Oil Prices Set to Rise! Trump Slaps 25% Tariff on Venezuela’s Buyers

Washington/Houston (The Uttam Hindu): U.S. President Donald Trump has announced a heavy tariff on countries purchasing oil and gas from Venezuela. Trump has decided to impose a 25% tariff on these nations. This announcement could impact countries like India and China, which import oil from Venezuela.

Oil prices will increase in India! Trump announced a 25% tariff on countries buying oil from Venezuela: The Venezuelan government has strongly and clearly rejected Trump's new aggression. The government stated that the 25% secondary tariff on any country purchasing oil and gas from Venezuela is an arbitrary, illegal, and desperate measure.

In a post on his Truth Social account, Trump wrote that the secondary tariff on Venezuelan oil buyers will take effect from April 2. Later on Monday, he told reporters that these tariffs would be in addition to existing tariffs. Following the announcement, oil prices rose by nearly 1%.

In February, China directly and indirectly purchased approximately 503,000 barrels of crude oil and fuel per day from Venezuela, accounting for nearly 55% of Venezuela's total exports. Apart from China, countries like India, Spain, Italy, and Cuba also import oil from Venezuela. Meanwhile, Venezuelan President Nicolás Maduro has rejected Trump's sanctions, calling them illegal measures.