India and China may face impact as Trump considers tariffs on Venezuelan oil purchasers

US President Donald Trump on Monday announced massive tariffs on imports from countries that purchase Venezuelan oil and gas the move could impact major economies such as China and India and further increase global trade tensions, as reported by AFP.

Since returning to Trump's White House in January, Trump has announced tariffs on allies as well as adversaries, utilizing trade measures to push his foreign and economic policies.

The new 25 percent tariffs aimed at both indirect and direct consumers from Venezuelan crude, may go into effect on April 2 according to an order signed by the president on Monday.

The secretary of State, in collaboration along with the other US agencies is able to decide whether or not to impose the levy, which can impact major buyers such as China and India The report also noted that China and India are major buyers.

Experts have told AFP the fact that Venezuelan oil India exports petroleum to the two countries in addition exports to United States and Spain. Donald Trump told reporters on Monday that the tariff of 25 percent will be added in addition to the existing rates.

They also noted that during February, Venezuela provided a total of 500 000 barrels of oil a every day in China as well as 240,000 barrels of oil to United States.

Trump has declared the 2nd of April for "Liberation Day" for the largest economy in the world, and has promised reciprocal tariffs against trade partners to tackle the issues that Washington believes are unfair policies.

The president had previously mentioned specific tariffs for certain sectors coming into effect in the same period However, on Monday the White House indicated it might choose a less restrictive method.