# What Trump Wants in Cuba

An episode of [Big Take](https://invisiblenetwork.ai/podcast/1578096201), 24 Mar 2026, 19 min.

Audio: https://podtrac.com/pts/redirect.mp3/tracking.swap.fm/track/UVBrz8bN8aM2Xe47PEPu/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/825d4e29-b616-46f4-afd7-ae2b0013005c/b322b3cd-7d0e-42cc-81a9-b4170155f14f/audio.mp3?utm_source=Podcast&in_playlist=8b1dd624-a026-43e9-8b57-ae2b00130066

President Donald Trump says he believes he’ll have the “honor of taking Cuba.” As the island nation suffers from major blackouts and a US squeeze on its oil supply, its regime’s survival — and the country’s future broadly — is in question. On today’s Big Take podcast, host Sarah Holder talks to Bloomberg reporters Eric Martin and Jim Wyss about the dire situation on the ground in Cuba, ongoing talks between the country’s leadership and the US and what could come next. Read more: • Cuba Is Struggling to Keep Lights On Amid Trump’s Oil Blockade • Can Cuba’s Regime Survive as US Chokes Oil Supplies? • Trump’s Plan for Cuba Would Make the US the Island’s Patron Hosted by Sarah Holder; Produced by David Fox; Reported by Eric Martin, Jim Wyss; Edited by Aaron Edwards. Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
[0:08] Speaker 2: Lately, President Donald Trump has been talking more and more
[0:12] Speaker 2: about Cuba. You know, all my life, I've been hearing
[0:14] Speaker 2: about the United States in Cuba.
[0:16] Speaker 1: When will the United States do it?
[0:19] Speaker 3: I do believe I'll be the honor of having the
[0:22] Speaker 3: honor of.
[0:24] Speaker 1: Taking Cuba.
[0:25] Speaker 2: Bloomberg State Department and Foreign Policy reporter Eric Martin says
[0:29] Speaker 2: Trump's interest in the island nation has been building in
[0:33] Speaker 2: his second term. One of the first signs was his
[0:36] Speaker 2: pick for Secretary of State.
[0:38] Speaker 3: The naming of Marco Rubio, Senator from Florida, the son
[0:43] Speaker 3: of Cuban immigrants to the US, having grown up in
[0:47] Speaker 3: this Miami exile community, and that being his political base
[0:51] Speaker 3: as the nominee for Secretary of State, was a strong
[0:55] Speaker 3: signal that the communist governments in the Western Hemisphere were
[0:58] Speaker 3: going to be a big focus of its tension for
[1:00] Speaker 3: the administration.
[1:02] Speaker 1: Right out of the gate under the Utrup administration, they
[1:04] Speaker 1: put Cuba back on the state sponsor of Terrorism list.
[1:07] Speaker 2: Jim Wisz covers Cuba and the Caribbean for Bloomberg.
[1:11] Speaker 1: And so that really kind of set the stage for
[1:13] Speaker 1: everything kind of.
[1:14] Speaker 2: Going forward and just over a year into Trump's second term,
[1:17] Speaker 2: his administration's hard line stance and its rhetoric has only
[1:22] Speaker 2: picked up after the US captured Venezuelan president Nicolas Madoro
[1:27] Speaker 2: Rubio sent a warning to Cuba in a press conference.
[1:30] Speaker 3: Yeah, look I have I lived in Havana and I
[1:31] Speaker 3: was in the government, I'd be concerned at least a
[1:33] Speaker 3: little bit.
[1:34] Speaker 2: Then the US imposed an oil blockade of the island,
[1:37] Speaker 2: which has crippled its economy and energy sectors. Though since
[1:40] Speaker 2: the US ousted Venezuelan leader Nicholas Maduro in January, Cuba's
[1:44] Speaker 2: main supplier of oil has been choked off, triggering weeks
[1:48] Speaker 2: of blackouts.
[1:49] Speaker 3: Some nights the entire island goes dark in its.
[1:52] Speaker 2: And just last week Trump started talking about taking Cuba Cube,
[1:59] Speaker 2: taking them in some form. The US's approach to Cuba,
[2:04] Speaker 2: especially over the past year, has had significant impacts for
[2:07] Speaker 2: people on the ground.
