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      Red Sea Shipping Halt Is Latest Risk to Global Economy

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      Next year could see increasing volatility as persistent military conflicts and economic uncertainty influence voting in national elections across the globe.The attacks on crucial shipping traffic in the Red Sea straits by a determined band of militants in Yemen — a spillover from the Israeli-Hamas war in Gaza — is injecting a new dose of instability into a world economy already struggling with mounting geopolitical tensions.The risk of escalating conflict in the Middle East is the latest in a string of unpredictable crises, including the Covid-19 pandemic and the war in Ukraine, that have landed like swipes of a bear claw on the global economy, smacking it off course and leaving scars.As if that weren’t enough, more volatility lies ahead in the form of a wave of national elections whose repercussions could be deep and long. More than two billion people in roughly 50 countries, including India, Indonesia, Mexico, South Africa, the United States and the 27 nations of the European Parliament, will head to the polls. Altogether, participants in 2024’s elections olympiad account for 60 percent of the world’s economic output.In robust democracies, elections are taking place as mistrust in government is rising, electorates are bitterly divided and there is a profound and abiding anxiety over economic prospects.A ship crossing the Suez Canal toward the Red Sea. Attacks on the Red Sea have pushed up freight and insurance rates.Mohamed Hossam/EPA, via ShutterstockA billboard promoting presidential elections in Russia, which will take place in March.Dmitri Lovetsky/Associated PressEven in countries where elections are neither free nor fair, leaders are sensitive to the economy’s health. President Vladimir V. Putin’s decision this fall to require exporters to convert foreign currency into rubles was probably done with an eye on propping up the ruble and tamping down prices in the run-up to Russia’s presidential elections in March.The winners will determine crucial policy decisions affecting factory subsidies, tax breaks, technology transfers, the development of artificial intelligence, regulatory controls, trade barriers, investments, debt relief and the energy transition.A rash of electoral victories that carry angry populists into power could push governments toward tighter control of trade, foreign investment and immigration. Such policies, said Diane Coyle, a professor of public policy at the University of Cambridge, could tip the global economy into “a very different world than the one that we have been used to.”In many places, skepticism about globalization has been fueled by stagnant incomes, declining standards of living and growing inequality. Nonetheless, Ms. Coyle said, “a world of shrinking trade is a world of shrinking income.”And that raises the possibility of a “vicious cycle,” because the election of right-wing nationalists is likely to further weaken global growth and bruise economic fortunes, she warned.A campaign rally for former President Donald J. Trump in New Hampshire in December.Doug Mills/The New York TimesA line of migrants on their way to a Border Patrol processing center at the U.S.-Mexico border. Immigration will be a hot topic in upcoming elections.Rebecca Noble for The New York TimesMany economists have compared recent economic events to those of the 1970s, but the decade that Ms. Coyle said came to mind was the 1930s, when political upheavals and financial imbalances “played out into populism and declining trade and then extreme politics.”The biggest election next year is in India. Currently the world’s fastest-growing economy, it is jockeying to compete with China as the world’s manufacturing hub. Taiwan’s presidential election in January has the potential to ratchet up tensions between the United States and China. In Mexico, the vote will affect the government’s approach to energy and foreign investment. And a new president in Indonesia could shift policies on critical minerals like nickel.The U.S. presidential election, of course, will be the most significant by far for the world economy. The approaching contest is already affecting decision-making. Last week, Washington and Brussels agreed to suspend tariffs on European steel and aluminum and on American whiskey and motorcycles until after the election.The deal enables President Biden to appear to take a tough stance on trade deals as he battles for votes. Former President Donald J. Trump, the likely Republican candidate, has championed protectionist trade policies and proposed slapping a 10 percent tariff on all goods coming into the United States — a combative move that would inevitably lead other countries to retaliate.Mr. Trump, who has echoed authoritarian leaders, has also indicated that he would step back from America’s partnership with Europe, withdraw support for Ukraine and pursue a more confrontational stance toward China.Workers on a car assembly line in Hefei, China. Beijing has provided enormous incentives for electric vehicles.Qilai Shen for The New York TimesA shipyard in India, which is jockeying to compete with China as the world’s largest manufacturing hub.Atul Loke for The New York Times“The outcome of the elections could lead to far-reaching shifts in domestic and foreign policy issues, including on climate change, regulations and global alliances,” the consulting firm EY-Parthenon concluded in a recent report.Next year’s global economic outlook so far is mixed. Growth in most corners of the world remains slow, and dozens of developing countries are in danger of defaulting on their sovereign debts. On the positive side of the ledger, the rapid fall in inflation is nudging central bankers to reduce interest rates or at least halt their rise. Reduced borrowing costs are generally a spur to investment and home buying.As the world continues to fracture into uneasy alliances and rival blocs, security concerns are likely to loom even larger in economic decisions than they have so far.China, India and Turkey stepped up to buy Russian oil, gas and coal after Europe sharply reduced its purchases in the wake of Moscow’s invasion of Ukraine. At the same time, tensions between China and the United States spurred Washington to respond to years of strong-handed industrial support from Beijing by providing enormous incentives for electric vehicles, semiconductors and other items deemed essential for national security.A protest in Yemen on Friday against the operation to safeguard trade and protect ships in the Red Sea.Osamah Yahya/EPA, via ShutterstockThe drone and missile attacks in the Red Sea by Iranian-backed Houthi militia are a further sign of increasing fragmentation.In the last couple of months, there has been a rise in smaller players like Yemen, Hamas, Azerbaijan and Venezuela that are seeking to change the status quo, said Courtney Rickert McCaffrey, a geopolitical analyst at EY-Parthenon and an author of the recent report.