US Tariff On Venezuela Will Impact India Too

New York: 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 co-operation in the petroleum field with Venezuela.