Trump cut off Cuba’s oil. Now it's heading for economic collapse.

Summary

Podcast Summary: Apple News Today — Trump Cut Off Cuba’s Oil. Now It’s Heading for Economic Collapse.

Date: February 10, 2026
Host: Cecilia Ley (in for Shumita Basu)
Key Topics: Cuba's oil crisis under new US sanctions, the struggling US job market, a figure skater’s moving Olympic story, and breakdowns in Winter Olympic medals.

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Main Theme

This episode focuses on the severe economic crisis gripping Cuba after the Trump administration's enforcement of a strict oil blockade, explores worsening conditions in the US job market, touches on a heartfelt Olympic story, and ends with a quirky look at fragile Olympic medals. The episode provides analysis and reporting from Wall Street Journal correspondents and other journalists to break down the global and domestic news of the day.

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1. Cuba’s Oil Crisis and Economic Collapse

Key Discussion Points & Insights

• Severe Fuel Shortages:

  • Cuba is facing widespread shortages, not only of fuel but also of food and medicine. (00:44)
  • Air Canada suspended flights due to Cuba’s announcement about difficulties in refueling. (00:55)

• Cause of Crisis:

  • US oil blockade under President Trump plunged Cuba deeper into crisis.
  • Cuba previously relied on Venezuela and Mexico for oil. Venezuela's supply was undermined by US intervention, and Mexico recently withdrew its support. Both actions greatly reduced available energy for Cuba. (01:54)
  • Jose DeCordova, Wall Street Journal Latin America correspondent:

    “Cuba needs roughly 100,000 barrels of oil each day and only produces about 40,000 barrels.” (01:03)

• Economic & Political Fallout:

  • The Cuban government implementing drastic austerity, like a four-day work week for state workers and restrictions on hospital operations to only the most necessary procedures. (01:51)
  • The US has threatened tariffs on anyone doing business with Cuba, increasing pressure on potential trading partners. (01:54)

• Diplomatic Tensions & Stand-Off:

  • President Miguel Díaz-Canel of Cuba accuses the US of waging a “psychological war.” (01:54)
  • President Trump comments on the situation:

    “I think they probably would come to us and want to make a deal so Cuba would be free again. They’ll come to us, they’ll make a deal. But Cuba, really, they’ve got a problem.” (02:43)

  • Cuba’s deputy foreign minister on potential talks:

    "The US Government knows that Cuba is ready and has been ready for a long time to have a meaningful dialogue with the US Government to deal with our bilateral issues. ... We cannot say we have set a bilateral dialogue." (02:59)

  • DeCordova’s take:

    "They're increasing the pressure on Cuba and they're sort of hoping that somebody within the Cuban regime will negotiate... a change of regime. I see that as difficult." (03:37)

  • DeCordova, with a veteran’s cynicism, adds:

    "One thing I’ve learned after being a reporter for nearly 40 years is that things can always get worse. I have a feeling that things will get worse in Cuba before they get better." (04:20)

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2. The Struggling US Job Market

Key Discussion Points & Insights

• Slow Growth & Hiring Freezes:

  • "At least 2025 now the weakest year of jobs growth since the pandemic." (04:46)
  • Over 108,000 job cuts in January – the highest for the month since 2009. (04:49)
  • "Low fire, low hire" environment—few are quitting jobs, which limits new hiring. (05:12)
  • Justin Leihart, Wall Street Journal economics reporter, explains:

    “Most hiring every month is just replacing people who left. And if nobody's leaving... there's less hiring.” (05:33)

    • Spring 2022: ~4.5 million people left jobs, “nearly a third higher than last December.” (05:54)

• Contributing Factors:

  • High short-term interest rates particularly hurting small businesses. (06:02)
  • Uncertainty surrounding Trump administration's tariff policies:

    "If you're a tariff-affected business... it makes it very, very hard to plan... you need to know where you’re going, what kind of workers you’re going to hire, and it’s just hard when they're confused like that." (06:16)

  • Trump’s strict immigration crackdown suppresses workforce and consumer base:

    “Net immigration is down a lot... without immigration, our workforce just doesn’t grow very much at all... you just can't have that much job growth.” (06:40) “Immigrants are also consumers... and you're also taking that source of demand away. So businesses have less reason to hire, too.” (07:14)

  • Some Americans now pay recruiters to help them find jobs in this market. (07:39)

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3. Olympic Story: Figure Skater Maxine Naumov

Key Discussion Points & Insights

• Personal Tragedy & Legacy:

  • Naumov, a US figure skater, lost both his parents (themselves former Olympians) in a tragic accident in 2025. (08:10)
  • Naumov decided to compete to honor his parents:

    “The only way out is through. There's no other way. I don't have the strength or the passion or the drive or the dedication of one person anymore. It's three people.” —Maxine Naumov (08:33)

• Community Support:

  • His parents were part of a close community of Russian Olympic skaters who settled in Connecticut; that community supported Naumov after his parents’ deaths. (09:20)

• Reporter’s Perspective:

  • Robert Samuels, Washington Post reporter:

    “What we're seeing with Maxime Naumov is not a Cinderella story. It's a tale of hard work… overcoming adversity… all the years that had come before, gave him the training and technique to perform well enough to go to the Olympics.” (10:13)

  • Naumov's Olympic performance scheduled for 12:30pm Eastern. (10:45)

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4. Notable Quotes & Moments

• On Cuba’s dire straights:

  “Cuba has been in an economic crisis for a while and it’s now…it’s on the border of an economic meltdown, basically.” —Jose DeCordova (01:03)

• On the logic of sanctions:

  “They’re playing a very complicated game because they are increasing the pressure on Cuba and they’re sort of hoping that somebody within the Cuban regime will negotiate with them. A change of regime. I see that as difficult.” —Jose DeCordova (03:37)

• On the US labor market:

  “Most hiring every month is just replacing people who left. And if nobody's leaving their job, then there's less hiring that's going on.” —Justin Leihart (05:33)

• On the role of immigration:

  “We're an aging country, and without immigration, our workforce just doesn't grow very much at all.” —Justin Leihart (06:40)

• On overcoming adversity:

  “The only way out is through. ... I don't have the strength or the passion or the drive or the dedication of one person anymore. It's three people.” —Maxine Naumov (08:33)

• On fragile Olympic medals:

  “Don’t jump in them. I was jumping in excitement and it broke. I’m sure somebody will fix it. It’s not like crazy broken, but it’s all a little broken.” —Breezy Johnson (12:57)

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5. Secondary News Highlights

• Steve Bannon Update:

  • DOJ moved to dismiss Bannon’s 2022 conviction (11:11)

• VP JD Vance in Armenia:

  • First sitting VP in Armenia, announcing nuclear initiatives and pushing a peace deal with Azerbaijan. (11:44)

• Olympic Medals Defective:

  • Medals at the Winter Olympics are chipping, denting, and in some cases splitting in two due to a breakaway mechanism in the ribbons. (12:10)

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Timestamps for Key Segments

• 00:44 – Cuba oil crisis unfolds: shortages, airline withdrawals
• 01:03 – Jose DeCordova explains the scale of Cuba’s problem
• 01:54 – Overview of sanctions, Venezuela collapse, Mexico withdrawal, Trump administration pressures
• 02:43 – Trump’s remarks on Cuba
• 02:59 – Cuba’s deputy foreign minister on readiness to talk
• 03:37 – DeCordova on US pressure tactics and regime change
• 04:20 – DeCordova’s grim prediction: “things can always get worse”
• 04:46 – Sluggish job market, record job cuts in January
• 05:33 – Justin Leihart on why hiring is down
• 06:16 – Tariff and immigration policy uncertainty
• 07:39 – Jobseekers paying recruiters in desperate job market
• 08:10 – Naumov’s personal tragedy
• 08:33 – Naumov's resolve and memorable quote
• 10:13 – Robert Samuels on "the real" Naumov story
• 12:10 – Olympic medals breaking; athletes react

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Tone & Style

The episode is factual, empathetic, and brisk, blending sober analysis of geopolitical and economic challenges with human-centered storytelling and lighter cultural moments. Quotes and anecdotes from reporters, officials, and those affected bring immediacy and authenticity to the headlines.

