President Donald Trump said Monday he would be placing a 25% tariff on all imports from any country that buys oil or gas from Venezuela as well as imposing new tariffs on the South American country itself, the Associated Press reports.
In a Truth Social post, Trump said Venezuela has been “very hostile” to the U.S., and countries purchasing oil from it will be forced to pay the tariff on all their trade to the U.S. starting April 2.
The tariffs would most likely add to the taxes facing China, which in 2023 bought 68% of the oil exported by Venezuela, according to a 2024 analysis by the U.S. Energy Information Administration. Spain, India, Russia, Singapore and Vietnam are also among the countries receiving oil from Venezuela, the report shows.
Even the United States, however, despite its sanctions against Venezuela, buys oil from that country. In January, the U.S. imported 8.6 million barrels of oil from Venezuela, according to the Census Bureau, out of roughly 202 million barrels imported that month.
On Monday, moreover, the Treasury Department issued an extension for U.S.-based Chevron Corp.’s lease to pump and export Venezuelan oil until May 27. The extension, known as a general license, exempts the country from economic sanctions and allows it to continue to pump oil.
The U.S. president is arguing that tariffs will bring back manufacturing jobs, rather than worsen inflationary pressures and hinder growth as economists have warned.
