Trump to Impose Sharp Tariff on Countries Buying Venezuelan Oil

 President Donald Trump delivers remarks in the Roosevelt Room at the White House in Washington, Monday, March 24, 2025. (AP)
President Donald Trump delivers remarks in the Roosevelt Room at the White House in Washington, Monday, March 24, 2025. (AP)
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Trump to Impose Sharp Tariff on Countries Buying Venezuelan Oil

 President Donald Trump delivers remarks in the Roosevelt Room at the White House in Washington, Monday, March 24, 2025. (AP)
President Donald Trump delivers remarks in the Roosevelt Room at the White House in Washington, Monday, March 24, 2025. (AP)

US President Donald Trump announced Monday steep tariffs on imports from countries buying Venezuelan oil and gas, a punitive measure that could hit China and India, among others, and sow fresh global trade uncertainty.

Since returning to the White House in January, Trump has unleashed tariffs on US allies and foes alike, attempting to strong-arm both economic and diplomatic policy.

The latest across-the-board 25 percent levies targeting direct and indirect buyers of Venezuelan oil can take effect as soon as April 2, according to an order signed Monday by Trump.

The US secretary of state, in consultation with other government agencies, is authorized to determine if the new levy will be imposed.

These could hit China and India, with experts noting that Venezuela exports oil to both those countries, and to the United States and Spain.

Trump told reporters Monday that the 25 percent tariff would be on top of existing rates.

Caracas called the measure a "new aggression" by Washington.

"They can sanction and impose tariffs on whatever they want, what they cannot sanction is the love and patriotism of the Venezuelan people," President Nicolas Maduro said during an event broadcast on radio and television.

In February, Venezuela exported about 500,000 barrels of oil per day to China and 240,000 barrels to the United States, experts told AFP.

- 'Liberation day' -

Trump has dubbed April 2 "Liberation Day" for the world's biggest economy, already promising reciprocal tariffs tailored to each trading partner in an effort to remedy practices that Washington deems unfair.

He earlier signaled sector-specific duties coming around the same day -- but the White House said Monday it might take a narrower approach.

In his Monday announcement on Truth Social involving Venezuela, the president cited "numerous reasons" for what he called a "secondary tariff."

He accused Venezuela of "purposefully and deceitfully" sending "undercover, tens of thousands of high level, and other, criminals" to the United States.

He added in his post that "Venezuela has been very hostile to the United States and the Freedoms which we espouse."

According to Trump's order, the 25 percent tariff expires a year after the last date that a country has imported Venezuelan oil -- or sooner if Washington decides so.

Trump's announcement comes as the deportation pipeline between the United States and Venezuela was suspended last month when he claimed Caracas had not lived up to a deal to quickly receive deported migrants.

Venezuela subsequently said it would no longer accept the flights.

But Caracas said Saturday it had reached agreement with Washington to resume repatriations after which nearly 200 Venezuelan citizens were deported from the United States via Honduras.

Separately Monday, the Trump administration extended US oil giant Chevron's deadline to halt its operations in Venezuela through May 27.

The company had been operating in Venezuela under a sanctions waiver.

- Tariff 'breaks'? -

Trump's latest move adds to tariffs he has vowed would start on or around April 2.

Besides reciprocal tariffs, he has promised sweeping sector-specific duties hitting imported automobiles, pharmaceuticals and semiconductors.

As things stand, however, his plans for the day might become more targeted.

Sector-specific tariffs "may or may not happen April 2," a White House official told AFP, adding that the situation is "still fluid."

The official reaffirmed that reciprocal tariffs would take place.

But Trump told reporters Monday he might "give a lot of countries breaks" eventually, without elaborating.

He separately added that he would announce car tariffs "very shortly" and those on pharmaceuticals later down the line.

US partners are furthering talks with Washington as deadlines loom, with EU trade chief Maros Sefcovic heading to the country Tuesday to meet his counterparts -- Commerce Secretary Howard Lutnick and trade envoy Jamieson Greer.

Hopes of a narrower tariff rollout gave financial markets a boost.

