Us President Donald Trump on Venezuela: US President Donald Trump announced on Monday (March 24) that any country buying oil or gas from Venezuela would have to pay 25 percent tariffs on trade with the US. This decision has been taken due to increasing political and economic stress between the US and Venezuela.

Trump wrote on his Truth social platform that Venezuela has great enmity with the US and our supported freeds, therefore, any country that buys oil and or gas from Venezuela will have to pay 25 % tariff on business with America.

Why did America take this step?
The Trump administration has already imposed several restrictions on Venezuela. He has not recognized the government of President Nicolas Maduro. Trump alleged that Venezuela has sent criminals to the US, including the Tren De Aragua gang. The US government has termed it as a foreign terrorist organization. Due to all this, Trump also wants to make Venezuela financially weak.

Does India buy oil from Venezuela?
India is the third largest oil consumer in the world and he imports crude oil from Venezuela.
India’s oil import data from Venezuela (2023-24):
December 2023: India bought 191,600 barrels per day (BPD) oil.
Reliance Industries: 127,000 BPD
Indian Oil Corporation (IOC): 37,000 BPD
HPCL-Mittal Energy: 28,000 BPD
January 2024: India’s imports increased to 254,000 BPD, which was 50 per cent of the total oil exports of Venezuela.
If India continues to buy oil from Venezuela, it may have to pay an additional fee of 25 percent on the trade done with the US.

Trump’s tariff’s global effect
India gets cheaper oil from Venezuela. If the tariff is applied, India may have to buy oil from Saudi Arabia, Iraq or Russia. This can increase the prices of petrol and diesel. This decision of America can increase oil prices. Countries like China and Turkas can also be affected. Venezuela will have to search for new oil buyers.

Venezuela-America relationship will deteriorate
Venezuela has already been imposed US sanctions. The new tariff will spoil the relationship between the two countries. Tram said that this tariff will be implemented on 2 April 2025. On the matter, Trump said that our homeland security, border patrol and other agencies have been informed about this decision.