Mon, 24 Mar 2025

Mon, 24 Mar 2025 Trump threatens tariffs on buyers of Venezuelan oil

The president said he would impose "secondary" taxes but appeared to soften his stance on other tarrifs.

* President Trump threatens to impose a 25% tariff on US imports from countries that buy oil from Venezuela.
* The move is aimed at punishing Venezuela "for numerous reasons", including allegedly sending gang members to the US.
* Markets rise after Trump suggests he may soften his plans for tariffs on other countries, saying he "may give a lot of countries breaks".
* The White House confirms reports that Trump's planned tariff rates are lower than previously announced.
* Tariffs on specific products, including cars and computer chips, will still be imposed.
* The US is expected to put pressure on current oil buyers, including China, India, and Spain, to reduce their dealings with Venezuela.
* The US has already raised tariffs on Chinese imports to at least 20% since February.
* Chevron, a US oil firm exempt from economic sanctions in Venezuela, was given an updated deadline of May 27 to wind down its operations.
* Oil prices rose over 1% after the announcement.
* A US appeals judge questioned the government's power to deport Venezuelan migrants without due process.
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