[2:09] Speaker 1: The United Nations has basically said that the government can
[2:12] Speaker 1: no longer deliver food and aid kind of the most
[2:16] Speaker 1: vulnerable parts of the population simply because they don't have
[2:19] Speaker 1: enough gasoline to put in the cars.
[2:20] Speaker 2: So it's dire and it's all building. Jim and Eric
[2:24] Speaker 2: say to an inflection point, one that could alter the
[2:27] Speaker 2: course of Cuba's history and the legacy of the Trump
[2:30] Speaker 2: administration forever.
[2:32] Speaker 1: I mean, it's a huge moment. I mean, arguably everything's
[2:35] Speaker 1: at stake right now for the government. They've been in
[2:37] Speaker 1: power sixty seven years and it's looking really unclear if
[2:42] Speaker 1: this one party system is going to survive the year.
[2:45] Speaker 3: Quite frankly, we've seen a dozen presidents come and go
[2:49] Speaker 3: unable to change the government in Cuba. So if the
[2:52] Speaker 3: Trump administration and Secretary of State Mark or Rubio are
[2:56] Speaker 3: able to bring about that change, it would be a
[2:58] Speaker 3: huge legacy issue for them and the historic change that
[3:02] Speaker 3: they would be implementing and catalyzing in Cuba.
[3:10] Speaker 2: I'm Sarah Holder, and this is the big take from
[3:12] Speaker 2: Bloomberg News today on the show, Cuba at a turning point,
[3:17] Speaker 2: Why the US has been ramping up pressure on the nation,
[3:20] Speaker 2: and what could come next. When the US carried out
[3:28] Speaker 2: a military operation to capture former Venezuelan President Nicolas Madoro
[3:33] Speaker 2: in January, it was a pivotal moment for another country too, Cuba.
[3:38] Speaker 2: The relationship between Venezuela and Cuba is a key piece
[3:41] Speaker 2: of context for understanding what's happening today. Here's Bloomberg's gym WISZ.
[3:47] Speaker 1: So you know, when Ugo Chaws took power in Venezuela,
[3:51] Speaker 1: he immediately, very soon after taking power, saw Infidale kind
[3:55] Speaker 1: of a mentor and kind of a godfather, and of
[3:59] Speaker 1: course the the two of them became kind of the
[4:02] Speaker 1: leaders of what was known as twenty first century socialism
[4:05] Speaker 1: in Latin America. At the root of that relationship was
[4:09] Speaker 1: Venezuela's support for Cuba. Cuba was coming out of but
[4:12] Speaker 1: they was known as this special period after the fall
[4:14] Speaker 1: of the Soviet Union and they lost their Soviet backing,
[4:18] Speaker 1: they went through a true economic crisis, and Venezuela stepped
[4:22] Speaker 1: in as kind of savior. And so this relationship developed
[4:27] Speaker 1: where Venezuela was sending one hundreds of thousands of barrels
[4:30] Speaker 1: of oil a day to Cuba and Cuba was paying
[4:33] Speaker 1: for it by sending teachers, security personnel, engineers, and people
[4:38] Speaker 1: of that sort. And so there was this barter system
[4:40] Speaker 1: in place that worked very well for both sides until
[4:44] Speaker 1: it didn't. And even as the Venezuelan economy started to fail,
[4:49] Speaker 1: they still continued to support Cuba, and so Cuba at
[4:53] Speaker 1: the end of the day, it was kind of very,
[4:55] Speaker 1: very overly dependent on their Venezuelan patrons, and when Trump
[5:00] Speaker 1: essentially cut that off cold on January third, you know,
[5:05] Speaker 1: the effects have been very, very evident.
[5:07] Speaker 3: Protesting the latest power cut on the streets of Havana
[5:10] Speaker 3: after Cuba's entire electricity grid collapse last night. I think
[5:13] Speaker 3: the power cut comes as campaign is delivering humanitarian aid
[5:17] Speaker 3: have started arriving in the country as part of efforts
[5:20] Speaker 3: to mitigate the effects of Washington's blockade. In a nation
[5:24] Speaker 3: used to hardship, Cubans say the situation has never been worse.