“Even if these conflicts are smaller, they can still affect global supply chains in unexpected ways,” she said. “Geopolitical power is becoming more dispersed,” and that increases volatility.The Houthi assaults on vessels from around the world in the Bab-el-Mandeb strait — the aptly named Gate of Grief — on the southern end of the Red Sea have pushed up freight and insurance rates and oil prices while diverting marine traffic to a much longer and costlier route around Africa.Last week, the United States said it would expand a military coalition to ensure the safety of ships passing through this commercial pathway, through which 12 percent of global trade passes. It is the biggest rerouting of worldwide trade since Russia’s invasion of Ukraine in February 2022.Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics, said the impact of the attacks had so far been limited. “From an economic perspective, we’re not seeing huge increase in oil and gas prices,” Mr. Vistesen said, although he acknowledged that the Red Sea assaults were the “most obvious near-term flashpoint.”Uncertainty does have a dampening effect on the economy, though. Businesses tend to adopt a wait-and-see attitude when it comes to investment, expansions and hiring.“Continuing volatility in geopolitical and geoeconomic relations between major economies is the biggest concern for chief risk officers in both the public and private sectors,” a midyear survey by the World Economic Forum found.With persistent military conflicts, increasing bouts of extreme weather and a slew of major elections ahead, it’s likely that 2024 will bring more of the same. More

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      Maduro activa referéndum sobre el Esequibo

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      El presidente venezolano realizará un referendo para reclamar la soberanía sobre el Esequibo, una importante franja rica en petróleo de Guyana.El presidente de Venezuela, Nicolás Maduro, se encuentra ante un dilema político. Está bajo la presión de Estados Unidos para que celebre elecciones libres y justas tras años de gobierno autoritario o se enfrente al restablecimiento de sanciones económicas agobiantes. Sin embargo, los analistas afirman que es poco probable que renuncie al poder y que es muy posible que pierda en unas elecciones confiables.Ahora, Maduro ha reavivado una disputa territorial con un país vecino mucho más pequeño. Es una maniobra que parece estar motivada, al menos en parte, por un deseo de desviar la atención de sus problemas políticos internos a través del impulso del fervor nacionalista.Maduro alega que la región rica en petróleo del Esequibo en Guyana, un país con una población estimada de 800.000 habitantes, forma parte de Venezuela, una nación de aproximadamente 28 millones de personas, y realizará un referendo consultivo no vinculante este domingo para preguntarle a los votantes si apoyan la posición del gobierno.El argumento de Maduro se basa en lo que muchos venezolanos consideran un acuerdo ilegítimo que data del siglo XIX que le otorgó a Guyana la región del Esequibo.Los expertos afirmaron que aunque la mayoría de los países han aceptado que el Esequibo pertenece a Guyana, y dado que el tema sigue siendo un asunto polémico para muchos venezolanos, es probable que el referéndum sea aprobado.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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      Maduro’s Vote to Annex Territory From Guyana Is Seen as a Diversion

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      The Venezuelan president is holding a referendum to claim sovereignty over Essequibo, a large oil-rich swath of neighboring Guyana.Venezuela’s president, Nicolás Maduro, finds himself in a political bind. He is under pressure from the United States to hold free and fair elections after years of authoritarian rule or face a reinstatement of crippling economic sanctions. But analysts say he is unlikely to give up power and would most likely lose in a credible election.Now, Mr. Maduro has reignited a border dispute with a much smaller neighboring country in a move that seems driven, at least in part, by a desire to divert attention from his political troubles at home by stoking nationalist fervor.Mr. Maduro claims that the vast, oil-rich Essequibo region of Guyana, a country of about 800,000, is part of Venezuela, a nation of roughly 28 million people, and is holding a nonbinding referendum on Sunday asking voters whether they support the government’s position.Mr. Maduro’s argument is based on what many Venezuelans consider an illegitimate agreement dating to the 19th century that gave the Essequibo region to Guyana.Although most countries have accepted that Essequibo belongs to Guyana, the issue remains a point of contention for many Venezuelans, and the referendum is likely to be approved, experts said.President Irfaan Ali of Guyana has said that “Essequibo is ours, every square inch of it,” and has pledged to defend it.For Mr. Maduro, stoking a geopolitical crisis gives him a way to shift the domestic conversation at a moment when many Venezuelans are pressing for an election that could challenge his hold on power.