Treasury Secretary Scott Bessent told Fox Business' Maria Bartiromo last week that Washington would go to trading partners with an indication of where tariff levels and non-tariff barriers are.

If countries stopped their practices, Bessent added, they could potentially avoid levies.

In the same interview, Bessent noted that levies would be focused on about 15 percent of countries who have trade imbalances with the United States, dubbing these a "dirty 15."



Saudi Arabia Expands Tourist E-Visa Eligibility to Four More Countries

The tourist visa allows visitors to attend events, perform Umrah, and visit exhibitions and conferences (SPA)
The tourist visa allows visitors to attend events, perform Umrah, and visit exhibitions and conferences (SPA)
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Saudi Arabia Expands Tourist E-Visa Eligibility to Four More Countries

The tourist visa allows visitors to attend events, perform Umrah, and visit exhibitions and conferences (SPA)
The tourist visa allows visitors to attend events, perform Umrah, and visit exhibitions and conferences (SPA)

Saudi Arabia has expanded its electronic tourist visa program by adding four countries to the list of eligible nationalities: Mexico, North Macedonia, Serbia, and Bosnia and Herzegovina.

The Ministry of Tourism said the move is part of ongoing efforts to facilitate travel to the Kingdom for visitors from around the world, allowing citizens of the newly added countries to apply electronically for tourist visit visas.

The tourist visa also permits holders to attend events, perform Umrah, visit exhibitions and conferences, and visit relatives and friends, in accordance with applicable regulations and instructions.


50-Year Contracts Open New Horizons for Real Estate Investment in Saudi Arabia

A neighborhood in the Saudi capital, Riyadh (SPA)
A neighborhood in the Saudi capital, Riyadh (SPA)
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50-Year Contracts Open New Horizons for Real Estate Investment in Saudi Arabia

A neighborhood in the Saudi capital, Riyadh (SPA)
A neighborhood in the Saudi capital, Riyadh (SPA)

Long-term real estate investment models are opening new opportunities for Saudi Arabia's private sector, as the Kingdom seeks to expand partnerships with investors to develop municipal assets and transform them into mixed-use projects.

The approach is expected to enhance the appeal of the real estate market, create investment opportunities spanning decades, and attract domestic and international capital to urban development. It also aims to improve land-use efficiency, maximize the economic value of municipal assets and increase housing supply.

Riyadh Region Municipality, the Ministry of Municipalities and Housing, and the National Center for Privatization & PPP (NCP) announced the launch of the expression of interest, prequalification and proposal submission phases for a joint land investment project in northern Riyadh.

The project involves developing a plot of municipal land under a 50-year partnership with the private sector, marking the municipality's first initiative under this joint investment model.

The private-sector partner will be responsible for designing, constructing, operating and maintaining all project facilities.

Located on Zaid bin Asim Street, the strategically positioned 30,015-square-meter site benefits from flexible urban planning regulations that allow for mixed-use development, including residential, commercial, office and recreational facilities.

The project aims to deliver high-quality developments that meet growing demand, serve local residents and community needs, and strengthen Riyadh's urban infrastructure.

Long-Term Investment Strategies

Offering investment opportunities through contracts extending up to 50 years represents a shift in how Saudi Arabia develops government-owned real estate assets.

The model gives private-sector investors a longer timeframe to develop projects and implement long-term investment strategies, overcoming some of the limitations associated with short- and medium-term contracts.

It also strengthens investors' ability to undertake financial and operational planning, allowing them to recover development costs and generate investment returns over a longer period.

This could make such opportunities more attractive to real estate companies and institutional investors.

The project forms part of Riyadh Region Municipality's strategy to improve the efficiency of municipal asset management, expand private-sector participation in urban development and attract high-value investments.

These efforts are intended to promote sustainable urban development, keep pace with the capital's rapid growth and advance Saudi Vision 2030 objectives, in line with the municipality's ambition to help create a prosperous, sustainable Riyadh with a higher quality of life.

Project Sustainability

Real estate expert Khaled al-Mobid said the launch of a 50-year investment project in Riyadh's Al-Narjis district represents an important step toward enabling the private sector to develop real estate assets and transform them into sustainable projects with substantial economic value.

