Maduro announces state of economic emergency in Venezuela amid US trade war

Venezuelan President Nicolás Maduro announced on April 7 that, in response to the trade war declared by the United States, he will introduce a state of economic emergency in the country on April 8.

"Tomorrow, I will sign a constitutional decree on the economic emergency to protect Venezuela's economy," he declared, speaking on the "Con Maduro Plus" program on Venezolana de Televisión on April 7, Caliber.Az reports, citing Russian media.

Maduro emphasized that the US government’s actions are undermining global economic norms and the international trade system.

He stated, "The US government is violating global economic rules, destroying international trade and economic law, and the World Trade Organization." He also pointed out the widespread repercussions of the US's actions, adding, "The collapse of financial markets has affected the whole world, and primarily the American people."

Addressing Venezuela's preparedness to deal with the economic fallout, Maduro said the country is carefully monitoring the adverse effects of the trade war. "We are closely watching the negative consequences of this trade war to protect Venezuela from all possible negative impacts," he noted. He also emphasized that the country was preparing to "respond to the global economic war."

This announcement came just days after US President Donald Trump revealed a sweeping overhaul of US trade policy, which included new tariffs on 185 countries and territories.

Trump’s new universal tariff of 10% will take effect on April 5, with individual tariffs starting on April 9. In addition, a 25% tariff was introduced on all imported vehicles as of April 3. Trump also declared a state of emergency in the United States due to the current economic situation.

Since 2015, the US and its allies have imposed over 930 unilateral sanctions on Venezuela. These sanctions, especially those implemented in 2019 during Trump’s first term, have hit Venezuela’s economy hard.

The most significant blow came with the sanctions imposed on Venezuela's state-owned oil company, Petroleos de Venezuela (PDVSA). In February 2025, Trump lifted exceptions to the sanctions regime, which previously allowed foreign oil companies to operate in Venezuela. In April, further sanctions were imposed, including a 25% import duty on countries purchasing oil or gas from Venezuela.

By Tamilla Hasanova