US President Donald Trump has threatened to impose an additional 25 percent tariff on countries that buy oil or natural gas from Venezuela. He also warned that this decision will be effective from April 2. Trump made this information in a post on his own social media platform Truth Social on Monday (March 24).
The South American country of Venezuela already has US sanctions. As a result, any trade with the country requires US approval. Despite such strict sanctions in force, Trump threatened to impose tariffs on Venezuela's trading partners.
Trump has been vocal against Venezuela since he was sworn in for his second term as US president in January. He said that Venezuela has deliberately sent a group of criminals to our country to disrupt the peace of the United States. Following this accusation, Trump also threatened to impose tariffs on countries importing oil and gas from Venezuela.
US broadcaster CNN reported that if they have commercial relations with Venezuela, those countries will have to pay an additional 25 percent tariff on any type of trade with the United States.
India and China buy the most mineral oil from Venezuela. So naturally, Trump's decision will have the greatest impact on these two countries. India bought the most fuel oil from Venezuela from December 2023 to January 2024.
Indian media say that India imported an average of 191,600 barrels of oil per day from Venezuela in December 2023. And in January 2024, half of the oil exported from Venezuela came to India. In addition, the Modi government imported 22 million barrels of oil from Venezuela last year.
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