US President Donald Trump has announced on Monday that he will put heavy tariffs over the countries buying gas and oil from Venezuela. While his move can affect India and China on the one hand, on the other hand there can be huge tension in global trade.

Donald Trump wrote on his Truth Social and said- Vejazuel, America and the freedom that they support. Therefore, any country that purchase oil from Venezuela will have to pay 25 percent tariff on business from America. President Trump accused Vejazuela that he was deliberately sending violent people to America.

Since Trump has returned to the White House in January, he has been continuously using tariffs as a weapon to increase economic and diplomatic pressure against his colleagues and opponents.

The proposal to impose a proposed 25 per cent tariff on the buyer directly or individually from Venezuela could be affected from April 2 after the instructions of Trump. Now this decision to implement is above the Foreign Minister, who will consult other American agencies before implementing this tariff.

What will be the effect on India?

This tariff imposed by the US can affect both India and China, as both countries buy oil from Venezuela besides America and Spain. Last year i.e. in 2024, India purchased 22 million barrel oil from Venezuela, which is about one and a half percent of India’s total crude oil purchases.

In December 2023, the import of crude oil of around 191,600 barrels per day was increased from New Delhi, which increased to more than 254,000 next month. In January 2024, about half of the total Venezuela oil exports (about 557,000 BPD for a month) was importing from India.

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