CNN
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President Donald Trump said Monday that he will impose tariffs of 25% on any nation that purchases oil from Venezuela.
“Venezuela has been very hostile to the United States and the Freedoms which we espouse. Therefore, any Country that purchases Oil and/or Gas from Venezuela will be forced to pay a Tariff of 25% to the United States on any Trade they do with our Country,” Trump said in a post on Truth Social.
Trump claimed, without evidence, Venezuela has “purposefully and deceitfully” sent criminals, including violent individuals and members of gangs like Tren de Aragua, to the United States.
This news comes after reports that Trump is set to delay prior tariffs he announced, including charging 25% on imports of pharmaceuticals, cars and lumber. Those tariffs were set to go into effect April 2, the same day Trump’s said he’ll announce a number of reciprocal tariffs on other nations — a day he refers to as “liberation day.” He pledged Monday to enact the 25% tariffs on countries purchasing oil from Venezuela on that same day.
Markets opened markedly higher on Monday and appeared unphased by Trump’s latest threats.
Venezuela was one of the top foreign suppliers of oil to the US last year, according to Commerce Department trade data. In total, the US bought $5.6 billion of oil and gas from there in 2024. This came after the Biden administration briefly lifted sanctions on Venezuelan oil in 2023. But they were reinstated in April 2024 after the Biden administration accused the country’s leader, Nicolás Maduro, of failing to hold free and fair elections.
Even though shipments rose significantly during that short period, Venezuelan oil and gas shipments trailed far behind America’s top source of foreign oil, Canada, which exported $106 billion of oil and gas to the US last year. Canada alone accounted for 60% of all oil and gas the US imported last year, while Venezuela accounted for 3%.
Prior to Monday’s announcement, Trump was already gearing up to limit the ability for Venezuelan oil to reach the United States by revoking Chevron’s joint venture license to pump oil there. After meeting with Chevron CEO Mike Wirth and other oil executives last week, Trump is now considering extending their license, according to an industry source.
The move, which is set to take effect on April 3, was presented by the Trump administration in part as a form of punishment for Venezuela’s unwillingness to accept deported migrants, who were accused of being part of the notorious Tren de Aragua gang.
Venezuela has since reached an agreement to resume repatriation flights from the US, receiving 200 deportees on Monday. Some relatives of deportees have told CNN that their family members were not involved in any criminal activity and there’s been very little evidence presented by the administration to dispel such claims.
This is a developing story and will be updated.