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For more in-depth coverage, visit the Apple News app or listen to the full episode.

Transcript

[News Anchor]

Good morning.

[Cecilia Ley]

Trump's oil blockade plunges Cuba into a major crisis as some flights to the island are suspended.

[Jose DeCordova]

Cuba is enormously vulnerable at this time. The US Is immensely powerful and it's a huge power imbalance.

[Cecilia Ley]

The Wall Street Journal explains why it's such a tough job market right now. And strange things are happening to some Winter Olympic medals. It's Tuesday, February. Cecilia Ley in for Shamita Basu. This is Apple News.

[News Anchor]

Today.

[Cecilia Ley]

Cuba's economy appears to be in serious trouble. The country has been starved of fuel and it's facing shortages of pretty much.

[News Anchor]

Everything, including food and medicine.

[Cecilia Ley]

Yesterday, Air Canada announced it would have to suspend flights to the island after.

[News Anchor]

Cuba warned that airlines would struggle to refuel.

[Jose DeCordova]

Cuba has been in an economic crisis for a while and it's now it's on the border of an economic meltdown. Basically. Cuba needs roughly 100,000 barrels of fuel of oil each day and it only produces about 40,000 barrels.

[Cecilia Ley]

That's Jose Decordova, the Wall Street Journal's Latin America correspondent. He told us the news of flight withdrawals comes at a perilous time for the country.

[Jose DeCordova]

That's a huge blow to Cuba's tourist industry, which is one of the most important pillars of Cuba's economy. And that's just one of many measures that the Cubans are doing to try to deal with this emergency situation.

[Cecilia Ley]

The government has now decreed a four day week for state workers and told.

[News Anchor]

Hospitals to only carry out completely necessary operations. Cuba has been subject to sanctions for decades, but things have deteriorated after the US Began choking off off oil supplies more aggressively. Cuba can no longer rely on Venezuela following the US intervention there and now its other major source, Mexico recently said it will stop supplying oil as well. President Trump had been threatening tariffs against anyone doing business with Cuba through recent executive order, though Mexico insisted it was a sovereign decision. In a rare and hastily arranged press conference, Cuba's President Miguel Diaz Canel said there had been a, quote, psychological war against his country. Over the weekend on Air Force One, Trump suggested that the US Was ready for discussions.

[Trump]

I think they probably would come to us and want to make a deal so Cuba would be free again. They'll come to us, they'll make a deal. But Cuba, really, they've got a problem.

[Cecilia Ley]

Cuba's deputy foreign minister also told CNN.

[News Anchor]

The door was open.

[Cuban Deputy Foreign Minister]

The US Government knows that Cuba is ready and has been ready for a long time to have a meaningful dialogue with the US Government to deal with our bilateral issues. At the moment, we've had some exchanges of messages, but we cannot say we have set a bilateral dialogue, but DeCordova.

[Cecilia Ley]

Told us that it was hard to.

[News Anchor]

See where negotiations might lead.

[Cecilia Ley]

The brief period of opening the door.

[News Anchor]

To Cuba under the Obama presidency was ended by the last Trump administration. Setting out their terms for talks, Cuba warned the US to respect its sovereignty, which would mean leaving their political system in in place.

[Jose DeCordova]

It seems to me anyway that they're playing a very complicated game because they are increasing the pressure on Cuba and they're sort of hoping that somebody within the Cuban regime will negotiate with them. A change of regime. I see that as difficult.

[Cecilia Ley]

There's not a lot of organized opposition in Cuba, not like the recent protests.

[News Anchor]

That took place in Iran. But even if Cuba's regime feels insecure, it's approaching talks with the US while dealing with acute problems and longer term structural ones too. DeCordova has been covering Cuba for years and isn't holding out much hope for a deal.