“Maduro needs to wrap himself in the flag for electoral reasons, and obviously a territorial dispute with a neighbor is the perfect excuse,” said Phil Gunson, an analyst with the International Crisis Group who lives in Venezuela’s capital, Caracas.Analysts say that President Nicolás Maduro’s push for a referendum on Essequibo is aimed at stoking nationalist fervor to distract from his lack of popular support.Ariana Cubillos/Associated PressVenezuelan groups and activists opposing Mr. Maduro organized a primary in October without any official government support to choose a candidate to run in elections that are supposed to be held next year. More than 2.4 million Venezuelans cast ballots, a large number that suggests how engaged voters could be in a general election.But since then, the Maduro government has questioned the vote’s legitimacy and has taken legal aim at its organizers, raising concerns that Mr. Maduro will resist any serious challenge to his 10-year rule even as his country continues to suffer under international sanctions.Turnout on Sunday is expected to be large given that, among other factors, public sector employees are required to vote. A turnout larger than that for the opposition’s primary could bolster Mr. Maduro’s standing, analysts said.“It’s aimed at producing the impression that the government can mobilize the people in a way that the opposition can’t,” Mr. Gunson said.Essequibo, a region slightly larger than the state of Georgia, is a tropical jungle rich in oil, as well as minerals and timber. In recent years, many people have migrated there from Venezuela and Brazil to capitalize on the illegal mining industry.Bartica, Essequibo, is the gateway to what the Guyanese call “the interior,” a sparsely populated region of forest and savanna that is rich in natural resources. Meridith Kohut for The New York TimesGuyana has increased its police presence along the Venezuelan border, while Brazil has sent troops to the region. So far, Venezuela has not deployed any additional forces to the border. More

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      Missing COP28 Summit Complicates Biden’s Climate Credentials

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      The president is facing some pressure to focus on oil drilling and gas prices at home, while boosting climate ambition on the world stage.President Biden signed the country’s first major climate law and is overseeing record federal investment in clean energy. In each of the past two years, he attended the annual United Nations climate summit, asserting American leadership in the fight against global warming.But this year, likely to be the hottest in recorded history, Mr. Biden is staying home.According to a White House official who asked to remain anonymous to discuss the president’s schedule, Mr. Biden will not travel to the summit in Dubai. Aides say he is consumed by other global crises, namely trying to secure the release of hostages held by Hamas in its war with Israel and working to persuade Congress to approve aid to Ukraine in its fight against Russia.At home, Mr. Biden’s climate and energy policies are crashing against competing political pressures. Concerned about Republican attacks that Mr. Biden is pursuing a “radical green agenda,” centrists in his party want him to talk more about the fact that the United States has produced record amounts of crude oil this year. At the same time, climate activists, particularly the young voters who helped elect Mr. Biden, want the president to shut down drilling altogether.Internationally, developing countries are pushing Mr. Biden to deliver on promises for billions of dollars to help cope with climate change. But Republicans in Congress who control spending scoff at the idea and have been unable to reach agreement among themselves on issues like aid to Israel and Ukraine.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.We are confirming your access to this article, this will take just a moment. However, if you are using Reader mode please log in, subscribe, or exit Reader mode since we are unable to verify access in that state.Confirming article access.If you are a subscriber, please  More

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      Fact-Checking Haley and DeSantis in Their Race to Rival Trump

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      Gov. Ron DeSantis of Florida and Nikki Haley, the former governor of South Carolina, have attacked each other with misleading claims on dealings with Chinese companies, energy and refugees.Nikki Haley, a former governor of South Carolina, and Gov. Ron DeSantis of Florida are vying to dethrone the Republican Party’s clear presidential front-runner, Donald J. Trump. But first one needs to triumph over the other.As Ms. Haley and Mr. DeSantis battle to be the unequivocal alternative to the former president, they and their supporters have repeatedly turned to attacks, some of which distort the facts, to cast doubt on each other.The claims have centered on dealings with Chinese companies, energy, taxes and refugees.Here’s a fact check on some of their claims.WHAT WAS SAID“Ambassador Haley said somehow I wasn’t doing — she welcomed them into South Carolina, gave them land near a military base, wrote the Chinese ambassador a love letter saying what a great friend they were.”— Mr. DeSantis during the debate last weekThis requires context. As governor, Ms. Haley welcomed Chinese companies coming to South Carolina. On Facebook in 2016, Ms. Haley celebrated the fact that China Jushi, a fiberglass company, would be opening its first manufacturing plant in the United States in Richland County.China Jushi is partly owned by China National Building Material, which is tied to the Chinese government. The plant is about five miles from Fort Jackson, used for Army combat training.But South Carolina did not give the company land, as Mr. DeSantis claimed; the county did, with certain conditions.Richland County transferred 197 acres to China Jushi under a deal in which the company would invest $400 million in the project and create at least 800 full-time jobs, according to the 2016 agreement.The state did help: South Carolina’s Coordinating Council for Economic Development in 2016 approved a $7 million grant to Richland County to help fund site preparation and infrastructure improvements, said Kelly Coakley, a spokeswoman for the state’s Commerce Department.It is true that Ms. Haley wrote a 2014 letter to China’s ambassador to the United States at the time, thanking him for congratulating her on her re-election and calling the country a “friend.”During her bid for the presidency, Ms. Haley has positioned herself as being tough on China, casting the country as her foil and saying she came to better understand its dangers when she became ambassador to the United Nations.Mr. DeSantis attacked Ms. Haley because of her relationship with Chinese businesses while she was governor of South Carolina.John Tully for The New York TimesWHAT WAS SAID“DeSantis gave millions to Chinese companies. DeSantis even voted to fast-track Obama’s Chinese trade deals.”