Fresh Trump tariff concerns for India

IN A FRESH challenge to India's oil import diversification strategy amid rising geopolitical uncertainties, US President Donald Trump has threatened to impose 25% "secondary tariffs" from April 2, in addition to any existing tariffs, on countries such as India and China that import Venezuelan oil.

- RAVI DUTTA MISHRA & SUKALP SHARMA

"Venezuela has been very hostile to the US and the freedoms we espouse. Therefore, any country that purchases oil and/or gas from Venezuela will be required to pay a tariff of 25% to the US on any trade they conduct with our country. All documentation will be signed and registered, and the tariff will take effect on April 2," Trump said in a social media post late Monday. According to a Financial Times report, Trump told reporters that the 25% tariff on buyers of Venezuelan crude would be in addition to any existing levies. As per the executive order published Monday evening, once applied, the tariffs would remain in place for one year "after the last date on which the country imported Venezuelan oil," unless the US commerce secretary approved their earlier removal, the report said.