[Jose DeCordova]

One thing I've learned after being a reporter for nearly 40 years is that things can always get worse. I have a feeling that things will get worse in Cuba before they get better.

[Cecilia Ley]

The sluggish job market appears to be.

[News Anchor]

Going nowhere for now.

[Trump]

At least 2025 now the weakest year.

[News Anchor]

Of jobs growth since the pandemic.

[Economics Reporter]

108,435 job cuts announced in the month of January. That is the highest deck January total since 2009.

[News Anchor]

Tomorrow we'll get the January jobs report. But at least one top White House advisor has said to tamper expectations for.

[Cecilia Ley]

Millions of Americans hunting for jobs, the.

[News Anchor]

Low fire, low hire culture that emerged last year has proved to be a frustrating new normal.

[Cecilia Ley]

To explain what might be going on.

[News Anchor]

We turn to Justin Leihart, an economics reporter for the Wall Street Journal. He recently broke down why finding work is so rough right now. One of the key issues, he told us, is people aren't leaving the jobs they have.

[Justin Leihart]

Most hiring every month is just replacing people who left. And if nobody's leaving their job, then there's less hiring that's going on. So it sort of creates a job market that's kind of stuck in a.

[Cecilia Ley]

Way for comparison, Leihart reports that back in spring of 2022, when post pandemic hiring was really up and running, about.

[News Anchor]

Four and a half million people left their jobs.

[Cecilia Ley]

That's nearly a third higher than last December. A couple of other factors are contributing.

[News Anchor]

To one economist called a labor market deep freeze. For one, high short term interest rates, which hurt small businesses the most. And for many companies, there's still a lot of uncertainty over the Trump administration's tariff policy.

[Justin Leihart]

If you're a tariff affected business, you don't know what the tariffs are going to be tomorrow or next month or whatever. It makes it very, very hard to plan. Like, maybe you want to employ more people, but you need to know where you're going, you know, what kind of workers am I going to hire? And it's just hard when they're sort of confused like that.

[Cecilia Ley]

Beyond his tariff policy, Trump's nationwide immigration.

[News Anchor]

Crackdown is playing a role here, too.

[Justin Leihart]

Net immigration is down a lot with these heavy immigration restrictions, right? So we just don't know how many jobs do we need to create to keep up with very, very slow population growth. We're an aging country, and without immigration, our workforce just doesn't grow very much at all. So if you take that supply of potential workers away, you just can't have that much job growth.

[Cecilia Ley]

Fewer people in the country means there.

[News Anchor]

Are fewer people buying things.

[Justin Leihart]

Immigrants are also consumers, right? They're buying groceries, they're going to the store just like everybody else. And you're also taking that source of demand away. So businesses have less reason to hire, too, because they're not seeing as much demand. The net result is you just end up with much slower job growth than you would have had otherwise.

[News Anchor]

For people who are still looking for.

[Cecilia Ley]

Work in this market of low hiring.

[News Anchor]

Some, according to the Journal, have gone so far as to pay recruiters to help them find jobs.

[Cecilia Ley]

Today, US Figure skater Maxine Naumov will.

[News Anchor]

Compete in the Winter Olympics. But he's already got people cheering for him.

[Cecilia Ley]

Before stepping onto the ice, 24 year.

[News Anchor]

Old Naumov endured tragedy last year. Both his mother and father died in the Washington, D.C. collision between a commercial.

[Cecilia Ley]

Flight and an army helicopter.

[News Anchor]

Evgenia Shishkova and Vadim Naumov had been.

[Cecilia Ley]

World Championship skaters too, and competed in the Olympics for Russia in the 90s. They were not just his parents.

[News Anchor]

The couple coached their son and inspired his skating career. After their death, Naumov told the Today show that he decided to compete in part to honor their legacy.

[Maxine Naumov]

The only way out is through. There's no other way. I don't have the strength or the passion or the drive or the dedication of one person anymore. It's three people.

[Cecilia Ley]

In the early stages, Naumov's chances of.

