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Trump Signs New Sanctions Targeting Venezuela's Gold Market

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Trump Signs New Sanctions Targeting Venezuela's Gold Market
President Donald Trump signed an executive order to issue the new sanctions.
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President Donald Trump signed an executive order issuing new sanctions for Venezuela.

The order targets the country's gold market, but it leaves the door open for the administration to go after other economic areas as well.

Venezuela's economy has been spiraling downward in recent years, caused in part by lower oil prices and hyperinflation. 

The sanctions, which also take aim at corruption and deception linked to country's government, are designed to put pressure on Venezuelan President Nicolás Maduro. 

In announcing the sanctions, National Security Adviser John Boton accused Maduro's government was using the gold market to "finance illicit activities" and "support criminal groups."

Additional reporting from Newsy affiliate CNN