— A pro-Haley super PAC, SFA Fund Inc., in an adFalse. There is no evidence Mr. DeSantis directly gave “millions” to Chinese companies; the ad was referring to technology purchases by state agencies. And the trade-related vote in question, when Mr. DeSantis was in Congress, did not result in the Obama administration signing trade deals with China.In regards to the claim that Mr. DeSantis gave millions to Chinese companies, a representative for the super PAC cited a 2020 article in The Washington Times, a conservative publication. The article concerned a report that asserted that state governments around the country were introducing security threats because of technology contracts with two companies: Lexmark, which was acquired by a Chinese consortium in 2016, and Lenovo, a Chinese tech company. Both companies disputed the report in statements to the news outlet.Florida records do show state agencies have spent millions in purchases from the companies, mostly Lexmark, for printers and other products, since Mr. DeSantis took office on Jan. 8, 2019. South Carolina has also worked with the companies, including under Ms. Haley’s governorship.Florida used those companies before Mr. DeSantis’s tenure, too, and SFA Fund provided no evidence that Mr. DeSantis himself directly approved the purchases. Last year, Mr. DeSantis issued an executive order instructing state officials to create rules to prevent state entities from buying technology that presents security risks, including because of a connection to China or other “foreign countries of concern.”The ad’s contention that Mr. DeSantis “voted to fast-track Obama’s Chinese trade deals” is similarly flawed. It is based on a vote Mr. DeSantis made as a congressman in 2015 to extend the president’s authority to fast-track trade legislation. He was among 190 Republicans in the House to vote for it.But Mark Wu, a Harvard law professor with expertise in international trade, said no trade agreements subject to that authority were made with China.“In passing T.P.A. in 2015, Congress agreed only to fast-track trade agreements that addressed tariff barriers (along with possibly nontariff barriers),” Mr. Wu said in an email, referring to the trade promotion authority bill that bolstered the president’s power to negotiate trade deals with Asia and Europe. “None of the negotiations that the U.S. conducted with China during the Obama administration fell into this category. Nor did these negotiations result in any trade deals with China during the Obama administration.”WHAT WAS SAID“Ron, you are the chair of your economic development agency that, as of last week, said Florida is the ideal place for Chinese businesses. Not only that, you have a company that is manufacturer of Chinese military planes. You have it. They are expanding two training sites at two of your airports now, one which is 12 miles away from a naval base. Then you have another company that’s expanding, and they were just invaded by the Department of Homeland Security.”— Ms. Haley during the debate last weekThis requires context. Mr. DeSantis previously served as the board chairman of a public-private economic development organization known as Enterprise Florida. The governor signed legislation earlier this year that consolidated the organization’s work into what is now the state’s Commerce Department.Ms. Haley was referring to an old report. A 2019-2020 report by Enterprise Florida described Florida as “an ideal business destination for Chinese companies.” Ms. Haley’s campaign has hit Mr. DeSantis over reports that the document was taken down this month.Ms. Haley’s other points largely check out.In October last year, Cirrus Aircraft — which was acquired in 2011 by a Chinese state-owned company that makes military aircraft — announced it had expanded locations at the Orlando Executive Airport and Kissimmee Gateway Airport. The first location provides aircraft sales and concierge flight training, while the other offers aircraft maintenance and management. The Orlando complex is less than 10 miles from a Navy training systems center.Regarding the company raided by the Homeland Security Department, Ms. Haley was referring to a solar panel company, JinkoSolar, based in China. Homeland security officials in May executed search warrants at its factory in Jacksonville, Fla., and an office in California.While federal officials have not provided details on that inquiry, it appears to be linked to multiple concerns. Those include whether JinkoSolar misrepresented the source of some imports containing materials from the Xinjiang region of China and incorrectly classified products, resulting in an incorrect duty rate, The New York Times has reported. The company has said that it is confident in its supply chain traceability and that U.S. customs officials have reviewed and released JinkoSolar products.In June, Jacksonville’s City Council withdrew a bill that would have provided the company tax incentives to expand. A JinkoSolar representative said in a statement that the company still planned to pursue its $50 million expansion.WHAT WAS SAID“Nikki Haley promised South Carolina she would never support increasing taxes on gas. She broke that promise almost immediately.”— A pro-DeSantis super PAC, Never Back Down, in a post on X last weekThis is misleading. As governor, Ms. Haley rebuffed calls to increase South Carolina’s gas tax as a stand-alone measure.The ad included in the post features clips taken from Ms. Haley’s State of the State addresses. First she is shown saying, in 2013, “But I will not, not now, not ever, support raising the gas tax.” She is then shown in 2015 saying, “Let’s increase the gas tax by 10 cents over the next three years.”But Ms. Haley’s full 2015 remarks shows that the super PAC took her comments out of context. She first acknowledged that “some have advocated raising the state gas tax” to increase revenue for infrastructure projects and later said: “As I’ve said many times, I will veto any straight-up increase in the gas tax.”Instead, Ms. Haley said she would only support a gas tax increase if the state reduced the income tax rate to 5 percent, from 7 percent, and made changes to the state’s Department of Transportation.The state did not ultimately increase the gas tax under Ms. Haley.Ms. Haley has accused Mr. DeSantis as anti-fracking.John Tully for The New York TimesWHAT WAS SAID“DeSantis reacts to Nikki Haley wanting to import Gazan refugees to the U.S.”