[5:29] Speaker 1: The President of Cuba, Mi Disca, has basically said they
[5:31] Speaker 1: haven't had a major oil delivery in over three months, basically,
[5:36] Speaker 1: you know, essentially since the US incursion into Venezuela, and
[5:41] Speaker 1: the US has basically threatened anybody who comes to Cuba's
[5:45] Speaker 1: energy aid that's particularly Mexico, with punitive sanctions if they
[5:50] Speaker 1: do deliver fuel. Right now, as we're speaking, there is
[5:55] Speaker 1: a Russian oil tanker on its way to Cuba, but
[5:58] Speaker 1: there's no telling whether or not it's actually going to
[6:00] Speaker 1: make it or not. One previously diverted at the last
[6:03] Speaker 1: minute and ended up going to Trinidad, so they're not
[6:07] Speaker 1: getting major oil shipments. Now the private sector is being
[6:11] Speaker 1: allowed in theory to bring in some supplies to cover
[6:15] Speaker 1: its own needs, but those are minuscule and do not
[6:19] Speaker 1: really address the issue at hand.
[6:20] Speaker 2: And what have those three months effectively without oil at
[6:23] Speaker 2: all meant for conditions on the island.
[6:27] Speaker 1: Conditions were hard to begin with, and now they're frankly
[6:30] Speaker 1: quite terrible. There's been lots of reports, many of them unconfirmed,
[6:33] Speaker 1: about people dying in hospitals as ventilators are getting cut off.
[6:38] Speaker 1: That's part and due to the power outages, which were
[6:40] Speaker 1: endemic before the fuel crunch, but they've only gotten worse
[6:44] Speaker 1: since then. Industries grinding to a halt, and resorts, which
[6:48] Speaker 1: are one of the big main money earners for Cuba,
[6:51] Speaker 1: have had to shut down because there's not enough fuel.
[6:54] Speaker 1: It's rippling all the way through society, and hunger is real.
[6:57] Speaker 1: The United Nations has basically said that the government can
[7:00] Speaker 1: no longer deliver food and aid kind of the most
[7:04] Speaker 1: vulnerable parts of the population simply because they don't have
[7:07] Speaker 1: enough gasoline to put in the cars. So it's dire.
[7:09] Speaker 2: And what has that dire situation that's already been a
[7:14] Speaker 2: struggle for many people in Cuba. How has that changed
[7:18] Speaker 2: the political situation on the ground and people's attitudes towards
[7:24] Speaker 2: their government.
[7:25] Speaker 1: Well, you know, outright demonstrations protests are essentially banned in Cuba,
[7:29] Speaker 1: and yet there is are more sounds, more rumblings of discontent.
[7:34] Speaker 1: Over these last couple of weeks, there have been some
[7:36] Speaker 1: very kind of high profile protests, including one in a
[7:39] Speaker 1: little town called Moron, where basically people got together and
[7:42] Speaker 1: attacked the seat of the Communist party in this town.
[7:46] Speaker 1: So there's a lot of dissatisfaction on this street, some
[7:48] Speaker 1: of it aimed at Washington, some of it aimed at
[7:50] Speaker 1: the local authorities. I think there's a lot of blame
[7:53] Speaker 1: to go around right now, But for the government itself,
[7:57] Speaker 1: at least publicly, it's sticking to its ground.
[8:00] Speaker 2: I asked Bloomberg's Eric Martin, who covers the State Department
[8:03] Speaker 2: and Foreign Policy for Bloomberg, about why the US has
[8:07] Speaker 2: been putting this pressure on Cuba and its economy, what
[8:10] Speaker 2: its goals are.
[8:12] Speaker 3: Cuba has had patron states throughout the last seventy years.
