Trump Imposes 25% Tariff on Countries Purchasing Venezuelan Oil
President Trump announced a 25% tariff on trade with any country buying oil from Venezuela, effective April 2. This is in response to security concerns regarding Venezuelan gang activity. Following the announcement, U.S. crude oil prices increased, reflecting market reactions to the tariff.
On April 2, President Donald Trump announced that any nation purchasing oil or gas from Venezuela will incur a 25% tariff on trade with the United States. This information was shared via his social media platform, Truth Social. The announcement comes amid heightened tensions regarding Venezuela’s export of oil and gas due to perceived security threats.
Following the announcement, U.S. crude oil prices rose by 77 cents, or 1.13%, settling at $69.05 per barrel. Concurrently, the global benchmark Brent crude also witnessed an increase, trading up by 73 cents or 1.01%, at $72.89 per barrel. The increase in prices reflects market reactions to the potential impacts of the new tariff.
President Trump has accused Venezuela of involvement in exporting gang members from the Tren de Aragua group to the United States. The U.S. government has classified Tren de Aragua as a foreign terrorist organization, highlighting the administration’s concerns regarding national security and international relations.
President Trump’s recent declaration imposes a significant tariff on any nation engaging in oil trade with Venezuela, effective April 2. This move aims to address U.S. national security concerns linked to Venezuelan exports. The subsequent rise in crude oil prices indicates market sensitivity to these geopolitical developments.
Original Source: www.cnbc.com
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