— Mr. DeSantis’s campaign in a post on X in OctoberFalse. Ms. Haley did not call for the United States to bring in refugees from Gaza. But Mr. DeSantis and his supporters homed in on an interview Ms. Haley did with CNN to erroneously claim she did.In that October interview, Ms. Haley was asked to respond to remarks in which Mr. DeSantis, seemingly referring to the Palestinian population, said: “If you look at how they behave, not all of them are Hamas, but they are all antisemitic. None of them believe in Israel’s right to exist.” (Survey data from before Hamas’s Oct. 7 attack on Israel suggested many Gazans wanted Hamas to stop calling for Israel’s destruction and supported maintaining a cease-fire with Israel, as the CNN host, Jake Tapper, pointed out.)“There are so many of these people who want to be free from this terrorist rule,” Ms. Haley said. “They want to be free from all of that. And America’s always been sympathetic to the fact that you can separate civilians from terrorists. And that’s what we have to do.”But Ms. Haley did not in that interview or elsewhere say the United States should take in Gazan refugees.In fact, Ms. Haley expressed sympathy for the “Palestinian citizens, especially the innocent ones,” but she questioned why Middle Eastern countries like Qatar, Lebanon, Jordan and Egypt were not taking in such refugees. She later explicitly said the United States should not take in such refugees.“Honestly, the Hamas-sympathizing countries should take these Gazans now,” Ms. Haley said days later on Fox News, adding: “There is no reason for any refugees to come to America.”WHAT WAS SAID“Ron DeSantis. He’s anti-fracking, He’s anti-drilling.”— Ms. Haley’s campaign in an adThis is misleading. During his presidential campaign, Mr. DeSantis has said that he supports fracking and offshore drilling nationally — a point that Ms. Haley has omitted when airing similar claims.It is true that while running for governor in 2018, he opposed such drilling and fracking in Florida. His campaign website said at the time that “Ron DeSantis has a proven track record in supporting measures to ban offshore drilling in the Gulf of Mexico” and called fracking a “danger to our state that is not acceptable.”That same election, Florida voters passed a constitutional amendment banning offshore oil and gas drilling in state waters. Once governor, Mr. DeSantis ordered the Florida Department of Environmental Protection to take “necessary actions to adamantly oppose all offshore oil and gas activities off every coast in Florida and hydraulic fracturing in Florida.”A formal ban on fracking in Florida was not enacted.Curious about the accuracy of a claim? Email factcheck@nytimes.com. More

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      Venezuela Holds a Key Vote on Sunday. Here’s What You Need to Know.

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      Ten opposition candidates are running to face off against President Nicolás Maduro next year. A center-right former legislator, María Corina Machado, is widely expected to win.One million Venezuelans headed to the polls on Sunday to elect an opposition candidate to face President Nicolás Maduro in presidential elections in 2024, a contest that could prove pivotal to the fate of a country that has endured a decade of economic crisis and authoritarian governance.Mr. Maduro came to power in 2013, after the death of Hugo Chávez, the founder of the country’s socialist-inspired revolution. Under Mr. Maduro, Venezuela, once among the richest countries in Latin America, has undergone an extraordinary economic collapse, leading to a humanitarian crisis that has sent more than seven million people fleeing.But the Maduro government and the opposition signed an agreement on Tuesday meant to move toward free and fair elections, including allowing the opposition to choose a candidate for next year’s presidential contest.Sunday’s election, however, will take place with no official government support. Instead, the vote is being organized by civil society, with polling stations in homes, parks and the offices of opposition parties.The leading candidate is María Corina Machado, a center-right former legislator, who has declared herself the country’s best shot yet at ousting the socialist-inspired government that has governed since 1999.Here is what you need to know about Sunday’s election:How are relations between Venezuela and the United States?The United States for years has leveled sanctions on some Venezuelan leaders, but the Trump administration significantly tightened them in 2019, after an election that was widely viewed as fraudulent, in which Mr. Maduro claimed victory.Mr. Maduro has long sought the lifting of the sanctions, which have strangled the economy, while the United States and its allies in the Venezuelan opposition have wanted Mr. Maduro to allow competitive elections that could give his political opponents a legitimate chance at winning.President Nicolás Maduro, with President Gustavo Petro of Colombia last year, has sought the lifting of economic sanctions.Federico Rios for The New York TimesThe past week has seen the most significant softening of relations between Venezuela and the United States in years.Venezuela’s authoritarian government has agreed to accept Venezuelan migrants deported from the United States, signed an agreement with opposition leaders devised to move toward a free and fair presidential election, and released five political prisoners.In exchange, the United States has agreed to lift some economic sanctions on Venezuela’s oil industry, a vital source of income for the Maduro government.What effect does the easing of sanctions have?The sanctions relief announced this past week allows Venezuela’s state-owned oil company to export oil and gas to the United States for six months. For the past few years, the Venezuelan government has been exporting oil to China and other countries at a significant discount.While