Venezuelan President Nicolas Maduro signed a decree to introduce a state of economic emergency.
“In connection with the international situation and the consequences of the US trade and economic war against the whole world and Venezuela, against our continent, I am resorting to the constitutional right to declare a state of economic emergency“, the president said live on the Venezolana de Televisión television channel.
“This allows me to act with different political means for two months to protect the national economy and move forward“, the head of state emphasized.
The president indicated that the decree will be sent for approval to the parliament of the republic and will enter into force upon publication in the State Gazette. A state of economic emergency has been declared throughout Venezuela for a period of 60 days, with the right to be extended for the same period, Maduro said.
On April 2, US President Donald Trump announced the introduction of tariffs on goods from 185 countries and territories. The universal tariffs of 10% came into effect on April 5, and the individual tariffs will come into effect today, April 9.
Import duties of 25% were imposed on countries that buy oil or gas from Venezuela.
Since 2015, the US and its allies have imposed more than 930 unilateral restrictive measures against Venezuela. The greatest damage to the Venezuelan economy comes from the sanctions imposed in 2019. during Trump's first term against the state-owned oil and gas company Petroleos de Venezuela (PDVSA).
In February of this year, Trump revoked a sanctions waiver that allowed foreign oil companies to operate in the republic.