New York: U.S. President Donald Trump threatens to impose a 25% tariff on exports of countries buying oil from Venezuela, which will be attacked by India, which is already concerned about U.S. taxes next month.
Trump announced on “Truth Social” on Monday that “any country that buys oil and/or gas from Venezuela will be forced to pay the United States a 25% tariff on any trade with our country.”
India reportedly imports 63,115 barrels per day (BPD) in 2024.
This will also meet New Delhi’s plan to increase cooperation with Venezuela’s oil sector.
Trump said the 25% tariff would come into effect on April 2, when he planned to impose reciprocity tariffs on all countries. The new threat is reported that reciprocity tariffs may be less intense and target certain sectors.
Trump linked the taxation to his fight with Venezuela on the gang member Tren de Aragua (TDA), which he designated as a “foreign terrorist organization.”
He accused the Venezuelan government of “intentionally, deceptively” sending gang members related to murders and other crimes across the country and using it as part of his campaign against terrorism.
Several other countries will be hit by tariffs, including China, which includes Venezuela’s largest importer.
However, the United States itself is one of the top importers of Venezuelan oil, earning 228,000 bpd last year.
Trump’s administration gave U.S. oil company Chevron two months to end operations in Venezuela’s export of oil to the U.S.
India has been seeking to expand trade with Venezuela
Venezuelan Vice President Delcy Rodriguez, who owns an oil portfolio, visited India in February at the Energy India Week event.
She met with Indian oil minister Hardeep Singh Puri and other officials.
Energy Monitor says Prie sounds promising to import from Venezuela.
It quoted him during the Energy Week: “Early, Venezuelan oil was not available on the market due to international restrictions. Now all signals point in the direction of easing these constraints”.
“So if the question you asked me is whether you can expect more oil from Venezuela, my answer is, yes, as long as these processes are sorted out,” he said.
He added: “I am full of optimistic views on solutions to these problems”.
But these hopes now look weak.
What Venezuela has long said about Washington is the sanctions imposed by President Nicolas Maduro.
Sanctions were subject to ordinary exemptions under former U.S. President Joe Biden, but were revoked last year when Maduro was accused of not holding fair elections.
Biden’s administration has given Trump specific, restrictive exemptions to abolish.
