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US President Donald Trump is taking a tough stand on tariffs. What he has announced now is going to be a big blow to India and China. Trump has said that we will impose a 25 percent tariff on all countries that buy oil from Venezuela. This will come into effect from April 2.
This announcement by Trump is a setback for India because it has emerged as a major oil buyer from Venezuela. In 2023, it imported 22 million barrels from Venezuela, which was 1.5% of its total crude oil purchases. According to a report, in 2023, Venezuela exported 660,000 barrels of crude oil per day to countries like India, China and Spain.
These countries will also be affected
This move of Trump can affect not only India but many other countries including China. Not only this, it can also create new uncertainty in global trade. Trump said on the social platform Truth that the new tariff of 25 percent imposed on buyers of Venezuelan oil will come into effect from April 2 at the latest.
Despite US sanctions, Venezuela sells oil to major economies such as China and India. According to reports, Spain, Russia, Singapore and Vietnam also buy oil from Venezuela. According to Census Bureau data, the US imported 8.6 million barrels of oil from Venezuela in January.
In his announcement related to Venezuela, the President gave several reasons for the secondary tariff. He accused Venezuela of deliberately and fraudulently sending thousands of criminals to the US. Trump’s announcement comes at a time when the deportation pipeline between the US and Venezuela was suspended last month. In return, Venezuela said that it would no longer accept flights.
What do experts say?
Experts told news agency AFP that Venezuela also exports oil to the US and Spain. Trump said that the 25 percent tariff would be imposed on top of the current rates. Experts also said that in February, Venezuela supplied about 500,000 barrels of oil per day to China and 240,000 barrels of oil to the US. Trump has declared April 2 as Liberation Day for the world’s largest economy.
