Trump, the president of the United States, announced higher import tariffs from nations that could affect India, China, and other nations, causing tensions in world trade.
” Venezuela has been very angry to the United States and the rights that we support. Any nation that purchases fuel and/or gas from Venezuela will therefore be required to pay a 25 % tax to the US for any business they engage in with our nation, Trump wrote on Truth Social.
Trump added that Venezuela was “purposefully and fraudulently” sending crooks to the United States, including violent criminals and users of organizations like Tren de Aragua.
Since his returning to the White House in January, Trump has violently imposed taxes on both friends and foes, using them as a means of exerting economic and diplomatic stress.
Cuban crude has 25 % taxes.
The newly proposed Cuban crude has 25 % taxes., affecting both direct and indirect purchasers, could be implemented from April 2, as per Trump’s signed directive.
The secretary of state will consult with different US companies before deciding whether to impose these levies.
These tariffs, which are scheduled for April 2, coincide with Trump’s designed announcement of mutual tariffs on other countries, which he refers to as “liberation day.”
He has pledged to impose large sector-specific duties on imported car parts, medicine, and semiconductors in addition to bilateral tariffs.
How does India be affected?
India and China may be affected by the taxes because both countries import Venezuelan crude along with the United States and Spain. Trump stated that the 25 % tax would be added to the already-adjusted rate.
The 25 % tax must end one year after a nation’s last Venezuelan crude buy, or sooner, at Washington’s option’s discretion.
Venezuelan oil, which accounted for 1.5 % of India’s full crude oil purchases in 2024, was imported by India.
In January 2024, Venezuela’s exports increased to over 254, 000 barrels per day, accounting for roughly half of the country’s total oil exports, which totaled almost 557, 000 barrels per day during this time.
India’s crude oil imports totaled about 191,600 containers per day in December 2023. Reliance Industries was able to secure 127, 000 containers per day according to the transmission among the companies.
The HPCL-Mittal Energy received 28, 000 barrels per day, while the Indian Oil Corporation ( IOC ) received 37, 000 barrels per day.
According to AFP, Venezuela exported nearly 500, 000 barrels of oil each day to China and 240, 000 containers to the United States last year in February.
Continuity of the deal
Trump’s announcement comes after the US and Venezuela deported the network last month, citing Caracas ‘ failure to uphold an agreement to bring back workers immediately. Venezuela withdrew from accepting these planes as a result.
Almost 200 Cuban nationals were deported from the US through Honduras after Caracas announced earlier on Saturday that it had reached a new deal with Washington to begin persecution.
Individually, the Trump administration extended Chevron’s operating deadline to May 27 for US gas companies in Venezuela. The business had been operating under a prohibition.
The “dirty 15” nations
Treasury Secretary Scott Bessent stated earlier that Washington may talk with trading partners about price ranges and non-tariff restrictions during an exam with Maria Bartiromo on Fox Business.
Bessent argued that countries may change their current methods and possibly defy these taxes.
Bessent mentioned that the taxes would target roughly 15 % of countries with US trade imbalances during the conversation, calling them the “dirty 15”.
