SME Times is powered by   
Search News
Just in:   • PLI-Auto Scheme: ₹25,219 Cr Investments, 38,186 Jobs Committed  • BOK warns against market volatility amid uncertainty, rising household debts  • Indian IT services to log 6-8 pc growth once again in fiscal 2026: Crisil  • Govt’s Sahkar Taxi to Take on Ola, Uber with Bike & Cab Services  • Punjab budget will take state forward, says State AAP chief 
Last updated: 25 Mar, 2025  

venezeula.jpg Trump’s 25 per cent tariff threat over Venezuela oil imports would hit India

venezeula.jpg
   Top Stories
» Govt’s Sahkar Taxi to Take on Ola, Uber with Bike & Cab Services
» Despite geo-political uncertainties, India’s exports set to cross $800 billion
» NHAI seals largest InvIT monetisation deal of over Rs 18,000 crore
» PMKVY scheme skilled over 16mn candidates till 2024: Centre
» Govt aiming to formalise 9 crore MSMEs by 2029
IANS | 25 Mar, 2025

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”.

He accused the Venezuelan government of “purposefully and deceitfully” sending over the members of the gang linked to murders and other crimes across the country and made it a part of his campaign against terrorism.

Several other countries will be hit by the tariff – and that including China, which is Venezuela’s biggest importer.

But the US is itself among the top importers of Venezuelan oil getting 228,000 bpd from it last year.

Trump’s administration gave the US oil company Chevron two months to end its operations in Venezuela that export oil to the US.

India has been looking to expand its trade with Venezuela

Venezuela’s Vice President Delcy Rodriguez, who holds the petroleum portfolio, visited India in February during the Energy India Week event.

She met with India’s Petroleum Minister Hardeep Singh Puri and other officials.

Energy Watch said Puri had sounded hopeful of increasing imports from Venezuela.

It quoted him as saying during Energy Week, “Earlier, Venezuelan oil was not available in the market because of international constraints. Now, all the signals point in the direction of those constraints being eased”.

“So, if your question to me is can you expect more oil to come from Venezuela, my answer will be, yes, one can provided these processes are sorted out”, he said.

He added, “I am looking at it with great optimism to these issues getting resolved”.

But those hopes now appear dashed.

Venezuela has long been under US sanctions over what Washington said was President Nicolas Maduro.

Under former US President Joe Biden, the sanctions were eased with a general waiver, but it was rescinded last year when Maduro was accused of not holding fair elections.

Biden’s administration gave specific, restrictive waivers which Trump abolished.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Do you think Indian businesses will be negatively affected by Trump's America First Policy?
 Yes
 No
 Can't Say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter