US imposes total economic embargo on Venezuelan gov’t

By Michael Hernandez

WASHINGTON (AA) – U.S. President Donald Trump issued an executive order Monday freezing all assets belonging to the Venezuelan government in a significant escalation of tensions with Caracas.

Trump's order further prohibits all transactions with Caracas but exempts humanitarian assistance to Venezuela, including transactions related to the provision of food, clothing and medicine.

The president said last week that he was considering instituting an embargo amid heightened tensions with Venezuela.

The Trump administration has been focusing on economic and diplomatic pressure against Venezuelan President Nicolas Maduro, including imposing sanctions on him, his top officials and several governmental departments as it seeks to increase pressure on Caracas.

Venezuela's economy has been in precipitous decline following a global downturn in the price of crude oil, the country's chief export.

Nearly 5,000 people leave Venezuela every day because of "instability and uncertainty" amid a crisis over the presidency and economy, and 3 million Venezuelans have already left the country since 2015, according to the UN's refugee agency.