**Trump’s administration has prioritized a pragmatic transition framework with Venezuela’s interim leadership under Delcy Rodríguez, including energy cooperation agreements and a three-phase roadmap focused on regional security and stability rather than elevating specific opposition figures.** Recent statements underscore this caution: when pressed in early October 2026 about supporting María Corina Machado’s return from exile, President Trump offered personal praise—calling her an “excellent woman” who gifted him her Nobel medal—but explicitly avoided any endorsement of her political return or candidacy, stating only that “everything is going to turn out fine.” Machado, who has led polls for a potential presidential vote and urged elections by July 2027, remains sidelined from U.S.-backed negotiations. The administration has shown irritation with her repeated failed re-entry attempts and maintains neutrality on her role, consistent with historical patterns of U.S. policy favoring institutional stability over individual endorsements in post-authoritarian transitions. These developments, coupled with Machado’s recent endorsement of a Trump critic in U.S. midterms, reinforce trader expectations that an explicit endorsement is unlikely before any 2026–2027 vote.