Washington’s relations with Caracas remain fraught as the U.S. maintains sanctions and refuses to recognize the legitimacy of dictator Nicolás Maduro’s government despite previous talks on prisoner exchanges. The regime in Venezuela faces internal economic collapse even while external pressure mounts. Inflation is soaring and many Venezuelans are planning migration as living conditions deteriorate. The struggle for power in Venezuela is not just political but deeply humanitarian, with regional consequences for millions of displaced people and foreign policy in the hemisphere.