Countries buying Venezuelan oil will face 25% tariff: Donald Trump

President Donald Trump on Monday announced a 25% tariff on imports from countries purchasing oil or gas from Venezuela, alongside new tariffs on Venezuela itself.

In a Truth Social post, Trump said Venezuela has been “very hostile” to the US and countries purchasing oil from it will be forced to pay the tariff on all their trade to the US starting April 2. Venezuela will face a “Secondary” tariff because it is the home to the gang Tren de Aragua, he said. The Trump administration is deporting immigrants that it claims are members of that gang who illegally crossed into the United States.

Trump’s latest tariffs threat suggests the administration will take bolder moves against China, Venezuela’s largest foreign customer. The Trump administration has already levied universal 20% tariffs on imports from China as an effort to crackdown on the illicit trade in fentanyl.

Trump's latest tariff threat signals the administration's intent to take stronger action against China, Venezuela's largest foreign customer. The US Govt has already imposed a universal 20% tariff on Chinese imports to combat fentanyl trafficking.

The tariffs could increase taxes for China, which bought 68% of Venezuela's oil in 2023. Other buyers include Spain, Russia, Singapore, and Vietnam. In January, the US imported 8.6 million barrels of oil from Venezuela, according to the Census Bureau.

According to a report in Associated Press, Trump has labelled April 2 as “LIBERATION DAY” based on his still unclear plans to roll out import taxes to match the rates charged by other countries, as well as fully levy 25% tariffs against Mexico and Canada, the two largest US trading partners.

The Republican president has also increased his 2018 tariffs on steel and aluminum to 25% for all imports. Trump told reporters on Friday that there would be “flexibility” in his tariffs even as he has opposed granting exemptions to his import taxes.

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