Trump terminates Venezuela deal

President Biden gave Venezuela something of an olive branch in an effort to get free elections but it hasn’t gone to plan and now Trump says he’s ending it. He also cited that Venezuela isn’t taking back illegal immigrants.

The deal had eased sanctions on oil, gas and gold but a portion of that had already been reversed in April 2024 after opposition candidate María Corina Machado was barred from participating in the presidential elections.

Trump’s post:

We are hereby reversing the concessions that Crooked Joe Biden gave to
Nicolás Maduro, of Venezuela, on the oil transaction agreement, dated
November 26, 2022, and also having to do with Electoral conditions
within Venezuela, which have not been met by the Maduro regime.
Additionally, the regime has not been transporting the violent criminals
that they sent into our Country (the Good Ole’ U.S.A.) back to
Venezuela at the rapid pace that they had agreed to. I am therefore
ordering that the ineffective and unmet Biden “Concession Agreement” be
terminated as of the March 1st option to renew. Thank you for your
attention to this matter!

Oil initially rose on the announcement though it’s quickly given that back.

This article was written by Adam Button at www.forexlive.com.