the move is expected to be a significant boon to Venezuela’s public finances, analysts said that poor infrastructure and a reluctance by some outside investors to quickly enter the Venezuelan market present significant challenges.What is driving these developments?Among the factors driving this flurry of new policies is Venezuela’s increased geopolitical importance.The South American country is home to the largest proved oil reserves in the world, and there is growing U.S. interest in those reserves amid concern over a broader conflict in the Middle East and the war in Ukraine, which has threatened access to global oil supplies.Venezuela is home to the largest proved oil reserves in the world. Adriana Loureiro Fernandez for The New York TimesWhile it would take years for Venezuela’s hobbled oil industry infrastructure to recover, the country’s petroleum reserves could be crucial in the future.The Biden administration is also increasingly interested in improving the economic situation in Venezuela to try to stem the surges of Venezuelan migrants seeking to reach the United States.Could this election really lead to a change in Venezuela’s leadership?Experts are skeptical that Mr. Maduro will willingly give up power, or allow elections to take place if there is a chance he might not win.His government is being investigated by the International Criminal Court for possible crimes against humanity, and the United States has set a $15 million reward for his arrest to face drug trafficking charges. Leaving office could mean lengthy jail terms for Mr. Maduro and his associates.So despite the significance of the recent announcements, some analysts worry that Mr. Maduro is playing both the opposition and the U.S. government, and could ultimately end up with everything he seeks: relief from the sanctions; at least some international recognition for his bow toward fair elections; and a victory next year that allows him to retain power.The United States has tried to prevent that from happening by making clear that the sanctions could be reinstated at any time.But some analysts say that could be difficult if companies take advantage of the sanctions relief and start investing in Venezuela. If that happens, it might be hard to put the sanctions back in place.Who is María Corina Machado, the leading candidate?Ms. Machado is a veteran politician nicknamed “the iron lady” because of her adversarial relationship with the governments of Mr. Maduro and Mr. Chávez. She is viewed by some supporters as courageous for staying in the country when many other politicians have fled political persecution.Her proposals to open up the free market and reduce the role of the state have earned her a loyal base across social classes.Ms. Machado’s adversarial relationship with Mr. Maduro and his predecessor, Hugo Chavez, have earned her the nickname “the iron lady.” Adriana Loureiro Fernandez for The New York TimesBut as she has promoted her candidacy, Ms. Machado’s campaign has been plagued by violence and government surveillance.She has been beaten by people holding Maduro signs, and had animal blood thrown at her at one rally at which The New York Times was present. She has been followed by military intelligence police, and she bypasses police roadblocks by riding on the motorcycles of her supporters.Could Ms. Machado actually win the presidency?Polls suggest that Ms. Machado is likely to win the primary, which has 10 candidates.The group of contenders, who represent a spectrum of ideological views, includes former governors, activists, professors and lawyers, though none seems to have broken through enough to pose a serious challenge to Ms. Machado.But the biggest question is whether Ms. Machado, assuming she wins, will be able to participate in the general election.Mr. Maduro’s government has banned Ms. Machado from running for office for 15 years, claiming that she did not complete her declaration of assets and income when she was a legislator. These types of disqualifications are a common tactic used by Mr. Maduro to keep strong competitors off ballots.Despite an agreement this week to move toward competitive election conditions, the Maduro government has shown little indication that it will allow Ms. Machado to run.The Biden administration has made clear that it expects Mr. Maduro to reinstate banned candidates or face the restoration of sanctions.If Ms. Machado is not allowed to run in 2024, the opposition could put forward another candidate. But it is unclear whether Ms. Machado would willingly step aside, and if the opposition would rally around a single new candidate or split the vote, essentially handing Mr. Maduro the election. More

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      Elecciones primarias en Venezuela 2023: lo que hay que saber

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      Diez candidatos de la oposición se están postulando para enfrentarse al presidente Nicolás Maduro en 2024. Se espera que María Corina Machado, una exdiputada, gane la contienda.Este domingo, se espera que un millón de venezolanos acudan a las urnas para elegir a un candidato de la oposición que se enfrente al presidente Nicolás Maduro en las elecciones presidenciales de 2024, una votación que podría ser crucial para el destino de un país que ha sufrido una década de crisis económica y autoritarismo gubernamental.Maduro llegó al poder en 2013 tras la muerte de Hugo Chávez, el fundador de la revolución inspirada en el socialismo que gobierna el país. Bajo la gestión de Maduro, Venezuela, que solía ser uno de los países más ricos de América Latina, ha sufrido un extraordinario colapso económico, lo que generó una crisis humanitaria que ha hecho que más de siete millones de personas huyan del país.Pero el martes, el gobierno de Maduro y la oposición firmaron un acuerdo diseñado para avanzar hacia unas elecciones libres y justas, lo que incluye permitirle a la oposición elegir un candidato para las elecciones presidenciales del próximo año.Sin embargo, las elecciones del domingo se realizarán sin apoyo gubernamental oficial. En su lugar, el proceso está siendo organizado por la sociedad civil, que instalará centros de votación en casas, parques y en las sedes de los partidos de oposición.La candidata que lidera las encuestas es María Corina Machado, una exdiputada de centroderecha, quien se ha