The Americas Quarterly Podcast

When Rodrigo Paz was inaugurated in early November 2025, he vowed to implement “capitalism for all.” He inherited an economy in rough shape after 20 years of rule by the MAS party: Inflation was above 20%, foreign currency reserves were nearly exhausted, and fuel lines stretched for blocks. In many ways, Bolivia was also isolated in its relationships abroad, aligned more with Russia and Venezuela than with its South American neighbors or the United States. Now, almost 100 days into his new government, President Paz has had mixed success in pushing through early changes. So, what's next for Bolivia? And in a country with a long history of instability, what are the odds of Paz maintaining power and successfully getting his agenda passed? Our guest is Gabriela Keseberg Dávalos, a Bolivian strategic policy adviser. Gabriela has previously served as Senior Foreign Policy Adviser to the Vice-President of the European Parliament for Human Rights and Democracy, and as Director of Global Public Affairs for a network of think tanks.

Latin America has been at the center of the world’s attention in 2026—and not only because of Venezuela. This week, we take a step back to understand the current moment and its implications for the region’s long-term outlook, from the U.S. military operation in Venezuela, to the future of USMCA, and upcoming elections in Peru, Colombia, and Brazil. What do recent events mean for Latin America’s political and economic future? Our guest is Michael Reid, journalist, author and former Latin America editor for The Economist.

The fate of Venezuela hinges on the country’s once-proud energy sector. Since Maduro’s capture two weeks ago, questions about how the industry could be recovered have become critically important: What’s the real state of the Venezuelan oil industry today? Under what conditions might U.S. companies be able to deliver on the $100 billion in investment that President Trump says is needed? Can the interim government of Delcy Rodríguez deliver those conditions? Today on the podcast, we take a realistic look at what political and economic steps are necessary for the Venezuelan oil industry to begin its long recovery. Our guest is Luis Pacheco, a nonresident fellow at Rice University's Baker Institute for Public Policy and former president of the ad hoc PDVSA board.

The capture of Nicolás Maduro in Venezuela was one of the most dramatic developments in U.S.-Latin America relations in more than 30 years. In Venezuela, a country that has suffered for more than a decade from repression, economic depression and an exodus of more than 8 million people, it opened the door for change. Yet, days after the arrest, the Chavista government is still in charge, led by Maduro’s former vice president Delcy Rodríguez. The Chavista regime has been a master at appearing to negotiate while stalling and hoping for their counterparts to lose focus or support. Will President Trump be able to influence Rodríguez, and the remaining Venezuelan power structure, in the manner he claims possible? What leverage does he have in Caracas? In this episode, we speak with Andrés Martínez-Fernández, Senior Policy Analyst at the Heritage Foundation’s Allison Center for National Security, about what’s next for Venezuela and the impact it will have on other countries in the region, such as Colombia, Mexico, and Cuba.

Despite trade tensions and political uncertainty, 2025 was not a bad year for Latin America's economies, with growth of around 2.4 percent, broadly in line with post-pandemic trends. In this episode we look ahead to 2026 and analyze the outlook for the region, from fiscal pressures and a pivotal election in Brazil to uncertainty around Argentina’s recovery under Javier Milei and the evolving trade relationship between Mexico and the United States. To unpack which countries and sectors look strongest, and where the biggest risks lie, we’re joined by Nur Cristiani, head of LATAM investment strategy at J.P. Morgan’s Private Bank.

2025 has been an extraordinarily active year for U.S. policy in Latin America. With the release of President Donald Trump’s new National Security Strategy, which places the Western Hemisphere first and promises to “reassert and enforce the Monroe Doctrine,” along with a new “Trump Corollary” aimed at countering China’s influence, the trend has become even clearer. We discuss the defining features of this assertive approach and what it means for governments, businesses, and regional stability. Our guest os Ricardo Zúniga, former principal advisor for the Americas to President Barack Obama and now founding partner at Dinámica Americas.