[8:17] Speaker 3: The US is really looking to follow in those footsteps
[8:20] Speaker 3: in terms of a superpower that exerts great influence and
[8:25] Speaker 3: control over the island. This is an administration that has
[8:29] Speaker 3: articulated a national security strategy and actual document released in
[8:34] Speaker 3: December that is very focused on asserting US pre eminence
[8:40] Speaker 3: and dominance in the Western hemisphere. We've seen China, in particular,
[8:45] Speaker 3: trying to establish a foothold and a presence in Cuba
[8:50] Speaker 3: in recent years. We've seen this patron relationship that Venezuela
[8:55] Speaker 3: had with Cuba for several decades, even going back to
[8:58] Speaker 3: the relationship of the Soviet Union in Cuba in the
[9:01] Speaker 3: nineteen sixties. And so this has been a national security
[9:06] Speaker 3: threat across different American presidencies. But it's also a priority
[9:11] Speaker 3: for the Republican Party and for voters, particularly Cuban exiles
[9:17] Speaker 3: in Florida. And this is administration that we see a
[9:20] Speaker 3: lot of influence from Florida, and so there's a lot
[9:23] Speaker 3: of constituents here that would like to see a change
[9:26] Speaker 3: in an opening and a more democratic, more US friendly Cuba.
[9:31] Speaker 2: I am wondering, Jim, what role do Cuban Americans and
[9:34] Speaker 2: Cuban expats play in all this? How are they reacting
[9:37] Speaker 2: to the situation on the island.
[9:39] Speaker 1: Well, that is really interesting. I think the diaspora has
[9:43] Speaker 1: been waiting for this moment for you know, sixty years,
[9:47] Speaker 1: and they are interested in investing. They are interested in
[9:52] Speaker 1: seeing changes in Cuba. You know, the Cuban government kind
[9:57] Speaker 1: of in theory, is trying to open the doors to
[9:59] Speaker 1: the just in recent weeks they have announced legislation that
[10:03] Speaker 1: would allow Cuban exiles to invest in companies and own
[10:08] Speaker 1: companies in Cuba and kind of participate in the economy.
[10:12] Speaker 1: But there's still so many hurdles, both on the US
[10:15] Speaker 1: side and on the Cuban side for that to actually happen.
[10:18] Speaker 1: We shouldn't hold our breads and wait for the wave
[10:20] Speaker 1: of Cuban investors coming from Miami.
[10:23] Speaker 2: You mentioned, you know, one of the ways that the
[10:26] Speaker 2: Cuban government has been responding. But what steps have they taken,
[10:29] Speaker 2: what signals have they sent over the last three months
[10:31] Speaker 2: as the US has ratcheted up this pressure.
[10:34] Speaker 1: No, it's interesting. I think one thing they've been doing
[10:38] Speaker 1: is kind of acknowledging it present. Migueta the escone has
[10:41] Speaker 1: gone on national television a couple of times now, and
[10:45] Speaker 1: you know, and basically said, yes, we're hurting these US
[10:50] Speaker 1: measures are affecting us, and they keep describing as a
[10:53] Speaker 1: kin to collective punishment. Everybody on the island is going
[10:56] Speaker 1: to suffer because of these US policies, and so on side,
[11:00] Speaker 1: I think they are kind of acknowledging their vulnerabilities and
[11:04] Speaker 1: their pain in a way that maybe they haven't in
[11:06] Speaker 1: quite some time, you know, acknowledging that the US is
[11:10] Speaker 1: hurting them. And on the other side, again, for the
[11:14] Speaker 1: lack of a better phrase, I think it's just defiance.
[11:17] Speaker 1: They keep saying that, yes, we're willing to work around
[11:20] Speaker 1: the margins, we're willing to let Cuban exiles invest, but
[11:24] Speaker 1: we're not willing to discuss who leads our country.
[11:29] Speaker 2: So without an obvious exit ramp, where could this all
[11:33] Speaker 2: be heading? What paths is the Trump administration angling for?
[11:37] Speaker 2: That's next. I want to walk through some of the
[11:48] Speaker 2: possible paths US Cuba relations could take from here. Starting
[11:52] Speaker 2: with diplomacy. Both the Trump administration and Cuban officials have
[11:56] Speaker 2: confirmed their in talks. So Eric, what do we know
[11:59] Speaker 2: about who exactly is at the table on what each
[12:01] Speaker 2: side is looking to achieve with these talks.
