United States President Donald Trump has announced he will 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.
In a Truth Social post on Monday, Trump called Venezuela “very hostile” toward the U.S. and that as a result, other countries purchasing oil from it would face a subsequent tariff on all their trade to the U.S.
Trump plans to begin this from 2 April and the new tariffs would be most likely to impact China, which in 2023 bought 68% of the oil exported by Venezuela, according to a 2024 analysis by the U.S. Energy Information Administration, but other nations have still enjoyed Venezuelan oil purchases and will possibly face the new taxes, including the U.S. itself.
Data Source: Vortexa Ltd.
This new action follows an end to the Chevron-Venezuela licensing in February, a reversal of a Biden era relationship that allowed the company to operate in Venezuela.