Right-wing candidates are gaining victories across Latin America. Chile will likely turn right in the upcoming second round of elections, Javier Milei made legislative gains in Argentina and in Bolivia recent elections ended 20 years of Movimiento al Socialismo (MAS) party leadership. With key races ahead in 2026, some analysts say the right could become the region’s dominant political force, echoing the sweeping “pink tide” of the early 2000s, but in the opposite ideological direction. Is this a historic turn, or are voters simply rejecting whoever is in power? In this episode, we debate this question with Oliver Stuenkel, Senior Fellow at the Carnegie Endowment for International Peace, and ask what it could mean for the years ahead.

Chileans head to the polls this Sunday, November 16. In the last election cycle, Gabriel Boric won following the massive 2019 protests that shook the nation to its core. At the time, it seemed Chile was set for sweeping structural change: the classic poster child for neoliberal economic policy in Latin America appeared ready to build a stronger welfare state and elect leaders from the left. Six years later, some change has occurred, but not nearly as dramatic as many expected. Efforts to rewrite the constitution were aborted twice, and the young leftist president, Gabriel Boric, is leaving office with an approval rating of just 30%. Chileans have turned their attention to other issues, especially crime, which has worsened notably over the past decade. The widespread expectation is that voters will opt for a change in power, and that Chile will join several other Latin American countries swinging to the right. In this episode, we speak with Patricio Navia, a Chilean political scientist, about what this could mean for Chile’s economy and strategic alliances. Navia is a professor at both New York University and Universidad Diego Portales.

The recent deployment of the USS Gerald R. Ford, the U.S. Navy’s largest aircraft carrier, has intensified speculation about Washington’s true objectives in the Southern Caribbean. In this episode of the Americas Quarterly Podcast, we examine what’s really behind the Trump administration’s escalating military activity. Is it a hardline campaign against drug cartels, or the opening moves of a broader effort to pressure Venezuelan leader Nicolás Maduro? What do we know about dynamics within the Venezuelan military? And to what extent could this impact Washington’s relations with Colombia and other countries in the region? Our guest is Ryan Berg, director of the Americas Program and head of the Future of Venezuela Initiative at the Center for Strategic and International Studies.

Mexico’s Claudia Sheinbaum has hit the one-year mark of her presidency. In that time she has had to balance three key relationships: with President Donald Trump, with her still-powerful predecessor Andrés Manuel López Obrador and with the Mexican public. She faced skepticism, but has surprised many. Sheinbaum’s approval rating is at 73%, and a plurality of Mexicans said in a recent poll that her government is off to a better start than AMLO’s. Challenges loom, from fragile security gains and economic uncertainty to political dispute within her party and the ever-volatile dynamic with Washington. To assess her first year in office and what lies ahead we speak with Brenda Estefan, professor at IPADE Business School and columnist for Reforma and Americas Quarterly.

Argentina’s President Javier Milei just got a much-needed boost from his ally, U.S. President Donald Trump. The White House has signaled plans for a $20 billion swap line to contribute to Argentina’s fragile reserves—a lifeline coming just as Milei faces market turmoil, political setbacks and a corruption scandal close to home. With midterm elections set for the end of the month, the big question is whether this support can keep Milei’s project on track—or whether he’s already peaked. Our guest, political risk consultant Juan Cruz Díaz of Cefeidas Group and AS/COA, joins us to break it all down.

Latin America is entering a packed election season, with Bolivia, Chile, Costa Rica, Colombia, Peru and Brazil all set to elect presidents in the next 13 months. This is happening just as organized crime reaches unprecedented power. In several of these countries, crime is showing up in polls as the number one political issue. Security expert Lucía Dammert explains how booming cocaine production, money laundering and criminal infiltration of formal economies are reshaping politics across the region. Dammert has a unique perspective as someone who has worked in both academia and government across the region. She has a new book out, Anatomía del poder ilegal: Violencia, crimen organizado y corrupción en América Latina.

A landmark trial is underway in Brazil: former President Jair Bolsonaro, an ally of U.S. President Donald Trump, stands accused of trying to overturn the 2022 election. Alongside military officials and ex-ministers, Bolsonaro faces charges that could reshape Brazil’s political future — and reverberate globally. The U.S. has recently launched a campaign against Brazil’s judiciary in a show of support for Bolsonaro. Journalist Patricia Campos Mello joins us to unpack the case, the international stakes, and how both the right and left in Brazil are reacting to this pivotal moment.

Bolivia's long-dominant MAS party has suffered a historic defeat, with its presidential candidate winning just 3% of the vote. The result reflects deep frustration over the country’s economic crisis and political infighting. In a surprise outcome, Senator Rodrigo Paz Pereira led the first round, followed by former President Jorge “Tuto” Quiroga. The two will be in a runoff on October 19. In this episode, we speak with Bolivian journalist Raúl Peñaranda about what sets these candidates apart, the future of the MAS, and whether the next president can revive the economy while navigating the country’s deep social and regional divisions.

In this special mid-year episode, we take a step back for a look at where the region’s economies stand, and the picture is better than many expected. We evaluate the impact of Trump’s new tariffs, the short- and medium-term prospects for Mexico's economy, as well as positive indicators like falling inflation in Argentina and resilient growth in Brazil. Our guest is Ernesto Revilla, Chief Economist for Latin America at Citigroup, who returns to share insights on what to watch in the months ahead.

A major confrontation is brewing between the United States and Brazil, driven by the return of Donald Trump to the White House and the deepening legal troubles of his close Brazilian ally, former president Jair Bolsonaro. As Brazil’s judiciary pursues charges against the former president for attempting to overturn the 2022 election, Trump has retaliated with threats of steep tariffs and revoked visas for Brazilian Supreme Court justices. Meanwhile, the U.S. has launched an investigation into Brazil’s trade practices and electronic payment services, further straining relations. In this episode, we speak with Chris Garman, managing director for the Americas at the Eurasia Group, to unpack what’s at stake for both countries, why tensions are escalating, and what a way forward might look like.

As Gustavo Petro spars with Donald Trump, violence is surging in Colombia ahead of next year’s elections. The attempted assassination of conservative presidential candidate Miguel Uribe in June set off alarm bells all over Latin America. Since then, there have been other causes for concern, including a series of car bombs in Cali and news of a plot against another right-wing candidate. In this episode, political analyst Sergio Guzmán, director of Colombia Risk Analysis, joins us to explore why the security situation in Colombia has deteriorated, what’s ahead for the country’s economy and its relationship with the U.S., and which candidates seem best positioned ahead of the elections.

As Brazil prepares to host the 2025 BRICS Summit, questions are swirling about the future of the group, as well as China’s growing presence in Latin America. In this episode, we explore the shifting dynamics of global influence with Oliver Stuenkel, professor of international relations at Fundação Getúlio Vargas, in São Paulo, and a visiting scholar at the Harvard Kennedy School and the Carnegie Endowment for International Peace. We discuss Brazil’s evolving role within BRICS, Lula’s foreign policy choices—including his skepticism toward BRICS expansion and the Belt and Road Initiative—and what it all means for U.S.-Latin America relations.

The recent arrests of two prominent critics of El Salvador's President Nayib Bukele have sparked renewed concerns about the country's democratic backsliding. In this episode we discuss the detentions of attorney Ruth López and constitutional lawyer Enrique Anaya, both vocal opponents of Bukele, and what these developments might signal about the president’s tightening grip on power. We also talk about challenges on the economic front and a slight dip in Bukele's sky-high approval ratings. Our guest is The Economist’s Mexico and Central America bureau chief, Sarah Birke. Sarah shares insights from her recent reporting trip to El Salvador, unpacking what’s happening on the ground and what to watch for in the months ahead.

On May 20, two top aides to Mexico City Mayor Clara Brugada were shot dead in a rare daytime attack, raising questions about security under Mexico’s new president, Claudia Sheinbaum. Known for her tougher stance on organized crime, Sheinbaum has overseen a drop in homicides and taken bold steps like extraditing cartel leaders. In this episode we speak with security expert Eduardo Guerrero to unpack the recent violence, what has defined the Sheinbaum era of security policy and what we can expect moving forward.