Maduro announced the introduction of an economic emergency in the country.
Venezuelan President Nicolas Maduro has declared an economic emergency in the country in response to the imposition of tariffs by the United States, which he called a trade war. The decision will take effect on Tuesday and is aimed at protecting the national economy from the effects of international sanctions. He announced this on April 8 on the air of the Venezolana de Televisión TV channel.
"Venezuela has a plan to protect its economy after the sanctions imposed by the United States. A global trade war awaits us," the Venezuelan president said.
Maduro said that the United States violates global economic norms, undermines international trade law and the work of the World Trade Organization (WTO). According to him, the whole world has suffered from the financial crisis, especially American citizens.
The President stressed that Venezuela is closely monitoring the consequences of the trade war in order to protect the country from potential threats and take measures in response to global economic aggression.
"With this measure, we confirm our commitment to resisting international sanctions and ensuring the economic well—being of the country, thereby strengthening strategies that will allow us to move towards a more prosperous future," the president stressed.
On April 2, Trump announced large-scale trade measures: base tariffs of 10% are being introduced for all products supplied to the United States. For the EU, this figure has been raised to 20%, and for China — to 34%. On April 4, China imposed duties of 34% against the United States.
On February 19, American leader Donald Trump called Venezuela an enemy of the United States and recalled that in his first term as president, he imposed sanctions against Caracas. However, the administration of former US President Joe Biden began buying billions of dollars' worth of oil from the Latin American state.
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