President Donald Trump said Monday that the U.S. will impose 25% tariffs on countries that buy oil and gas from Venezuela, as he seeks to increase pressure on President Nicolas Maduro and China.
Countries that buy oil and gas from Venezuela will face tariffs on any trade they have with the U.S., Trump said in a post on his social media platform Truth Social. The tariffs take effect on April 2, the president said.
“If they buy their oil from Venezuela, they have to pay a 25% tariff to do business with the United States —that’s on top of existing tariffs,” Trump said during a press conference at the White House.
Venezuela exported about 660,000 barrels per day in 2024, according to data from Kpler. China was the largest destination for the South American nation’s crude exports, purchasing 270,000 bpd last year.
“This announcement by the Trump administration appears to be one more action targeting China,” Matt Smith, an oil analyst at Kpler, told CNBC. […]
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