Speaking to Asharq Al-Awsat, he explained that the extended investment period encourages developers to improve construction quality and services while enhancing the financial viability of projects.

He added that the model could help diversify real estate offerings and increase supply in one of the capital's most expensive neighborhoods.

Al-Mobid said the project's significance lies less in its immediate impact on property prices than in its potential to establish a replicable investment model.

Such a model, he noted, could gradually increase supply, strengthen competition and contribute to greater price stability across Riyadh's real estate market.

Diversifying Real Estate Supply

Real estate developer Ahmed Omar Basoudan said the importance of these contracts extends beyond simply making land available to investors.

They also create opportunities to develop integrated real estate assets combining residential, commercial, office and recreational uses, increasing the economic value of land and improving its utilization.

Speaking to Asharq Al-Awsat, Basoudan explained that bringing design, construction, operation and maintenance together under a single investment framework allows for more integrated developments.

It also creates a stronger link between construction quality, operational efficiency and long-term sustainability.

At the broader market level, he said, the model could help diversify real estate offerings, particularly in major cities experiencing rapid urban expansion and rising demand for residential, commercial and office space.

The participation of new developers and operators could also strengthen competition and improve the quality of projects and services.

Moreover, the approach could create integrated mixed-use urban destinations that meet residents' needs and support economic activity, rather than relying solely on conventional real estate development.

 

Replicating the Model

 

According to Basoudan, the success of this investment model will depend on how effectively contracts are structured, how risks are allocated between government entities and investors, and how clearly development, operation and maintenance obligations are defined.

Equally important, he said, is striking an appropriate balance between investment returns and the public interest.

Basoudan believes extending the model to other municipalities and regions could create an additional channel for attracting domestic and international investment.

It could also strengthen private-sector participation in urban development, in line with Saudi Vision 2030 objectives to diversify the economy and improve the efficiency of government asset management.


Gold Rallies as Dollar, Treasury Yields Soften after US Midterm Results

Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)
Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)
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Gold Rallies as Dollar, Treasury Yields Soften after US Midterm Results

Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)
Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)

Gold climbed to its highest level in over two weeks on Thursday as the fallout from the US midterm election results rippled through the global financial and oil markets.

Spot gold rose 1.6% to $4,124.89 per ounce by 0752 GMT. It touched $4,146.63 per ounce, its highest level since October 20, earlier in ‌the session.

Bullion ‌climbed about 3.4% on Wednesday, its biggest ‌daily gain ⁠since August 19.

US ⁠gold futures for December delivery climbed 1.5% to $4,135.40, Reuters said.

A weaker dollar and lower Treasury yields have helped gold recover above the key $4,000 level, though holding above that threshold remains crucial for the recovery outlook, said Linh Tran, market analyst at XS.com.

"If investment flows and yield movements continue to provide support, gold could stabilize ⁠above $4,000, also opening up an opportunity for a ‌recovery toward $4,200, followed by $4,400."

Oil prices ‌were slightly higher after earlier falling for a fourth day on ‌expectations that the losses US President Donald Trump's Republican Party ‌suffered in congressional elections this week may reduce the risk of further escalation of the US-Israeli war with Iran.

Lower energy prices ease inflationary pressures, reducing expectations that the central bank will keep interest rates higher ‌for longer, supporting the appeal of non-yielding bullion.

The dollar slid to its lowest in more ⁠than a ⁠month, and 10-year US Treasury yield fell to its lowest since September 10.

A weaker dollar makes greenback-priced bullion more affordable for holders of other currencies.

Market participants now await the US non-farm payrolls report on Friday to further gauge the Federal Reserve's monetary policy outlook.

Meanwhile, Citi has a 0-3 month price target of $4,500 per ounce for gold, the brokerage said on Wednesday, as it sees substantial upside potential if the Strait of Hormuz reopens and the Yemen/Saudi conflict de-escalates.

Among other metals, spot silver rose 0.8% to $52.63 per ounce, platinum gained 1.2% to $1,514.20 and palladium climbed 2.2% to $1,026.83.