Trump's latest move: Venezuela to buy only American products with oil deal money

Washington (The Uttam Hindu): The US has intensified global political turmoil after invading Venezuela and arresting President Nicolas Maduro. Amidst this, Trump has now announced that Venezuela will only purchase American products from the proceeds of a new US-brokered oil deal.

President Donald Trump said Venezuela had agreed to the agreement, calling the arrangement a major change in Caracas' economic direction and a boost for American manufacturers, farmers and exporters.

The US President made this announcement in a post on Truthout Social. Trump said Venezuela will use the revenue from the oil deal to purchase US goods in a number of sectors.

"I just learned that Venezuela will only buy American-made products with the money from our new oil deal," Trump wrote. Venezuela will purchase American agricultural products and American-made medicines, medical devices, and equipment, as well as technology and hardware to improve Venezuela's power grid and energy facilities.

Trump called it a strategic shift and said that after years of economic ties with America's rivals, Venezuela is committed to doing business with the United States as its main partner.

"In other words, Venezuela is committed to trading with the United States as its primary partner. This is a wise decision, and it's a very good thing for the people of Venezuela and the United States," Trump said.

The US President has tightened his grip on Venezuela, announcing controls on its oil sales. Under a new framework, Venezuela's exports and revenues will be under US control.

US government officials have said the oil will be sold at market prices and the proceeds will flow through a US-controlled system. Trump presented this as a direct benefit to the US economy, particularly American farmers, manufacturers, and medical suppliers.

Venezuela's electric grid has repeatedly failed in recent years, while shortages of medicine and medical equipment have been widely reported. Trump said that US-made equipment will be used to improve Venezuela's electric grid and energy facilities.

Under Maduro's rule, Venezuela relied heavily on imports from China, Russia, and Iran, often using discounted oil shipments as payment. However, Trump's new arrangement will significantly impact this trend. By linking oil revenues to US purchases, the Trump administration has linked Venezuela's access to the global energy market to demand for American goods.