New York: US President Donald Trump’s threat to impose a 25 per cent tariff on exports from countries that buy oil from Venezuela would hit India which
US President Donald Trump’s threat to impose a 25 per cent tariff on exports from countries that buy oil from Venezuela would hit India which already fears reciprocal US taxes next month.
Trump announced on Truth Social on Monday that any country “that purchases Oil and/or Gas from Venezuela will be forced to pay a Tariff of 25 per cent to the United States on any Trade they do with our Country”.
India imported 63,115 barrels per day (bpd) in 2024, according to reports.
It will also hit New Delhi’s plans to increase cooperation in the petroleum field with Venezuela.
Trump said that the 25 per cent tariffs will come into force on April 2, when he plans to impose reciprocal tariffs on all countries. The new threat came amid reports that the reciprocal tariffs may be less drastic and directed at certain sectors.
Trump linked the levy to his battle with Venezuela over the members of the gang, Tren de Aragua (TdA), which he designated as a “foreign terrorist organisation”.
