Over the years the U.S and Venezuela has not had the best country relations. Although in the past the U.S and Venezuela have has great relations, they face many political difference once the Venezuelan President Hugo Chavez entered the office. He has felt that since the presidency of George Bush, there has been high tension on whether the U.S was a true partner. Hugo Chavez criticized US presidents in United Nations speeches and he formed alliances with Iran, Russia and Cuba. He also blamed the US for the earthquake that destroyed Haiti and he claimed the CIA was trying to assassinate him. In addition to these instances, he kicked out the US Ambassador. The issues Chavez has with the U.S eventually started to affect the economic relations between the U.S and Venezuela. …show more content…
The government also nationalized many formerly private business (CITGO gasoline is now owned by the Venezuelan government) and most recently threatened to do so with Toyota's Venezuelan operation. A complex foreign exchange regime and falling petroleum export revenues, the result of a drop in global oil prices, have deprived firms of access to dollars to repatriate their earnings out of Venezuela and to import industrial inputs and finished goods into Venezuela. Insufficient access to dollars, price controls, and rigid labor regulations has compelled many U.S. and multinational firms to reduce or shut down their Venezuelan operations. In 2013, Venezuela devalued their currency, which has some economic effects on the U.S and