[12:04] Speaker 3: So we reported last month that the US is looking
[12:08] Speaker 3: to replace Cuban President Miguel Dias Canel, that he is
[12:13] Speaker 3: somebody who they see as having failed in terms of
[12:15] Speaker 3: his economic management and his leadership in Cuba. We know
[12:20] Speaker 3: that Raoul Castro, the former president and the brother of
[12:24] Speaker 3: Fidel Castro, his grandson, whose name is also Raoul, is
[12:29] Speaker 3: called Raulito or is sometimes his nickname is El Cancre,
[12:33] Speaker 3: the Crab, has been having discussions with the Trump administration
[12:38] Speaker 3: via Secretary of State Rubio. That's one name that we've
[12:42] Speaker 3: seen out there as somebody who is more open, who
[12:46] Speaker 3: is more of a global business mind, is more open
[12:49] Speaker 3: to making a deal, is less ideological. We saw an
[12:52] Speaker 3: important signaling mechanism where in a recent speech by Miguel
[12:57] Speaker 3: dias Canal, the president, Raul Castro's grandson, he was in
[13:00] Speaker 3: the room for that speech, which was very unusual, and
[13:04] Speaker 3: so the Cuban authorities have acknowledged that these talks are
[13:07] Speaker 3: going on. The US is looking to use economic pressure,
[13:11] Speaker 3: particularly by cutting off energy sales to the government, but
[13:15] Speaker 3: permitting energy sales to the small but fast growing small
[13:20] Speaker 3: and medium sized enterprise and businesses in Cuba to foster
[13:25] Speaker 3: this private sector, which they then see as leading to
[13:29] Speaker 3: a political opening in Cuba. So it's kind of the
[13:33] Speaker 3: same in some ways, similar to comparable to the process
[13:36] Speaker 3: that we saw the attempts in Russia in the nineteen
[13:39] Speaker 3: eighties to have in economic and political opening. Yeah.
[13:42] Speaker 2: Well, I want to talk about that potential opening because
[13:44] Speaker 2: last week, on March sixteenth, the Cuban envoyd to the
[13:47] Speaker 2: US of the country is moving to allow more investment
[13:50] Speaker 2: from Cubans living abroad. How big of a change is
[13:53] Speaker 2: that and how did the Trump administration respond to that news.
[13:56] Speaker 2: Is that the kind of deal that they're looking for here?
[14:00] Speaker 3: The Secretary of Rubio has responded to that by saying
[14:02] Speaker 3: it's not dramatic enough in terms of the kind of
[14:05] Speaker 3: moves that the administration needs to see. And there's a
[14:08] Speaker 3: lot of skepticism in the exile community about putting money
[14:12] Speaker 3: into Cuba, investing money in Cuba with a government with
[14:17] Speaker 3: the history of expropriation. Many of the people in the
[14:20] Speaker 3: exile community in Florida are either from families that have
[14:26] Speaker 3: themselves and living memory had assets expropriated, or they can
[14:31] Speaker 3: remember from their parents and grandparents what that experience was like.
[14:35] Speaker 3: So there's a lot of skepticism to this offering by
[14:39] Speaker 3: the Cuban government in terms of opening to outside investment.
[14:43] Speaker 3: Just a feeling like this is not nearly enough for
[14:46] Speaker 3: what people need to see in terms of in terms
[14:49] Speaker 3: of an opening and in terms of a democratization and Eric.
[14:53] Speaker 2: In the lead up to these talks, and even as
[14:55] Speaker 2: these talks are ongoing, members of the Trump administration have
[14:58] Speaker 2: also implied that they could take a tough for approach
[15:01] Speaker 2: in Cuba. Right after the US captured President Maduro in
[15:04] Speaker 2: Venezuela in January, Secretary of State Marco Rubio told reporters, quote,
[15:08] Speaker 2: if I lived in Havana and I was in the government,
[15:11] Speaker 2: I'd be concerned. And earlier this month, Senator Lindsay Graham
[15:14] Speaker 2: told Fox News that quote, Iran is going down and
[15:17] Speaker 2: Cuba is next. So Eric, what do we know about
[15:21] Speaker 2: whether the US is considering a military option in Cuba.
