Brief by Shorts91NewsDesk / 03:02am on 25 Mar 2025,Tuesday Business
U.S. President Donald Trump announced a 25% "secondary tariff" on countries purchasing oil or gas from Venezuela, effective April 2, citing concerns over violent migrants. This move is part of a broader strategy to address the $1.2 trillion goods trade deficit by imposing tariffs on sectors like automobiles, pharmaceuticals, and aluminum. The announcement led to a nearly 1.5% rise in benchmark crude oil futures. China, the largest importer of Venezuelan oil, along with Spain, Italy, Cuba, and India, may be significantly affected. The policy's flexibility caused U.S. stocks to rise, with the S&P 500 gaining 1.8%. (PC: Reuters)