autoproclamado como la mejor oportunidad del país hasta el momento para derrocar al gobierno de inspiración socialista que ha tenido el control del país desde 1999.A continuación, presentamos lo que hay que saber sobre las elecciones del domingo:¿Cómo están las relaciones entre Venezuela y Estados Unidos?Durante años, Estados Unidos ha venido implementando sanciones a algunos líderes venezolanos, pero el gobierno de Donald Trump las endureció de forma significativa en 2019, tras unas elecciones que fueron ampliamente percibidas como fraudulentas, en las que Maduro se declaró ganador.Desde hace tiempo, Maduro ha buscado el levantamiento de las sanciones que han asfixiado la economía, mientras que Estados Unidos y sus aliados en la oposición venezolana han querido que Maduro permita unas elecciones competitivas que pueda brindarles a sus rivales políticos una oportunidad legítima de ganar.El presidente Nicolás Maduro, con el mandatario colombiano, Gustavo Petro, el año pasado, han buscado el levantamiento de las sanciones económicas.Federico Rios para The New York TimesLa semana pasada se produjo el acercamiento más significativo de las relaciones entre Venezuela y Estados Unidos en años.El gobierno autoritario de Venezuela acordó aceptar a los migrantes venezolanos deportados desde Estados Unidos, firmó un acuerdo con los líderes de la oposición diseñado para avanzar hacia unas elecciones presidenciales libres y justas, y liberó a cinco presos políticos.A cambio, Estados Unidos acordó levantar algunas sanciones económicas impuestas a la industria petrolera de Venezuela, una vital fuente de ingresos para el gobierno de Maduro.¿Qué efecto tiene la flexibilización de las sanciones?El levantamiento de las sanciones anunciado esta semana le permite a la compañía petrolera estatal venezolana exportar petróleo y gas a Estados Unidos durante seis meses. Durante los últimos años, el gobierno venezolano había estado exportando petróleo a China y otros países con un descuento significativo.Si bien se espera que la medida sea de gran ayuda para las finanzas públicas de Venezuela, los analistas afirmaron que la infraestructura deficiente y la renuencia de algunos inversores externos a ingresar rápidamente al mercado venezolano presentan desafíos importantes.¿Qué impulsa estos avances?Entre los factores que impulsan esta oleada de nuevas políticas se encuentra el incremento de la importancia geopolítica de Venezuela.El país sudamericano tiene las mayores reservas comprobadas de petróleo del mundo, y existe un creciente interés de Estados Unidos en esas reservas en medio de la preocupación por un conflicto más amplio en el Medio Oriente y la guerra en Ucrania, las cuales han amenazado el acceso a los suministros mundiales de petróleo.Venezuela tiene las mayores reservas comprobadas de petróleo del mundo.Adriana Loureiro Fernandez para The New York TimesAunque se necesitarán años para que la mermada infraestructura de la industria petrolera de Venezuela se recupere, las reservas de petróleo del país podrían ser cruciales en el futuro.El gobierno de Biden también está cada vez más interesado en mejorar la situación económica en Venezuela para intentar mitigar el flujo de migrantes venezolanos que intentan cruzar a Estados Unidos.¿Podrían estas elecciones realmente conducir a un cambio en el liderazgo de Venezuela?Los expertos se muestran escépticos ante la posibilidad de que Maduro renuncie al poder de forma voluntaria, o de que permita que se celebren elecciones si existe la posibilidad de que no las gane.Su gobierno está siendo investigado por la Corte Penal Internacional por posibles crímenes de lesa humanidad, y Estados Unidos ha fijado una recompensa de 15 millones de dólares por su arresto para enfrentar cargos de tráfico de drogas. Abandonar la presidencia podría traducirse en largas condenas de cárcel para Maduro y sus asociados.Así que a pesar de la relevancia de los anuncios recientes, a algunos analistas les preocupa que Maduro esté jugando tanto con la oposición como con el gobierno de Estados Unidos, y que pueda al final terminar con todo lo que busca: flexibilización de las sanciones; al menos cierto reconocimiento internacional por su disposición hacia elecciones justas; y una victoria el año que viene que le permita retener el poder.Estados Unidos ha intentado prevenir que suceda eso dejando bien en claro que las sanciones pueden ser restituidas en cualquier momento.Sin embargo, algunos analistas afirmaron que eso podría ser difícil si las compañías se aprovechan del levantamiento de las sanciones y comienzan a invertir en Venezuela. Si eso sucede, podría ser complicado volver a instaurar las sanciones.¿Quién es María Corina Machado, la candidata líder?Machado es una política veterana que tiene el apodo de “la dama de hierro” debido a su relación adversa con los gobiernos de Maduro y Chávez. Es percibida por algunos simpatizantes como una persona valiente por permanecer en el país cuando muchos otros políticos han huido para evadir la persecución política.Sus propuestas de apertura al libre mercado y de reducir el rol del Estado le han hecho ganar una base leal de seguidores por diferentes clases sociales.La relación de confrontación de María Corina Machado con el presidente Nicolás Maduro y su predecesor, Hugo Chávez, le han valido el apodo de “la dama de hierro”.Adriana Loureiro Fernandez para The New York TimesPero durante la promoción de su candidatura, la campaña de Machado ha estado plagada de violencia y vigilancia gubernamental.Machado ha sido golpeada por personas que portaban carteles de Maduro y en un mitin en el que estuvo presente The New York Times le arrojaron sangre de animal. Ha sido seguida por la policía de inteligencia militar y suele sortear los controles policiales viajando en las motocicletas de sus simpatizantes.