Trump to impose tariff on countries buying Venezuelan oil

WASHINGTON

U.S. President Donald Trump has announced steep tariffs on imports from countries buying Venezuelan oil and gas, a punitive measure that could hit China and India, among others, and sow fresh global trade uncertainty.

Since returning to the White House in January, Trump has unleashed tariffs on U.S. allies and foes alike, attempting to strong-arm both economic and diplomatic policy.

The latest across-the-board 25 percent levies targeting direct and indirect buyers of Venezuelan oil can take effect as soon as April 2, according to an order signed on March 24 by Trump.

The U.S. Secretary of State, in consultation with other government agencies, is authorized to determine if the new levy will be imposed.

These could hit China and India, with experts noting that Venezuela exports oil to both those countries, and to the United States and Spain.

Trump told reporters that the 25 percent tariff would be on top of existing rates.

Caracas called the measure a "new aggression" by Washington.

In February, Venezuela exported about 500,000 barrels of oil per day to China and 240,000 barrels to the United States, experts told AFP.

Trump has dubbed April 2 "Liberation Day" for the world's biggest economy, already promising reciprocal tariffs tailored to each trading partner in an effort to remedy practices that Washington deems unfair.

He earlier signaled sector-specific duties coming around the same day, but the White House said on March 24 it might take a narrower approach.

According to Trump's order, the 25 percent tariff expires a year after the last date that a country has imported Venezuelan oil - or sooner if Washington decides so.