Former U.S. President Donald Trump has announced plans to impose a 25% tariff on imports from any country that buys oil or gas from Venezuela, alongside additional tariffs on the South American nation itself.
The tariffs will take effect from April 2, 2025, according to Trump's statement on Truth Social, where he described Venezuela as being "very hostile" to the United States.
The measure is part of what Trump has termed “LIBERATION DAY,” hinting at a broader strategy to match import taxes with those of other countries and fully implement 25% tariffs on Mexico and Canada, the two largest U.S. trading partners.
The announcement signals a more aggressive approach toward China, Venezuela's largest oil purchaser, which already faces universal 20% tariffs under Trump’s efforts to curb illegal fentanyl trade.
Trump cited the presence of the criminal gang Tren de Aragua in Venezuela as part of the rationale behind the "Secondary" tariff.
His administration has been deporting individuals suspected of gang affiliations who entered the U.S. illegally. The tariffs are intended to serve as a deterrent to countries trading with Venezuela and to pressure the South American country further.
The new tariffs could have significant global implications, especially for nations like China, Spain, Russia, Singapore, and Vietnam, all of which import Venezuelan oil.
The U.S. itself imported 8.6 million barrels of Venezuelan oil in January 2025, according to the Census Bureau. Analysts believe that the tariffs could escalate trade tensions and potentially impact economic growth, with the S&P 500 already experiencing declines this year over fears of a trade war.
In his Truth Social post, Trump stated that his announcement serves as official notification to the Department of Homeland Security and other law enforcement agencies, reinforcing the administration's intention to enforce the tariffs strictly.
As the April 2 implementation date approaches, countries importing Venezuelan oil may face tough decisions, balancing their energy needs with the potential financial impact of the new tariffs.
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