US President Donald Trump on Monday announced steep tariffs on imports from countries buying Venezuelan oil and gas, a move that could affect major economies like China and India and add to global trade uncertainty, reported AFP.
After returning to the White House in January, Trump has imposed tariffs on both allies and rivals, using trade measures to advance his economic and diplomatic agenda.
The latest 25 percent tariffs, targeting direct and indirect buyers of Venezuelan oil, could take effect as early as April 2, according to an order he signed on Monday.
The secretary of state, in coordination with other US agencies, has the authority to decide whether to enforce the levy, which could affect major buyers like China and India, the report added.
Experts told AFP that Venezuela exports oil to both nations, as well as to the United States and Spain. Donald Trump told reporters on Monday that the 25 percent tariff would be imposed on top of existing rates.
The experts also added that in February, Venezuela supplied approximately 500,000 barrels of oil per day to China and 240,000 barrels to the United States.
Trump has proclaimed April 2 as “Liberation Day” for the world’s largest economy, pledging reciprocal tariffs on trade partners to address what Washington views as unfair practices.
