In an unprecedented economic step, the erstwhile U.S. President Donald Trump declared a 25% tariff for countries that buy oil and gas from Venezuela. The move has brought forth worldwide debate instantly, as the energy market prepares for the ripple effects of the new regime.
Trump said that all official documents pertaining to the tariff will be signed and officially filed, with the measure to go into effect on April 2. The tariff is intended to pressure foreign governments to reconsider energy alliances with Venezuela.
Analysts expect the tariff to have an effect on energy prices and trade flows, particularly for countries that are greatly dependent on Venezuelan crude. The move has been criticized as a potential escalation of current supply chain disruptions and tensions between nations.
The global community is following closely as nations evaluate possible exemptions or retaliatory measures before the effective date.
