Trump Announces 25% Tariff on Venezuelan Oil Imports, Potentially Impacting India and China. Venezuela Denounces it as 'Illegal Economic Warfare.'
Trump Tariff: U.S. President Donald Trump announced a 25% tariff on countries importing oil and gas from Venezuela. This new levy, effective April 2nd, could significantly impact nations such as India, China, Spain, Italy, and Cuba. However, the U.S. oil company Chevron received some leniency, granted additional time to continue its operations in Venezuela.
Venezuela Condemns Tariff as 'Illegal and Arbitrary'
The Venezuelan government bly criticized Trump's decision, denouncing it as an "illegal and desperate measure." Venezuela stated that this represents another attempt to exert economic pressure and weaken its economy.
Tariff Triggers Oil Price Surge
Donald Trump, posting on his social media platform 'Truth Social,' stated that this tariff would be in addition to existing tariffs. Following this announcement, crude oil prices increased by approximately 1% in the international market, causing significant volatility in the global energy market.
China Most Affected, India Also Impacted
In February 2025, China purchased approximately 503,000 barrels per day of crude oil and fuel from Venezuela, representing 55% of the country's total oil exports. As India is also among the top importers of Venezuelan oil, this new tariff could lead to a surge in crude oil prices within India.
Venezuelan President Issues Strong Statement
Venezuelan President Nicolás Maduro described the Trump administration's decision as "economic warfare." He stated that these sanctions are part of a strategy to destabilize Venezuela and vowed b opposition to them.
