Nicolas Maduro declares Economic Emergence in Venezuela

Venezuelan President Nicolas Maduro on Tuesday signed a constitutional decree on economic emergency. TASS reported with reference to Venezolana de Televisión TV channel.

"Due to the international situation and the consequences of the trade, 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 in a live TV broadcast.

"I am signing a decree of economic emergency that allows me to act for two months through various political means to protect the national economy and move forward," the head of state emphasized.

The President indicated that the decree will be sent to the National Assembly (Parliament) of the Republic for approval and will enter into force after publication in the National Gazette. The economic emergency is imposed throughout Venezuela for a period of 60 days, with the right to extend it for the same period.

On April 2, U.S. President Donald Trump announced the tariffs imposition on products from 185 countries and territories. Universal tariffs of 10% came into effect on April 5, individual tariffs - on April 9.

Since 2015, the U.S. and its allies have imposed more than 930 unilateral restrictive measures on Venezuela. The greatest damage to the Venezuelan economy is caused by the sanctions imposed in 2019 during the first presidential term of Donald Trump against the state-owned oil and gas company Petroleos de Venezuela (PDVSA). In February of this year, the White House lifted sanctions exemptions that gave foreign oil companies the ability to operate in the Bolivarian Republic. In April, import duties of 25% were imposed on countries that buy oil or gas from Venezuela.