Venezuelan President Nicolas Maduro has signed a decree declaring an economic emergency. The decree calls for "urgent and extraordinary measures to protect all sectors of the country's production," necessitated by the U.S. government's tariff policy.
The decree will be in effect for 60 days from publication but may be extended.
The document describes the U.S. actions as "a clear violation of international law and trade rules," leading to a global recession. It says the emergency measures are necessary to counter multilateral aggression and maintain the country's economic balance.
Emergency measures to protect the Venezuelan people must involve structural economic changes. According to the decree, the government will suspend constitutional guarantees in the financial sector. It will be able to temporarily eliminate taxes to support producers, combat tax evasion, stimulate investment, and directly purchase goods for the population's needs.
