Five students at U.S. military academies and three each from Yale University, Harvard University and the Massachusetts Institute of Technology are among the 32 American winners named Sunday as 2026 Rhodes scholars.

The arrival of the USS Gerald R. Ford and other warships, announced by the Navy in a statement, marks a major moment in what the administration insists is a counterdrug operation but has been seen as an escalating pressure tactic against Venezuelan President Nicolás Maduro.

The Ford rounds off the largest buildup of U.S. firepower in the region in generations. With its arrival, the “Operation Southern Spear” mission includes nearly a dozen Navy ships and about 12,000 sailors and Marines.

The carrier’s arrival came as the military announced its latest deadly strike on a small boat it claims was engaged in ferrying illegal drugs. The military’s Southern Command posted a video on X on Sunday showing the boat being blown up, an attack it said took place Saturday in international waters of the eastern Pacific Ocean and killed three men. A request for more information from the military was not immediately answered.

Since early September, such strikes by the U.S. in the Caribbean and eastern Pacific have now killed at least 83 people in 21 attacks.

The carrier strike group, which includes squadrons of fighter jets and guided-missile destroyers, transited the Anegada Passage near the British Virgin Islands on Sunday morning, the Navy said.

Rear Adm. Paul Lanzilotta, who commands the strike group, said it will bolster an already large force of American warships to “protect our nation’s security and prosperity against narco-terrorism in the Western Hemisphere.”

Adm. Alvin Holsey, the commander who oversees the Caribbean and Latin America, said in a statement that the American forces “stand ready to combat the transnational threats that seek to destabilize our region.”

Holsey, who will retire next month after just a year on the job, said the strike group’s deployment is “a critical step in reinforcing our resolve to protect the security of the Western Hemisphere and the safety of the American Homeland.”

In Trinidad and Tobago, which is only 7 miles from Venezuela at its closest point, government officials said troops have begun “training exercises” with the U.S. military that will run through much of the week.

Minister of Foreign Affairs Sean Sobers described the joint exercises as the second in less than a month and said they are aimed at tackling violent crime on the island nation, which has become a stopover point for drug shipments headed to Europe and North America. The prime minister has been a vocal supporter of the U.S. military strikes.

The exercises will include Marines from the 22nd Expeditionary Unit who have been stationed aboard the Navy ships that have been looming off Venezuela’s coast for months.

Venezuela’s government has described the training exercises as an act of aggression. It had no immediate comment Sunday on the arrival of the aircraft carrier.

Meanwhile, Army Secretary Dan Driscoll said Sunday that U.S. troops have been training in Panama, underscoring the administration’s increasing focus on Latin America.

“We’re reactivating our jungle school in Panama. We would be ready to act on whatever” Trump and Defense Secretary Pete Hegseth needed, he told CBS’ “Face the Nation.”

The administration has insisted that the buildup of American forces in the region is focused on stopping the flow of drugs into the U.S., but it has released no evidence to support its assertions that those killed in the boats were “narcoterrorists.” Trump has indicated military action would expand beyond strikes by sea, saying the U.S. would “stop the drugs coming in by land.”

The U.S. has long used aircraft carriers to pressure and deter aggression by other nations because their warplanes can strike targets deep inside another country. Some experts say the Ford is ill-suited to fighting cartels, but it could be an effective instrument of intimidation for Maduro in a push to get him to step down.

Secretary of State Marco Rubio says the United States does not recognize Maduro, who was widely accused of stealing last year’s election, as Venezuela’s legitimate leader. Rubio has called Venezuela’s government a “transshipment organization” that openly cooperates with those trafficking drugs.

Maduro, who faces charges of narcoterrorism in the U.S., has said the U.S. government is “fabricating” a war against him. On his Facebook page, Maduro wrote on Sunday that the “Venezuelan people are ready to defend their homeland against any criminal aggression.”

Venezuela’s government recently touted a “massive” mobilization of troops and civilians to defend against possible U.S. attacks. Maduro and other officials in Venezuela’s socialist party also have been attending rallies this weekend to back the creation of neighborhood committees that will be in charge of increasing membership in Venezuela’s socialist party, and promoting the party’s policies.

Trump has justified the attacks on drug boats by saying the U.S. is in “armed conflict” with drug cartels while claiming the boats are operated by foreign terrorist organizations.

He has faced pushback from leaders in the region, the U.N. human rights chief and U.S. lawmakers, including Republicans, who have pressed for more information on who is being targeted and the legal justification for the boat strikes.

Senate Republicans, however, recently voted to reject legislation that would have put a check on Trump’s ability to launch an attack against Venezuela without congressional authorization.

Experts disagree on whether or not American warplanes may be used to strike land targets inside Venezuela. Either way, the 100,000-ton warship is sending a message.

“This is the anchor of what it means to have U.S. military power once again in Latin America,” said Elizabeth Dickinson, the International Crisis Group’s senior analyst for the Andes region. “And it has raised a lot of anxieties in Venezuela but also throughout the region. I think everyone is watching this with sort of bated breath to see just how willing the U.S. is to really use military force.”

On Friday, Trump said he will scrap tariffs on beef, coffee, tropical fruits and a range of other commodities, even after insisting that his duties haven’t raised prices. That followed off-year elections that delivered stunning defeats to Republicans as voters protested the high cost of living.

Given that imported food makes up just 10% of what U.S. households consume, the tariff rollback’s impact on inflation is a “practically a rounding error,” wrote Bernard Yaros, lead U.S. economist at Oxford Economics, in a note on Friday. But they will have outsized effects beyond the economic data.

“Food prices also weigh heavily on consumers’ inflation psychology, not to mention their sentiment,” he explained. “Of all major food categories, consumer sentiment is historically most sensitive to the price of meats, poultry, and eggs, followed by cereals.”

Indeed, sticker shock at the grocery store has fueled demands for more affordability, which was a central issue in the recent elections.

Despite consumer inflation cooling sharply from 9% in 2022, prices are still ticking up, and tariffs have kept the annual rate sticky—even edging higher since Trump launched his trade war. Voters are now rewarding politicians who promise to freeze certain costs.

With both parties already looking ahead to the 2026 midterm elections, Yaros sees Trump providing more tariff relief if his latest move is any indication.

“What matters more for the outlook, though, is the signal that this move sends about the directional shift of
future tariff adjustments,” he said. “As we near the election, the administration may broaden these tariff exemptions to a wider swathe of food products.”

Yaros pointed to other signs of easing tariff pressure, such as Trump’s recent trade deal with Switzerland that will slash the rate to 15% from 39%. Additional agreements with Brazil and India may follow, lowering tariffs on those countries as well.

But according to a working paper from San Francisco Fed researchers, Trump may actually want to maintain his tariffs if his goal is to fight inflation.

The study examined 150 years of tariffs and concluded that they depress economic activity and employment, resulting in lower inflation.

“The inflation response goes against the predictions of standard models, whereby CPI inflation should go up in response to higher tariffs,” researchers Régis Barnichon and Aayush Singh wrote. “Instead, tariff shocks appear to act as aggregate demand shocks—moving inflation and unemployment in the same directions.”