Connect with us

Business

Trump says he’ll slap a 25% tariff on countries that buy oil from ‘very hostile’ Venezuela

Published

on



President Donald Trump said Monday he would be placing a 25% tariff on all imports from any country that buys oil or gas from Venezuela as well as imposing new tariffs on the South American country itself.

In a Truth Social post, Trump said Venezuela has been “very hostile” to the U.S. and countries purchasing oil from it will be forced to pay the tariff on all their trade to the U.S. starting April 2.

The tariffs would most likely add to the taxes facing China, which in 2023 bought 68% of the oil exported by Venezuela, according to a 2024 analysis by the U.S. Energy Information Administration. Spain, India, Russia, Singapore and Vietnam are also among the countries receiving oil from Venezuela, the report shows.

But even the United States — despite its sanctions against Venezuela — buys oil from that country. In January, the United States imported 8.6 million barrels of oil from Venezuela, according to the Census Bureau, out of roughly 202 million barrels imported that month.

And on Monday, the Treasury Department issued an extension for U.S.-based Chevron Corp.’s lease to pump and export Venezuelan oil until May 27. The extension, known as a general license, exempts the country from economic sanctions and allows it to continue to pump oil.

In February, Trump had announced an end to the Chevron-Venezuela relationship, in what became a financial lifeline for the South American country.

Venezuelan President Nicolás Maduro responded by accusing the U.S. of violating international trade rules with an “arbitrary, illegal and desperate measure” designed to “undermine the development” of the South American nation.

“For years, the fascist right, repudiated by the Venezuelan people, has promoted economic sanctions with the hope of bringing Venezuela to its knees,” the government said in a statement. “They failed because Venezuela is a sovereign country, because its people have resisted with dignity, and because the world no longer submits to any form of economic dictatorship.”

The U.S. president is arguing that tariffs will bring back manufacturing jobs, rather than worsen inflationary pressures and hinder growth as economists have warned. His latest anecdotal evidence came Monday as Hyundai announced at the White House that it would build a $5.8 billion steel plant in Louisiana.

“This investment is a clear demonstration that tariffs very strongly work,” said Trump, adding that the new plant by the South Korean automaker would create 1,400 jobs.

Hyundai Motor Group’s executive chairman, Euisun Chung, told the president: “We are really proud to stand with you and proud to build the future together.”

Trump’s latest tariffs threat suggests the administration may be willing to take bolder moves against China in its efforts to rewrite the guidelines of the global economy. The Trump administration has already levied universal 20% tariffs on imports from China as an effort to crackdown on the illicit trade in fentanyl, but another 25% import tax on top of that could further escalate tensions between the world’s two largest economies.

Trump said Venezuela will face a “Secondary” tariff because it is the home to the gang Tren de Aragua. The Trump administration is deporting immigrants that it claims are members of that gang who illegally crossed into the United States.

Trump has labeled April 2 as “Liberation Day” based on his still unclear plans to roll out import taxes to match the rates charged by other countries, as well as fully levy 25% tariffs against Mexico and Canada, the two largest U.S. trading partners. The Republican president has also increased his 2018 tariffs on steel and aluminum to 25% for all imports and has committed to additional tariffs on autos, pharmaceutical drugs, lumber, computer chips and copper.

The U.S. stock market had been climbing on Monday as investors expect the tariffs to be more targeted than they earlier feared. Still, the S&P 500 index is down so far this year out of concerns that a trade war could hinder economic growth and increase inflationary pressures.

But Trump has been somewhat closely guarded about his plans for tariffs, saying Monday that even though he wants to charge “reciprocal” rates that “we might be even nicer than that.”

This story was originally featured on Fortune.com



Source link

Continue Reading

Business

Trump won’t rule out seeking third term, says there are ways

Published

on



President Donald Trump said he wouldn’t rule out seeking a third term in the White House, telling NBC News in a phone interview on Sunday that “there are methods” that would allow him to do so

“I’m not joking,” Trump said. “But I’m not — it is far too early to think about it.” 

The 22nd Amendment to the US Constitution, enacted after Franklin D. Roosevelt was elected to a fourth term in 1944, prohibits US presidents from serving more than two terms. The process for amending the Constitution takes years.

“A lot of people want me to do it,” said Trump, who will be 81 at the end of his current term. He declined to specify the methods by which he could legally serve a third term. He was elected in 2016, defeated in 2020 by Joe Biden and reelected in 2024. 

