According to the president’s post on his Truth social media platform, the purchases will span several key American industries.
U.S. President Donald Trump announced Wednesday that Venezuela will use the proceeds from a newly agreed oil deal to buy products exclusively from the United States, elevating economic ties between the two countries.
According to the president’s post on his Truth social media platform, the purchases will span several key American industries.
“I have just been informed that Venezuela is going to be purchasing ONLY American Made Products, with the money they receive from our new Oil Deal,” he said.
The president said the intended purchases will target key sectors of the U.S. economy.
“These purchases will include, among other things, American Agricultural Products, and American Made Medicines, Medical Devices, and Equipment to improve Venezuela’s Electric Grid and Energy Facilities,” he said.
Trump portrayed the decision as strengthening the commercial relationship between the U.S. and Venezuela.
“In other words, Venezuela is committing to doing business with the United States of America as their principal partner – A wise choice, and a very good thing for the people of Venezuela, and the United States. Thank you for your attention to this matter!” Trump wrote.
Earlier, SaharaReporters reported that Venezuela and the U.S. had signed an agreement allowing Venezuela to export $2 billion worth of its crude oil to the U.S.
The U.S. claimed the announcement marked a major development in negotiations between the two countries amid Venezuela’s deepening political and economic crisis.
The deal, which Trump described as a flagship negotiation, is expected to divert Venezuelan oil supplies away from China while helping the South American nation avoid steeper production cuts caused by export restrictions and storage constraints.
It also signals a shift in the U.S.–Venezuela relations following months of heightened pressure from Washington against Caracas.
According to Trump, the agreement reflects compliance by Venezuelan authorities with his administration’s demands that the country open its oil sector to U.S. companies, according to Reuters.
The U.S. president has repeatedly warned of further military intervention if such conditions were not met, calling for “total access” for American and private firms to Venezuela’s vast oil industry.
Venezuela currently has millions of barrels of crude loaded on tankers and held in storage facilities that it has been unable to export due to a blockade imposed by the United States in mid-December.
The export ban formed part of escalating U.S. pressure on the government of President Nicolás Maduro, which culminated in the capture of Maduro by U.S. forces over the weekend.
There have been condemnations around the World after the U.S officials captured President Maduro on claims of drugs cartel running and illegal firearms possession.