Reacting to the latest development, the Venezuelan government has stated that Venezuela firmly and explicitly rejects the new aggression of US President Donald Trump.
New Delhi: In a major strategic move, US President Donald Trump has announced heavy tariffs on countries purchasing oil and gas from Venezuela. According to the reports, these countries will face a 25 percent tariff starting April 2. However, American oil producer Chevron has been given some relief. The Trump administration has extended the deadline for the company to cease its operations in Venezuela.
To recall, the US Treasury Department had earlier given the company a 30-day period. It is important to note that the latest announcement of tariffs by the United States on countries buying oil from Venezuela could impact nations like India and China.
Reacting to the latest development, the Venezuelan government has stated that Venezuela firmly and explicitly rejects the new aggression of US President Donald Trump. It intends to impose a 25 percent secondary tariff on any country purchasing oil and gas from Venezuela. This is an arbitrary, illegal, and desperate measure.
What did Donald Trump say?
In a post on his Truth Social, Donald Trump said that the secondary tariff on buyers of Venezuelan oil will take effect from April 2. On Monday, Trump told reporters that the tariffs would be in addition to the existing ones. Following the announcement of the tariffs, oil prices increased by about 1 percent.
China is the biggest buyer
In February, China directly and indirectly purchased approximately 503,000 barrels of crude oil and fuel per day from Venezuela. This accounts for about 55% of Venezuela’s total exports. Apart from China, countries like India, Spain, Italy, and Cuba also buy oil from Venezuela.