[15:26] Speaker 3: Well, we haven't yet seen a reporting of military preparations
[15:29] Speaker 3: to invade Cuba or strike Cuba. But the rhetoric that
[15:33] Speaker 3: we've seen from President Trump has been speaking about. Shortly
[15:38] Speaker 3: after our story, he came out and talked about the
[15:41] Speaker 3: idea of a potentially friendly takeover of Cuba. He's more
[15:45] Speaker 3: recently entertained the idea that could be a friendly takeover
[15:48] Speaker 3: or not so friendly, and so he's teased this idea
[15:52] Speaker 3: of using force in Cuba. Already, the threat of force
[15:56] Speaker 3: and interdiction has stopped, for instance, Mexico, which was the
[16:00] Speaker 3: main supplier of oil to Cuba after Venezuela, from sending
[16:05] Speaker 3: oil to Cuba, and so we've already seen the threat
[16:08] Speaker 3: of force at work here.
[16:10] Speaker 2: Eric, we've talked about sort of three ways that the
[16:12] Speaker 2: Trump administration is pursuing putting pressure on Cuba. The first
[16:17] Speaker 2: is continued talks, diplomacy, deal making, the second would be
[16:22] Speaker 2: military intervention, and the third would be using financial pressure
[16:25] Speaker 2: to make Cuba dependent on the US. Do we know
[16:28] Speaker 2: about which option the Trump administration prefers or which option
[16:31] Speaker 2: would be most likely.
[16:33] Speaker 3: Well, one thing we've seen from President Trump's comments is
[16:37] Speaker 3: that his expectation and his view is that Cuba wants
[16:40] Speaker 3: to make a deal. But he's also talked about Cuba
[16:44] Speaker 3: being dealt with. He's repeatedly said Cuba would be dealt
[16:46] Speaker 3: with after Iran. So I think one important signal will
[16:50] Speaker 3: be watching what happens with the current war in Iran.
[16:55] Speaker 3: If there is a de escalation or a negotiation to
[17:00] Speaker 3: reopen the Strait of Ormuz to de escalate the conflict
[17:03] Speaker 3: in Iran. And so attention I think is likely to
[17:06] Speaker 3: turn more to Cuba if there is a resolution or
[17:09] Speaker 3: an easing of the conflict and the war in Iran.
[17:14] Speaker 2: And Jim, I want to turn back to you here.
[17:16] Speaker 2: The US has opposed the communist government in Cuba for decades,
[17:19] Speaker 2: since the nineteen sixties. How significant would any of these outcomes,
[17:24] Speaker 2: a diplomatic resolution, a military intervention, and economic takeover be
[17:30] Speaker 2: in the sweep of Cuban history And what message would
[17:33] Speaker 2: they send to the rest of Latin America.
[17:36] Speaker 1: I mean, this would be incredibly significant. I mean, as
[17:39] Speaker 1: you've mentioned, ever since Kennedy, successive US presidents have been
[17:43] Speaker 1: trying to either force a change, negotiate a change, finesse
[17:47] Speaker 1: a change and the island and it's never happened. The
[17:50] Speaker 1: government has always rallied, the government has always been able
[17:54] Speaker 1: to protect itself. It's an incredible story of kind of
[17:57] Speaker 1: political survival in Cuba. And so if they ended that
[18:02] Speaker 1: sixty seven year run of single party rule, if Trump
[18:05] Speaker 1: was the one to do it, that'd be incredibly significant.
[18:08] Speaker 1: There is this really romantic notion about Cuba in the
[18:12] Speaker 1: Latin American left. I suspect that a Cuba that actually fell,
[18:16] Speaker 1: that succumbed to Washington would only increase kind of the
[18:19] Speaker 1: nostalgia of what Cuba once was. I think we'll be
[18:23] Speaker 1: dealing with the consequences of whatever happens in Cuba, one
[18:27] Speaker 1: way or another for decades to come in Latin America.
[18:34] Speaker 2: This is The Big Take from Bloomberg News. I'm Sarah Holder.
[18:37] Speaker 2: To get more from The Big Take and unlimited access
[18:40] Speaker 2: to all of Bloomberg dot Com, subscribe today at Bloomberg
[18:44] Speaker 2: dot com slash podcast offer. If you liked this episode,
[18:47] Speaker 2: make sure to subscribe and review The Big Take wherever
[18:50] Speaker 2: you listen to podcasts. It helps people find the show.
[18:54] Speaker 2: Thanks for listening. We'll be back tomorrow.

Shows are listed from Apple Podcasts' charts and directory, and Podcast Index where it is used. Every show and episode belongs to its publisher and plays from the publisher's own feed; this site hosts none of them.