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He referred to this date as “Liberation Day in America”, as his long-threatened reciprocal tariffs are also set to take effect. The move is widely viewed as a political manoeuvre designed to put pressure on Venezuelan President Nicolás Maduro, as well as China, the largest importer of Venezuelan crude.
Oil prices surged following the announcement, with WTI futures at NYMEX climbing 1.22% to $69.11 per barrel, while Brent futures at ICE rose 1.16% to $73 per barrel on Monday. Both benchmarks hit their highest levels, recording gains of 11% and 6.7%, respectively, despite a slight pullback during Tuesday’s Asian session.
Trump referred to the new oil duties as a “secondary tariff”, aimed at tackling illegal migration from Venezuela. “Venezuela has purposefully and deceitfully sent to the United States, undercover, tens of thousands of high-level and other criminals, many of whom are murderers and people of a very violent nature,” he claimed.
Source: Euronews