{{Firstname|Good morning}}, this week we look at how immigration crackdowns are shaking U.S. industries, why rare earth independence is becoming America’s next economic frontier, and how the CIA’s new mission in Venezuela signals a tougher stance against regimes tied to cartels and corruption. From workforce reform to mineral security and hemispheric strategy, America’s choices now will shape North America’s decade ahead..

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In my conversations with business and government leaders on both sides of the border, one concern keeps surfacing — and it’s not tariffs. It’s immigration. As one CEO told Fortune, the current crackdown is “much, much worse” for business than tariffs — and that sentiment is quickly spreading across industries.

Unlike tariffs, which companies can plan for and hedge against, immigration enforcement strikes suddenly and deeply. CEOs I’ve spoken with — from manufacturers in Arizona to hospitality executives in Texas — describe empty shifts, fewer customers, and a growing sense of fear among workers. Fortune recently reported double-digit sales drops in southern states and travel firms warning that enforcement is crippling demand more than any tariff policy ever did.

I’ve seen firsthand how immigration fuels North America’s competitiveness. As a former government leader and now as a CEO working across the U.S. and Mexico, I know that our economy depends on a stable, legal, and humane workforce. From the construction sites of Arizona to the factories of Jalisco, immigrant labor isn’t a liability, it’s the backbone of our supply chain and a driver of innovation.

What makes this moment especially urgent is that enforcement continues regardless of Washington’s dysfunction. ICE operations aren’t paused by shutdowns or politics. That means this threat to our workforce, and to economic growth, is structural, not temporary.

If Washington truly wants to strengthen America’s economy, it must start by protecting the people who make it work. Congress and the president should expand and modernize worker visa programs, stabilize pathways for legal employment, and end the climate of fear that’s choking productivity.

Immigration policy isn’t just a border issue, it’s a business issue. And every CEO, investor, and policymaker who believes in North American prosperity should be demanding action now.

For years, China has held a dangerously dominant position in the global market for rare earth materials; the essential ingredients behind everything from smartphones and electric vehicles to fighter jets and satellites. Today, China mines about 60% of the world’s rare earths and refines even more. Between 2019 and 2022, the United States imported over 95% of what it consumed, primarily from China. That’s not just an economic imbalance, it’s a national security vulnerability.

This week, Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer announced that the administration will formally challenge Beijing’s “global power grab” in rare earths. That announcement, long overdue, signals a shift toward strategic independence, one that will require more than rhetoric. It will take sustained public-private cooperation, the kind of model that powered Operation Warp Speed during the pandemic and that’s now reshaping America’s energy and manufacturing future.

I’ve seen that transformation firsthand in Yuma, AZ, where our solar-powered cobalt and critical minerals facility is proving that the United States can process materials vital to electric mobility and defense right here at home. The challenge is no longer about technology or financing, it’s about speed, permitting, and coordination.

If Washington truly wants to compete, it must streamline the permitting process, scale financing tools like EXIM credit facilities, and align national policy behind mineral independence. The private sector is already moving: JPMorgan announced up to $10 billion in rare earth and clean energy investments, and markets are responding with optimism. What’s needed now is alignment between government ambition and private execution.

This is America’s critical mineral moment. If we move decisively, we can turn a strategic weakness into lasting strength and ensure that the next generation of clean, connected, and secure technologies are built on American soil, powered by American ingenuity.

In a decisive display of leadership, Donald Trump publicly confirmed that he has authorised the Central Intelligence Agency (CIA) to conduct covert operations inside Venezuela, citing narcotics trafficking and the flow of destabilising migrants.

He linked the move directly to national security, saying that a regime which sides with cartels, or enables them, cannot be tolerated, especially when that regime exports harm to neighbouring countries and beyond.

Latin America is watching. Caracas rejected Washington’s action as a breach of sovereignty and a veiled attempt at regime change under the pretext of the drug war.

Meanwhile, allies in the region are recalibrating: some applaud the U.S. for tackling narco-state threats; others worry about precedent and what it means for geopolitics in the hemisphere.

For border and cross-border business leaders, this isn’t just a security story. It’s a commercial and societal one. A crackdown on drug havens and corrupt regimes can reduce the pull factors for illegal migration, stabilise regional supply chains, and make the border more predictable. But if mismanaged, it could provoke backlash, trigger economic blow-back in regional markets, or push destabilised flows into neighbouring countries, including ours.

The U.S. has signalled it will no longer tolerate weak links in its trade and migration ecosystem. That means governments that side with cartels or tolerate trafficking and destabilisation must count the cost. From business permitting to investment in border communities, this new posture carries real implications.

Bottom line for the border corridor: as Washington re-asserts leadership, regional players and businesses must stay aligned. The choice is clear: stabilise and cooperate or face isolation and risk.

Thanks for reading this edition of my newsletter! I'd love to hear from you. Share your thoughts about what you think are the most critical issues that need to be addressed. Email me at [email protected] or connect with me on social media using the hashtag #Intermestic.

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