1 week ago
Last Updated:March 25, 2025, 07:12 IST
The Trump administration announced a 25 per cent tariff on imports from countries buying Venezuelan oil, which could affect India, a report has suggested.
US President Donald Trump (Photo: AP)
The Donald Trump administration’s tariff plans on imports from countries buying Venezuelan oil and gas could affect India and China, a report with AFP has suggested, since Venezuela exports oil to both those countries, and to the United States and Spain.
The US President announced the steep tariffs on Monday, a step which could sow fresh global trade uncertainty.
Since returning to the White House in January, Trump has unleashed tariffs on US allies and foes alike, attempting to strong-arm both economic and diplomatic policy.
The latest across-the-board 25 per cent levies targeting direct and indirect buyers of Venezuelan oil can take effect as soon as April 2, according to an order signed Monday by Trump.
The secretary of state, in consultation with other US agencies, is authorised to determine if the levy will be imposed.
Speaking to reporters on Monday, Trump said that the 25 per cent tariff would be on top of existing rates.
In February, Venezuela exported some 500,000 barrels of oil per day to China and this figure was 240,000 barrels for the United States, experts told AFP.
In his Monday announcement on Truth Social involving Venezuela, the president cited “numerous reasons" for what he called a “secondary tariff."
He accused Venezuela of “purposefully and deceitfully" sending “undercover, tens of thousands of high level, and other, criminals" to the United States.
He added in his post that “Venezuela has been very hostile to the United States and the Freedoms which we espouse."
According to Trump’s order, the 25 per cent tariff expires a year after the last date that a country has imported Venezuelan oil — or sooner if Washington decides so.
Subsequently, Venezuela said it would no longer accept the flights.
Location : First Published:March 25, 2025, 07:11 IST
News world Donald Trump's Tariff Plan On Nations Buying Venezuelan Oil Could Affect India, China: Report
