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Omar El-Sharif
Trump To Impose Tariffs on Countries Buying Venezuelan Oil
President Trump plans to impose a 25% tariff on imports from countries buying Venezuelan oil, affecting China and India mainly. Citing economic concerns, Trump’s tariffs, which may take effect on April 2, are part of a strategy to alter unfair trade practices. The announcement includes an extension for Chevron’s operations in Venezuela and signals a more focused tariff approach.
On Monday, President Donald Trump announced the imposition of substantial tariffs on imports from countries that purchase oil from Venezuela. This announcement particularly impacts China and India, who are major importers of Venezuelan oil. The 25% tariffs will affect both direct and indirect buyers and could be enacted as soon as April 2, as authorized by an executive order from Trump, pending decisions from the Secretary of State and US agencies.
Venezuela exported approximately 500,000 barrels of oil daily to China in February, while the United States imported around 240,000 barrels. President Trump characterized April 2 as “Liberation Day” for the US economy, planning reciprocal tariffs tailored to each trading partner to confront practices seen as unfair by Washington.
The administration is leaning toward a more focused application of these tariffs, despite previous considerations of broader sector-specific duties. Trump cited multiple reasons for the new tariffs, accusing Venezuela of maliciously sending criminals to the US and demonstrating hostility towards American values. The 25% tariff will remain in effect for a year or until Washington decides otherwise.
In related news, the Trump administration has extended the deadline for Chevron’s operations in Venezuela to May 27, allowing the company to continue its activities under a sanctions waiver. Concurrently, talks are ongoing with US trade partners, with EU trade chief Maros Sefcovic visiting to meet commerce officials. Financial markets reacted positively to the potential for a more limited tariff implementation, as Treasury Secretary Bessent highlighted future engagement with trading partners concerning tariffs and trade practices.
Targeting around 15% of countries with trade imbalances, referred to as the “dirty 15,” these tariffs signal a strategic shift in the US’s approach to international trade relations.
In summary, President Trump’s announcement of a 25% tariff on imports from countries purchasing oil from Venezuela could significantly impact nations such as China and India. The tariffs are part of a broader strategy to address perceived unfair trade practices and bolster the US economy. As the administration engages with international partners on these tariff measures, the potential for economic repercussions and shifts in trade dynamics remains evident.
Original Source: www.livemint.com
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