This story was originally featured on Fortune.com



Source link

Continue Reading

Business

The winner from auto tariffs is ‘no one’ as ‘pure chaos’ will reign over the industry, analysts say

Published

on



© 2025 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.



Source link

Continue Reading

Business

Anti-American sentiment rises in Europe as Trump fuels anger

Published

on



Rising anti-American sentiment in Europe as President Donald Trump’s policies ruffle feathers is ushering in a shift in consumer behavior, not least in attitudes toward American goods.

Trump’s threats to impose punitive tariffs on Europe, seize territories and pull military support in the region — including his handling of the war in Ukraine — have irked European consumers, fueling campaigns to boycott US products. 

There’s currently no country in Europe where more than half of the population has a positive attitude toward the US, according to a YouGov poll published March 4. Opinion soured the most in Denmark, where leaders and residents were riled by Trump’s plans to take control of Greenland.

Facebook groups urging the boycott of US goods have sprung up and amassed thousands of followers. One such Danish group, Boykot varer fra USA (Boycott products from USA) has drawn more than 92,000 members since it was created Feb. 3.

“I got more and more upset with his ways of declaring what is right and what is wrong,” Bo Albertus, one of the administrators of the group, said in an interview. “I began to feel like I need to do something.” 

Albertus, a Danish school principal, said he canceled all his streaming services in favor of European or Danish ones and no longer eats at American fast-food chains. 

Read more: French Companies Asked to Drop DEI to Keep US Government Work

“I thought the best way is to stop putting money in their pockets,” Albertus said. Almost every second Dane has deliberately refrained from buying an American product since Trump’s inauguration, a survey from Megafon for Danish broadcaster TV 2 shows. 

A similar Swedish group, Bojkotta varor från USA, has grown just as fast. 

“I was just angry, I didn’t know what to do,” said Jannike Kohinoor, a Swedish teacher and one of the creators of the group. Following Trump’s insinuations that Ukrainian President Volodymyr Zelenskiy was to blame for the war, “our brains were just exploding,” she said. “Starting the group gave us an opportunity to do something.” 

Some 70% of Swedes have or are considering refraining from buying American products as a form of political protest, according to a survey from Verian conducted for Swedish state broadcaster SVT. One in 10 have boycotted US goods completely within the past month, while 19% have only stopped buying certain goods.

Salling Group AS, Denmark’s largest grocery group and the operator of supermarkets Bilka, Fotex and Netto, started marking whether a product is owned by a European company on its electronic price tags. That was in response to an increasing number of customers wanting to buy groceries from exclusively European brands, Chief Executive Officer Anders Hagh said in a LinkedIn post.

Still, any visible impact on European retail earnings would take a while to materialize, Bloomberg Intelligence Senior Analyst Charles Allen said. “These market share shifts tend to take time.”

A growing number of US companies, already rattled by boycotts in Canada, have flagged the potential business risk of more discontent further afield.

The change in consumer behavior has been swift and dramatic for Tesla Inc., fueled by Europeans’ reaction to CEO Elon Musk’s antics and unwelcome involvement in European politics. Tesla’s sales plunged 76% in Germany last month as Musk angered voters taking part in the country’s closely contested federal election. Across Europe, sales of Tesla vehicles fell 45% in January and dropped 40% in February.

Demonstrators from London to Berlin joined a global anti-Tesla protest on Saturday, displaying their opposition to what they perceive as Musk’s undermining of democracy. 

Groupe Roy Energie SAS, which has ordered between five and 15 Tesla cars annually since 2021, has taken a stand by canceling an order of 15 cars in favor of European models despite their higher cost.

“Individual consumers, society, our countries, Europe must react,” Romain Roy, the company’s CEO, told French broadcaster Sud Radio.

In Norway, oil and shipping company Haltbakk Bunkers AS said it would no longer sell fuel to US forces or ships, a reaction to the Oval Office spat between Trump and Zelenskiy, according to public broadcaster NRK. “No fuel for Americans!” the company said in a now-deleted Facebook post. 

The reports prompted Norway’s Defense Minister Tore O. Sandvik to issue a statement saying that the reported boycott isn’t in line with Norwegian government policy.

At the grassroots level, it’s about doing what one can.

“I don’t know if we’re going to have an economic impact, I think that’s longer than a marathon,” Kohinoor said. “But maybe we can have a social impact.”

This story was originally featured on Fortune.com



Source link

Continue Reading

Trending

Copyright © Miami Select.