Trump threatens 25% tariff on countries that buy oil, gas from Venezuela

illuminem summarises for you the essential news of the day. Read the full piece on Le Monde or enjoy below:

🗞️ Driving the news: President Donald Trump announced on March 24 that the United States will impose a 25% tariff on all imports from countries purchasing oil or gas from Venezuela
• This move aims to exert economic pressure on Venezuela's government by discouraging international trade in its energy sector
• The announcement has raised concerns among U.S. trade partners involved in importing Venezuelan energy products

🔭 The context: The U.S. has previously implemented sanctions targeting Venezuela's energy sector to challenge President Nicolás Maduro's administration.
• The 25% tariff extends these efforts by penalizing third-party countries engaging in energy trade with Venezuela
• This policy shift may impact global energy markets and international relations, particularly with nations reliant on Venezuelan oil and gas

🌍 Why it matters for the planet: The imposition of tariffs on countries importing Venezuelan oil and gas could lead to shifts in global energy sourcing
• This may influence international energy policies and potentially affect global energy prices
• The move underscores the geopolitical complexities of energy trade and its implications for global markets

⏭️ What's next: The international community is expected to respond to the U.S. tariffs, with potential diplomatic and economic ramifications
• Countries affected by the tariffs may seek negotiations or alternative energy sources to mitigate the impact
• The situation may evolve as nations assess their energy strategies in light of the new U.S. policy

💬 One quote: "President Donald Trump announced on Monday, March 24, he would be placing a 25% tariff on all imports from any country that buys oil or gas from Venezuela." — Le Monde

📈 One stat: As of 2024, Venezuela's oil exports accounted for approximately 95% of its total export revenues, highlighting the significance of the energy sector to its economy

Click for more news covering the latest on oil & gas