For the past eight months, the Trump administration has backed Juan Guaidó, the president of the National Assembly, who over 50 governments have recognized as Venezuela’s interim president. At a news conference on Tuesday Mr. Guaidó supported the escalation of United States’ sanctions and also pointed out that the executive order exempted medicine, food, clothing and humanitarian assistance. Ordinary Venezuelans may not be the target, but they will bear the brunt of whatever economic hardships and pain they bring.

The new sanctions could also undermine prospects for a negotiated settlement. The United States maintains that negotiations are a mistake, despite support for them in much of Europe and Latin America. To be sure, previous attempts at talks have been fruitless, with the Maduro government failing to negotiate in good faith. Still, the executive order comes at a moment when continuing talks sponsored by Norway between representatives of both the opposition and the regime have shown some hope of breaking the impasse and moving toward a peaceful resolution. At the Lima conference on Venezuela on Tuesday, Mr. Bolton dismissed the talks as “not serious,” and declared that “now is the time for action.”

Sweeping sanctions are not conducive to building confidence between both sides, which is critical for a viable deal. Indeed, late Wednesday Mr. Maduro said that he would not be sending a government delegation to attend a planned round of talks with the opposition this week. The only bargaining chip the opposition can possibly offer the regime is to persuade the United States to ease the range of sanctions in effect.

Mr. Trump’s executive order signals that he would be unwilling to do this if Mr. Maduro remains in power, which will most likely be unacceptable to the Chavistas. Still, the sanctions combined with some form of amnesty — a stick and carrot approach — just might end up encouraging the military to force Mr. Maduro out and agree to free elections in a reasonable period.

It would be far better for the Trump administration to support the Oslo framework. Over time, talks might incorporate the Venezuelan military and the United States. The White House should grant temporary protective status to Venezuelans who have come to the United States after fleeing intolerable conditions. It is hard to reconcile its refusal to do so with its professed commitment to protecting the Venezuelan people.