US President Donald Trump on Monday announced steep tariffs on imports from countries buying Venezuelan oil and gas, a punitive measure that could hit China and India, among others.
The across-the-board 25 percent levies targeting direct and indirect buyers of Venezuelan oil can take effect as soon as Wednesday next week, according to an order signed by Trump, who accused Venezuela of “purposefully and deceitfully” sending “undercover, tens of thousands of high level, and other, criminals” to the US.
The 25 percent tariff would be on top of existing rates, he said.
Photo: AFP
China is the largest importer of Venezuelan oil, while other buyers include India, Spain and the US itself.
Caracas called the measure a “new aggression” by Washington.
“They can sanction and impose tariffs on whatever they want, what they cannot sanction is the love and patriotism of the Venezuelan people,” Venezuelan President Nicolas Maduro said during an event broadcast on radio and television.
China yesterday accused Washington of “interfering in Venezuela’s internal affairs.”
The US must “abolish the illegal unilateral sanctions,” Chinese Ministry of Foreign Affairs spokesman Guo Jiakun (郭嘉昆) told a news conference in Beijing.
Trump has dubbed Wednesday next week “liberation day” for the world’s biggest economy, already promising reciprocal tariffs tailored to each trading partner in an effort to remedy practices that Washington deems unfair.
He earlier signaled sector-specific duties to start on the same day — but the White House on Monday said that it might take a narrower approach.
Sector-specific tariffs “may or may not happen April 2,” a White House official told reporters, adding that the situation is “still fluid.”
The official reaffirmed that reciprocal tariffs would take place.
Trump told reporters on Monday that he might “give a lot of countries breaks” eventually, without elaborating.
He separately added that he would announce car tariffs “very shortly” and those on pharmaceuticals later down the line.
Separately, South Korean auto giant Hyundai Motor Co on Monday announced a multibillion-dollar investment in the US, including a new US$5.8 billion steel plant.
The plant, which is to be based in Louisiana, “will create 1,300 American jobs,” Hyundai executive chairman Euisun Chung told reporters at a White House event alongside Trump.
The move would also serve “as the foundation for a more self-reliant and secure automotive supply chain in the US,” Chung said.
Hyundai’s announcement makes it the latest firm to announce plans to invest billions of dollars into the US since Trump’s return to office in January.
“Cars are coming to this country at levels never seen before,” Trump told reporters on Monday.
The investment was “a clear demonstration that tariffs very strongly work,” he said.
“Hyundai will be producing steel in America and making its cars in America, and as a result, they’ll not have to pay any tariffs,” Trump added.
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