Experts say that this new tariff could have a big impact on India and China. Venezuela used to export oil to the United States and Spain.
The United States has imposed a new 25% tariff on oil purchased from Venezuela after March 24th.
Donald Trump told reporters that “countries that buy oil from this Latin American country will be subject to an additional 25 percent tariff starting April 2nd.”
Donald Trump posted on social media that “Venezuela has acted against the United States and the freedoms we stand for, so any country that buys oil or gas from Venezuela will be subject to an additional 25 percent tariff if they want to do business with the United States.”
India and China are the world’s largest oil importers, with an estimated figure of over 254,000 barrels. India and China buy crude oil and gas from Venezuela, which has been bought for about 22 million barrels so far.
When Prime Minister Narendra Modi ji visited the United States, President Donald Trump said in a meeting at the White House Oval that India would have better relations with India if it bought oil from America.
But this time, if the 25 percent additional duty is a problem for India, then a country like India, which is dependent on black oil, will find an alternative because India’s diplomatic politics are very strong.