[News Anchor]

Qualification were far from guaranteed. But he grew increasingly determined. Reporter Robert Samuels profiled Naumov for the Washington Post. Talking to him over a period of.

[Robert Samuels]

Months each time, he struck me as being a honest, reflective and thoughtful person much more than kind of this detached skater that I would see compete.

[Cecilia Ley]

Samuels spoke to us from the Winter Olympics press park. He's a longtime figure skating fan and.

[News Anchor]

Grew up watching Naumov's parents compete. The couple was part of a community of former elite skaters who initially settled in Simsbury, Connecticut. After the Soviet Union collapsed, the town had one of the only Olympic sized rinks in the US they all created.

[Robert Samuels]

This enclave of Russian elite skaters that not only toured with each other, coached, practiced with each other, but they also helped each other learn about the intricacies of what it means to be an American leaving a communist country and then joining this place. When Maxime Naumov's parents died, it was that community and the people they met through that community that continued to lift him up.

[Cecilia Ley]

His parents first put him in skates at age 3, and Samuel says today's.

[News Anchor]

Competition is the culmination of years of training.

[Robert Samuels]

Many people who watch the Olympics really love a Cinderella story, and I think it's important to note here that what we are seeing with Maxim Naumov is not a Cinderella story. It's a tale of hard work. It's a tale of overcoming adversity. It's not just the seer that was important to him, but it was all the years that had come before that gave him the training and the technique to be able to perform well enough to go to the Olympics.

[Cecilia Ley]

You can watch Naumov Compete today at 12:30pm Eastern Time. And finally, a few other stories were following. The Department of Justice has moved to dismiss the the conviction of Steve Bannon. The former White House strategist was convicted in 2022 for defying a congressional subpoena.

[News Anchor]

Related to the January 6 Capitol attack. The Democratic led House charged Bannon with content in 2021 after he ignored calls to speak with lawmakers about his connections to January 6th organizers and Trump's attempts to overturn the 2020 election. Bannon had already appealed his conviction to the Supreme Court, and if judges dismissed the charges, it would likely end that challenge and erase the conviction from. The move from the DOJ is mostly symbolic as Bannon has already served four months in prison for the conviction.

[Cecilia Ley]

Yesterday, JD Vance was in a country no sitting president or vice president has ever been to Armenia. He was there to announce some nuclear initiatives and other investments, but also to.

[News Anchor]

Push for a peace deal between Armenia and Azerbaijan to end a conflict between the two nations after nearly four decades of war.

[Cecilia Ley]

And finally, it's supposed to be the one piece of Olympic glory that should last forever. But many athletes at this year's Winter.

[News Anchor]

Games are finding out their medals are actually very breakable.

[Cecilia Ley]

Several athletes have reported metals becoming detached.

[News Anchor]

From their ribbons, causing chipping, denting and, at least in one case, splitting in two. An investigation has now been launched into the cause, and Reuters reports that some think a breakaway mechanism on the ribbons meant to prevent choking is the culprit.

[Cecilia Ley]

The medals themselves are heavy, over a.

[News Anchor]

Pound for gold and silvers and slightly more for bronze medals. US Figure skater Alyssa Liu reportedly jumped a little too hard for joy, causing her team event gold medal to become undone and dented. She says organizers eventually replaced it. US Skier Breezy Johnson had some sage advice after her medal detached during her celebrations.

[Breezy Johnson]

Don't jump in them. I was jumping in excitement and it broke. I'm sure somebody will fix it. It's not like crazy broken, but it's all a little broken.

[Cecilia Ley]

You can find all these stories and more in the Apple News app. And if you're already listening in the news app right now, we've got a.

[News Anchor]

Narrated article coming up next.

[Cecilia Ley]

The New Yorker profiles California governor Gavin.

[News Anchor]

Newsom, who has emerged as one of the Democratic Party's leading contenders to run in 2020.

[Cecilia Ley]

If you're listening in the podcast app.

[News Anchor]

Follow Apple News plus narrated to find that story. And I'll be back with the news tomorrow.