Trump promised high duties on countries buying Venezuelan oil: may hit China and India
Kyiv • UNN
US President Donald Trump has introduced a 25% duty on imports of Venezuelan oil, which may affect China and India. Caracas called it an act of aggression, but the US is ready for negotiations.
US President Donald Trump announced on Monday high tariffs on imports from countries buying Venezuelan oil and gas - a punitive measure that could hit China and India, among others, and sow new uncertainty in world trade, UNN writes, citing AFP.
Details
After returning to the White House in January, Trump imposed tariffs against both allies and enemies of the United States, trying to put strong pressure on both economic and diplomatic policies.
According to the decree signed by Trump on Monday, the latest general 25-percent tariffs targeting direct and indirect buyers of Venezuelan oil could take effect as early as April 2.
The US Secretary of State, consulting with other government agencies, is authorized to determine whether new tariffs will be introduced.
They may hit China and India, amid reports that Venezuela exports oil to both countries, as well as to the United States and Spain.
Trump told reporters on Monday that a 25-percent tariff will be added to existing rates.
Caracas called the measure a "new aggression" by Washington.
"They can impose sanctions and duties on everything they want, but they cannot impose sanctions on the love and patriotism of the Venezuelan people," President Nicolas Maduro said during an event broadcast on radio and television.
In February, Venezuela exported about 500,000 barrels of oil per day to China and 240,000 barrels to the United States, experts told AFP.
Trump has dubbed April 2 "Liberation Day" for the world's largest economy, already promising reciprocal tariffs tailored to each trading partner in an effort to correct what Washington considers unfair practices.
Earlier, he made it clear that sectoral tariffs would come into force around the same day, but the White House said on Monday that it could use a narrower approach.
In a statement Monday on Truth Social regarding Venezuela, the US President cited "numerous reasons" for what he called a "secondary duty."
He accused Venezuela of "deliberately and deceptively" sending "tens of thousands of high-ranking and other criminals under cover" to the United States.
In his post, he added that "Venezuela is very hostile to the United States and the freedoms we uphold."
According to Trump's decree, the 25-percent tariff expires one year after the last date a country imported Venezuelan oil, or earlier if Washington so decides.
Trump's statement came after the deportation channel between the United States and Venezuela was suspended last month, when he said Caracas had failed to comply with an agreement to quickly receive deported migrants.
Venezuela subsequently stated that it would no longer accept flights.
But Caracas said on Saturday it had reached an agreement with Washington to resume repatriation, after which about 200 Venezuelan citizens were deported from the United States via Honduras.
Separately, on Monday, the Trump administration extended the deadline set for US oil giant Chevron to stop its operations in Venezuela until May 27.
The company worked in Venezuela as part of the lifting of sanctions.
Trump's latest move adds tariffs to those he has pledged to introduce around April 2.
In addition to retaliatory tariffs, he has pledged to introduce sweeping sectoral tariffs that will hit imported cars, pharmaceuticals and semiconductors.
However, as things stand, his plans for the day may become more targeted.
Sectoral tariffs "may or may not be introduced on April 2," a White House spokesman told AFP, adding that the situation is "still unstable."
The official confirmed that retaliatory tariffs will be introduced.
However, Trump told reporters on Monday that he "may eventually give many countries relief" without elaborating.
He separately added that he will announce tariffs on cars "very soon" and on pharmaceuticals later.
US partners continue negotiations with Washington, as deadlines approach, and EU trade chief Maros Sefcovic will travel to the country on Tuesday to meet with his counterparts - US Trade Minister Howard Luttick and US Trade Representative Jamieson Greer.
Hopes for a narrower deployment of tariffs, as indicated, gave a boost to financial markets.
US Treasury Secretary Scott Bessent said last week on Fox Business that Washington would approach trading partners with an indication of tariff levels and non-tariff barriers.
Bessent added that if countries stop their practices, they could potentially avoid tariffs.
In the same interview, Bessent noted that the tariffs would focus on about 15 percent of countries that have a trade imbalance with the United States, calling them the "dirty 15."