Trump’s Tariffs Take Effect Next Week, Oil Prices Surge

President Donald Trump’s new tariffs are set to take effect next week, with some countries potentially receiving exemptions. However, global oil prices spiked after Trump imposed a 25% tariff on any country purchasing Venezuelan oil or gas.

Markets reacted sharply to the move, as investors assessed its impact on energy costs and international trade. Analysts warn that the tariff could strain relations with major oil-importing nations and further disrupt global supply chains.