(Headline USA) President Donald Trump announced on Monday plans to impose a 25% tariff on all imports from countries purchasing oil or gas from Venezuela, in addition to new tariffs directly targeting the South American nation itself.
In a statement posted on Truth Social, Trump described Venezuela as “very hostile” toward the United States, warning that starting April 2, any nation buying Venezuelan oil would face tariffs affecting all their trade with the United States.
This move is expected to heavily impact China, which accounted for 68% of Venezuelan oil exports in 2023, according to a 2024 report from the U.S. Energy Information Administration. Other countries likely to feel the impact include Spain, India, Russia, Singapore, and Vietnam—all significant importers of Venezuelan oil.
Curiously, the United States, despite sanctioning Venezuela, remains a major importer of the South American nation’s oil.
In January, the U.S. imported approximately 8.6 million barrels of Venezuelan oil, representing a portion of the total 202 million barrels imported that month, according to data from the Census Bureau.
On Monday, the Treasury Department also granted an extension allowing U.S.-based Chevron Corp. to continue extracting and exporting oil from Venezuela through May 27. This extension, issued as a general license, temporarily shields Chevron from economic sanctions, enabling ongoing oil production in the South American nation.
Earlier this month, President Trump previously announced plans to end Chevron’s operations in Venezuela, potentially cutting off a significant financial lifeline for the country.
Venezuelan President Nicolás Maduro responded, accusing the United States of violating international trade norms through “arbitrary, illegal, and desperate” actions aimed at hindering Venezuela’s development.
“For years, the fascist right, rejected by the Venezuelan people, has pushed economic sanctions hoping to bring Venezuela to its knees,” Maduro’s government said in a statement. “They failed because Venezuela is sovereign, because our people resisted with dignity, and because the world no longer bows to economic dictatorship.”
Trump argues the tariffs will help revive U.S. manufacturing jobs, citing Hyundai’s Monday announcement at the White House of a new $5.8 billion steel plant in Louisiana as evidence.
“This investment clearly shows tariffs strongly work,” Trump stated, highlighting the 1,400 jobs the South Korean automaker’s new facility will create. Hyundai Motor Group’s Executive Chairman Euisun Chung expressed support, saying, “We are proud to stand with you and build the future together.”
Trump further justified additional tariffs on Venezuela by claiming the country hosts the criminal gang Tren de Aragua. His administration is actively deporting immigrants alleged to be affiliated with the gang after illegally entering the United States.
The president also declared April 2 as “Liberation Day,” though details remain unclear, signaling his intent to impose tariffs matching those charged by other nations. Additionally, Trump plans comprehensive 25% tariffs targeting Mexico and Canada—America’s largest trading partners—while increasing existing tariffs on steel and aluminum imports and vowing further levies imposed on automobiles, pharmaceuticals, lumber, computer chips, and copper.
Adapted from reporting by the Associated Press
