President Trump has announced a 25 percent tariff on countries buying oil from Venezuela, effective April 2. This move aims to exert economic pressure on Venezuela and China. At a cabinet meeting, he also discussed tariffs on other products and announced the creation of a new agency for tariff collection, sparking criticism regarding necessity and potential legal requirements.

President Donald Trump has declared a 25 percent tariff on any nation purchasing oil or gas from Venezuela, effective April 2. This announcement was made via a post on Truth Social, where Trump criticized the Venezuelan government, led by Nicolás Maduro, for contributing to increased migration to the United States. He stated that Venezuela is “very hostile to the United States and the Freedoms which we espouse.”

The tariff is perceived as a tactic to impose economic pressure on Venezuela while indirectly targeting China, the largest buyer of Venezuelan energy products and a major economic rival of the United States. Furthermore, during a recent cabinet meeting, Trump indicated plans to also impose tariffs on pharmaceuticals, automobiles, and aluminum products.

U.S. trading partners are preparing for the tariffs, which Trump refers to as “reciprocal tariffs,” intended to counterbalance tariffs imposed on U.S. goods by other nations. Commerce Secretary Howard Lutnick noted the significance of April 2, labeling it as “American liberation day” to mark when global respect for America would increase. Additionally, he announced the establishment of the External Revenue Service to manage the tariff collection.

Critics have raised concerns about the necessity of this new agency, given that the U.S. Customs and Border Protection, part of the Department of Homeland Security, already handles tariff collection. Implementing such an agency may also require legislative approval from Congress.

In conclusion, President Trump’s announcement of a 25 percent tariff on countries buying oil from Venezuela is aimed at putting economic pressure on both Venezuela and its significant trade partner, China. The tariffs set to take effect on April 2, alongside the proposed establishment of the External Revenue Service, have been met with criticism and may necessitate Congressional action. This initiative highlights ongoing tensions between the United States and Venezuela, along with potential impacts on international trade relations.

Original Source: news.az

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