Venezuela Declares Economic Emergency Amid U.S. Sanctions

Venezuela's national assembly approved a decree declaring a state of economic emergency. This action, proposed by President Nicolas Maduro's government, is a response to U.S. sanctions and tariffs. In March, President Trump's administration began suspending authorizations for oil companies and imposed tariffs on Venezuelan oil and gas exports.

On Thursday, Venezuela's national assembly approved a decree proposed by President Nicolas Maduro to declare a state of economic emergency. This comes as a countermeasure to U.S. sanctions and tariffs that are affecting the country's economy.

In March, the U.S. administration under President Donald Trump began suspending authorizations for American oil companies doing business with Venezuela's state-owned oil company, PDVSA.

Additionally, secondary tariffs were imposed on the export of Venezuelan crude oil and gas, further complicating the economic landscape for the South American nation.