LatinNews Daily - 9 April 2025

*Venezuela’s President Nicolás Maduro has signed a decree declaring an economic emergency in response to the tariffs introduced by US President Donald Trump and the tightening of US sanctions on Venezuela. According to a statement from the economy & finance ministry which summarised the decree, the emergency measure enables Maduro to “adopt urgent regulations to preserve the national economy and guarantee access to goods and essential services”. Among other things, these actions could include the suspension of taxes to boost national production, new measures to prevent tax evasion, and measures to boost domestic and international investment. The decree also suspends the obligation for a “legal reserve” – the minimum amount of funds that are required to be set aside as a buffer. It also enables Maduro to implement measures relating to “the social, economic or political order that he considers pertinent given the extraordinary situation”. The decree will be in force for an initial period of 60 days, with the possibility of renewal. The Trump administration announced a 15% tariff on US imports from Venezuela on 2 April. This followed Trump’s revocation in February of the special licence enabling US oil firm Chevron to operate in Venezuela, and his signing of an executive order on 24 March authorising discretionary tariffs of 25% on US imports from countries that purchase Venezuelan oil.

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