Trump slaps 25% tariff on nations buying Venezuelan oil
2 Min Read
China, Venezuela's largest oil client, imported approximately 503,000 barrels per day in February, constituting 55% of the country's total exports.
-
Units of El Palito refinery near Puerto Cabello, Venezuela, Monday, Jan. 29, 2024 (AP Photo/Matias Delacroix)
US President Donald Trump escalated economic pressure on Venezuela Monday, announcing a 25% tariff on nations that purchase Venezuelan oil—a move he tied directly to Caracas' alleged failure to uphold political and migration agreements.
"This secondary tariff will take effect on April 2," Trump declared on Truth Social, accusing the Venezuelan government of sending "tens of thousands" of migrants with a "very violent nature" to American soil.
The decision follows Trump's recent termination of a sanctions waiver that had allowed Chevron to operate in Venezuela's oil sector since 2022. The 30-day wind-down period concludes in early April, effectively halting US imports of Venezuelan crude unless reversed.
China, Venezuela's largest oil client, imported approximately 503,000 barrels per day in February, constituting 55% of the country's total exports. Other significant buyers include Spain, Italy, Cuba, and India, all of which now face potential trade penalties with the US.
The move comes amid Trump's broader crackdown on migration, including his recent use of the 1798 Alien Enemies Act to deport suspected members of Venezuelan criminal group Tren de Aragua without standard immigration hearings.
Read more: US threatens Venezuela: Accept deportees or face sanctions
Venezuelan authorities have not yet issued an official response to these developments. The country's oil industry continues to face challenges from years of sanctions, underinvestment, and infrastructure problems.
