regulates, and supervises all national banks, federal savings associations, and federal branches and agencies of foreign banks.

Trump’s personal gripes

Trump has also accused banks of not doing business with him, the primary driver of his interest in the debanking issue.

Banks can generally refuse to create accounts for potential customers who could be deemed as high risk.

“The president’s companies have filed [for] bankruptcy repeatedly. There have been years of reporting about financial institutions’ concerns with suspicious financial activity, and the president was found civilly liable for inflating the value of his assets that served as collateral for loans from financial institutions,” Graham Steele, an academic fellow at the Rock Center for Corporate Governance at Stanford University, told Al Jazeera.

Reuters reported last year that banks gauged Trump as a financial risk due to his plethora of legal challenges after his first term, including the suit brought by E Jean Caroll, which found Trump liable for sexual abuse. He has declared bankruptcy six times.

He also defaulted on loans totalling hundreds of millions of dollars several times, including a loan to Deutsche Bank. In 2024, a New York court ruled that the president fraudulently inflated his financial worth by more than $2bn.

“Notwithstanding the fact that the president is an inherently political figure, a financial institution could reasonably rely on any of these concerns, grounded in financial and legal risks, not ‘political’ beliefs, as a basis for declining to do business with a customer,” Steele said.

That did not stop the president from pointing fingers at banking giants, including Bank of America CEO Brian Moynihan.

“I hope you start opening your bank to conservatives, because many conservatives complain that the banks are not allowing them to do business within the bank, and that includes a place called Bank of America,” Trump told the executive during a Q&A session at the World Economic Forum in Davos, Switzerland, last year.

The Trump family also sued Capital One last March. The lawsuit alleged that it debanked The Trump Organisation after Trump incited an insurrection at the US Capitol on January 6, 2021, after spreading misinformation alleging that he won the 2020 presidential election even though he had lost by a significant margin.

Trump debanks ‘liberal’ causes

Trump’s rhetoric on debanking is among his latest attempts to punish entities for political bias, while actively pushing actions that punish those who have viewpoints that oppose his own.

Trump has argued that debanking disproportionately targets conservatives and conservative-leaning businesses like firearms manufacturers. His pressure has moved the needle at Citibank. In June, it lifted its ban on banking services to gun sellers and manufacturers, a policy it put in place in 2018 after the shooting in Marjory Stoneman Douglas High School in Parkland, Florida, that left 17 people dead.

In March, his administration announced it would shut down a set of climate grants under the Greenhouse Gas Reduction Fund – known as the “green bank” – a $20bn programme created through the bipartisan Inflation Reduction Act signed by his predecessor, President Joe Biden, in 2022 to channel financing for climate projects into underinvested regions.

Environment and Protection Agency (EPA) administrator Lee Zeldin justified the decision by citing “misconduct, conflicts of interest, and potential fraud”, allegations he offered without evidence, and forced Citibank, which was holding the fund’s money for nonprofit distribution, to return the funds to the EPA.

The decision faced legal hurdles. But earlier this month, a US court of appeals allowed the Trump administration to continue axing the programme. The 2-1 ruling was decided by two judges appointed by Trump.

Last year, the White House also pressured companies seeking federal contracts to abandon diversity, equity and inclusion (DEI) programmes, which it has long portrayed, without evidence, as undermining merit-based hiring.

Citigroup, historically one of the most vocal supporters of DEI in the financial services sector, scrapped its programme. Citibank holds multiple federal contracts with agencies including the Department of Defense and the Consumer Financial Protection Bureau.

Bank of America and Wells Fargo followed suit in February, scaling back their initiatives as well, as did many other companies.

As part of the Trump administration’s immigration crackdowns, the White House has also pressured banks to cut financial services to immigrants. The administration is doing so by trying to cancel the social security numbers of migrants who have legal status in the US, which would essentially cut them off from access to basic financial services, including bank accounts and credit cards, The New York Times reported.

At the time, Leland Dudek, then the Social Security Administration’s acting commissioner and a Trump administration appointee, said the move to cut access would end their “financial lives”.

“There’s a real telling disconnect. They are saying, on the one hand, we wanna put a thumb on the scale and ensure that conservative groups are included in the financial system, while actively working to push out liberal coded groups by either freezing them out of the bank accounts when they get government grants, or trying to investigate and potentially bring criminal charges against the payment platform that serves liberal groups,” Steele said.

Steele questioned if taking on political bias would actually help communities that do not align with the Trump administration’s stated values and conservative viewpoints.

“I think one of the other concerns here is that a lot of this depends on how the executive order is going to be enforced,” Steele said.