Trump Threatens 25% Tariff on Countries Buying Venezuelan Oil

President Donald Trump announced today that any nation purchasing oil or gas from Venezuela will face a 25% tariff on trade with the United States. In a statement on Truth Social, Trump cited Venezuela’s hostility towards the U.S. and claimed the country had sent criminals, including gang members, to the U.S. without providing evidence.

“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.

This news follows reports that President Trump plans to postpone the tariffs he previously announced, including a 25% levy on imports of pharmaceuticals, cars, and lumber. These tariffs, originally scheduled to take effect on April 2, coincide with Trump’s planned announcement of reciprocal tariffs on other countries.

Ironically, Venezuela remains a key oil supplier, with the U.S. purchasing $5.6 billion worth of oil in 2024, according to CNN. Venezuelan oil still flows into the U.S. due to a joint-venture licence granted to Chevron. Originally set to expire on April 3, the licence has now been extended to May 27 after Trump’s meeting with Chevron CEO Mike Wirth and other oil executives.

According to CNN, analysts suggest the tariff could primarily target China, the largest importer of Venezuelan oil.