New York, March 25: US President Donald Trump’s announcement of a potential 25% tariff on exports from countries purchasing oil from Venezuela poses significant concerns for India, which is already wary of reciprocal US tax implications. Trump declared via Truth Social that starting April 2, nations buying oil or gas from Venezuela would incur this tariff on their trade with the US. In 2024, India imported 63,115 barrels per day, which would be affected by this levy and complicate New Delhi’s aspirations for enhanced petroleum collaboration with Venezuela.
Trump’s tariffs are linked to his campaign against Venezuelan government ties with the Tren de Aragua gang, which he labeled a foreign terrorist organization. While nations such as China, Venezuela’s largest importer, will also be impacted, the US remains one of Venezuela’s top oil importers, receiving 228,000 bpd last year.
India’s efforts to bolster its trade with Venezuela were previously buoyed by a visit from Venezuelan Vice President Delcy Rodriguez and optimistic remarks from India’s Petroleum Minister Hardeep Singh Puri, who anticipated increased imports. However, these hopes now seem to be jeopardized due to the looming tariffs and ongoing US sanctions against Venezuela.
