Venezuela to buy only US-made goods under oil deal: Trump

Washington: President Donald Trump has said that Venezuela has agreed to purchase only American-made products using proceeds from a new US-brokered oil deal, describing the arrangement as a major shift in the Caracas economic orientation and a boost for American manufacturers, farmers, and exporters.

In a post on Truth Social, Trump said he had been informed that Venezuela would use the revenue it receives from the oil agreement to buy US goods across a wide range of sectors.

“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,” Trump wrote.

He said the purchases will include “American Agricultural Products, and American Made Medicines, Medical Devices, and Equipment,” as well as technology and hardware to improve Venezuela’s electricity grid and energy facilities.

Trump described it as a strategic realignment, saying Venezuela is committing to doing business with the United States as its principal partner after years of economic ties with US rivals.

“In other words, Venezuela is committing to doing business with the United States of America as their principal partner,” Trump said. “A wise choice, and a very good thing for the people of Venezuela, and the United States.”

The announcement follows the Trump administration’s decision to take control of Venezuelan oil sales under a new framework that places exports and revenues under US oversight.

Administration officials have said the oil will be sold at market prices, with proceeds directed through US-controlled mechanisms.

Trump presented the purchasing commitment as a direct benefit to the US economy, particularly American farmers, manufacturers and medical suppliers.

Venezuela’s electric grid has suffered repeated failures in recent years, while shortages of medicines and medical equipment have been widely documented. Trump said US-made equipment would be used to “improve Venezuela’s Electric Grid and Energy Facilities.”

Under Mudoro’s regime, Venezuela relied heavily on imports from China, Russia and Iran, often using discounted oil shipments as payment. The new arrangement reverses that trend.

By tying oil revenue to US purchases, the Trump Administration has linked Venezuela’s access to global energy markets with demand for American goods.

IANS