Oil Price to rise in India? Donald Trump imposes 25 percent tariff on countries buying oil from…., not Russia, Mukesh Ambani likely to face…

New Delhi: In a necessary strategic pass, US President Donald Trump has announced heavy tariffs on countries buying oil and gas from Venezuela. Per the reports, these countries will face a 25 percent tariff starting up April 2. Alternatively, American oil producer Chevron has been given some relief. The Trump administration has extended the closing date for the firm to halt its operations in Venezuela.

To recall, the US Treasury Division had earlier given the firm a 30-day length. It is mandatory to demonstrate that essentially the most up-to-date announcement of tariffs by the United States on countries buying for oil from Venezuela may influence countries like India and China.

Reacting to essentially the most up-to-date constructing, the Venezuelan government has stated that Venezuela firmly and explicitly rejects the new aggression of US President Donald Trump. It intends to impose a 25 percent secondary tariff on any country buying oil and gas from Venezuela. This is an arbitrary, illegal, and determined measure.

What did Donald Trump divulge?

In a submit on his Truth Social, Donald Trump stated that the secondary tariff on investors of Venezuelan oil will take attain from April 2. On Monday, Trump told newshounds that the tariffs would be apart from to the existing ones. Following the announcement of the tariffs, oil costs elevated by about 1 percent.

China is the most effective buyer

In February, China at the moment and no longer at the moment bought roughly 503,000 barrels of low oil and fuel per day from Venezuela. This accounts for about 55% of Venezuela’s entire exports. Besides China, countries like India, Spain, Italy, and Cuba also buy oil from Venezuela.