¿Podría Machado realmente ganar la presidencia?Las encuestas sugieren que Machado probablemente ganará las primarias, la cual tiene un total de 10 candidatos.El grupo de contendientes, los cuales representan una gama de diversas visiones ideológicas, incluye exgobernadores, activistas, profesores y abogados, aunque ninguno parece haber logrado avances suficientes como para representar una amenaza seria para Machado.Sin embargo, la pregunta más importante es si Machado, asumiendo que gane el domingo, será capaz de participar en las elecciones presidenciales de 2024.El gobierno de Maduro le ha prohibido a Machado postularse a la presidencia por 15 años, alegando que no completó su declaración de activos e ingresos cuando fue diputada. Este tipo de inhabilitaciones son una táctica común utilizada por Maduro para mantener a competidores fuertes fuera de las boletas de votación.A pesar de un acuerdo esta semana para avanzar hacia condiciones electorales competitivas, el gobierno de Maduro ha mostrado pocas señales de que permitirá que Machado se postule.El gobierno de Biden ha dejado claro que espera que Maduro restituya a los candidatos inhabilitados o se enfrente al restablecimiento de las sanciones.Si a Machado no le permiten postularse a la presidencia en 2024, la oposición podría presentar a otro candidato. Pero no se sabe con certeza si Machado saldría del proceso voluntariamente, si la oposición apoyaría a un solo nuevo candidato o si dividiría el apoyo, lo que en esencia le entregaría a Maduro las elecciones en bandeja de plata. More

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      Venezuela Pledges Small Steps Toward Fair Elections Next Year

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      The agreement signed on Tuesday by the country’s authoritarian government and the opposition would not allow all candidates to run.The government of President Nicolás Maduro of Venezuela and the country’s opposition resumed talks on Tuesday designed to move toward free and fair elections, though the agreement that was announced fell short of what human rights activists and the U.S. government are ultimately seeking.Hopes were high that, as part of the agreement, Mr. Maduro would allow opposition candidates already disqualified by his government to participate in the 2024 presidential vote in exchange for the lifting of sanctions on Venezuela’s vital oil industry.Doing so would be a critical move toward a credible race, given that the front-runner in an opposition primary election set for Sunday, María Corina Machado, is barred from running in the general election.But the agreements signed on Tuesday, during a ceremony on the Caribbean island of Barbados, were vague. While they included commitments to allow international election observers and access to the news media in 2024, there were few other concrete promises. Experts say it is unlikely that the United States will fully lift sanctions if Ms. Machado is not allowed to run.“We are going toward the supreme objective of lifting the sanctions,” said Jorge Rodríguez, the president of Venezuela’s legislature, at the ceremony. But “if you received an administrative disqualification,” he added, “then you cannot be a candidate.”Even before an official announcement, some Venezuela experts expressed skepticism that the agreement would lead to real political change.“It’s a minimalist deal that will not lead to free and fair elections,” said Phil Gunson, an analyst with International Crisis Group who lives in the country’s capital, Caracas. But he said, it “is the best available in the circumstances. It allows Maduro to hang on to power unless something really dramatic happens. Baby steps, really.”He added, “The Maduro government has a history of failing to abide by agreements it signs.”Secretary of State Antony J. Blinken, in a joint statement with his British, Canadian and E.U. counterparts, welcomed the agreement as a “necessary step” in the “restoration of democracy in Venezuela.”“We continue to call for the unconditional release of all those unjustly detained, the independence of the electoral process and judicial institutions, freedom of expression including for members of the press, and respect for human and political rights,” the statement added.Mr. Maduro came to power in 2013, after the death of President Hugo Chávez, the founder of the country’s socialist-inspired revolution. Under Mr. Maduro, Venezuela, once among the richest countries in Latin America, has witnessed an extraordinary economic decline, leading to a humanitarian crisis that has caused widespread migration.President Nicolás Maduro claimed victory in a 2018 election widely viewed as fraudulent and that led to stricter U.S. sanctions.Meridith Kohut for The New York TimesMore than seven million Venezuelans have fled the country of roughly 28 million people, and in recent years, hundreds of thousands have begun trekking by foot to the United States.Mr. Maduro claimed victory in a 2018 election widely viewed as fraudulent. In response, the U.S. government significantly tightened sanctions on the country’s oil industry, Venezuela’s key source of revenue, a move that exacerbated the economic crisis and isolated Mr. Maduro from much of the world.To help the economy, Mr. Maduro needs sanctions to be lifted. At the same time, the opposition wants him to set competitive conditions for the next presidential election that would give it a legitimate shot at winning.The two sides, however, have been at an impasse over how to achieve these goals, and Mr. Maduro has seemed unwilling to do anything he believes would risk his grip on power.In November, as a sign of its openness to lifting sanctions in exchange for ensuring fair elections, the United States granted the oil company Chevron a license for a limited expansion of energy operations in Venezuela, a small step toward the country’s possible re-entry into the international oil market.The Biden administration is under pressure to ensure that oil prices remain stable going into next year’s presidential election. The threat of a broader conflict in the Middle East combined with ongoing disruptions to Russian energy exports threaten to fan another episode of inflation and potentially cause gasoline prices to rise in the coming months.But even after lifting sanctions, it would still take years and billions of dollars of investment to increase oil production enough to lower prices, said Francisco Monaldi, an expert on Venezuelan energy at Rice University in Houston.He said the Biden administration was most likely motivated more by trying to stem the flow of Venezuelan migrants to the U.S.-Mexico border than by driving down oil prices in the short term.Mr. Maduro’s government is being investigated by the International Criminal Court for possible crimes against humanity committed since 2017, including torture and persecution on political grounds.Isayen Herrera More