Will oil prices increase in India? Trump imposed 25 percent tariff on countries buying oil from Venezuela

US President Donald Trump has announced to impose heavy tariffs on countries buying oil and gas from Venezuela. Trump will impose 25 percent tariffs on these countries from April 2. However, American oil producing company Chevron has been given some relief.

The Trump administration has extended the deadline for the company to stop its operations in Venezuela. Earlier, the US Treasury Department had given the company 30 days. Countries like India and China may be affected by the announcement of tariffs on countries buying oil from Venezuela.

Illegal and arbitrary approach: Venezuela

Venezuela firmly and categorically rejects US President Donald Trump's new aggression, which intends to impose a 25 percent secondary tariff on any country buying oil and gas from Venezuela. This is an arbitrary, illegal and desperate measure, the Venezuelan government said.

What did Donald Trump say?

Donald Trump wrote in a post on his Truth social that secondary tariffs on buyers of Venezuelan oil will come into effect on April 2. He told reporters later on Monday that the tariffs will be in addition to existing tariffs. Oil prices rose by about 1 percent after the tariffs were announced.

China is the biggest buyer

In February, China directly and indirectly bought about 503,000 barrels of crude oil and fuel per day from Venezuela. This is about 55 percent of Venezuela's total exports. Apart from China, countries like India, Spain, Italy and Cuba also buy oil from Venezuela.

Maduro said – this is equivalent to economic war

Venezuelan President Nicolas Maduro rejected Trump's sanctions. He says these are illegal measures. They are designed to cripple Venezuela. They amount to economic war.

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