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4w ago

Trump Announces 25% Tariff on Venezuelan Oil Buyers Starting April 2

The tariffs, part of a broader sanctions strategy, aim to penalize Venezuela for alleged hostile actions and target major oil-importing nations like China and India.

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS/File Photo
Cars sit parked outside the United States Steel Corporations Edgar Thomson Plant in Braddock, Pa., on Tuesday, March 4, 2025, in Braddock, Pa. (AP Photo/Gene J. Puskar)
Workers harvest cabbage Wednesday, March 5, 2025, on a field less than ten miles from the border with Mexico, in Holtville, Calif. (AP Photo/Gregory Bull)

Overview

  • President Trump has ordered a 25% tariff on countries purchasing oil or gas from Venezuela, effective April 2, 2025.
  • The measure is a response to Venezuela allegedly sending violent criminals, including members of the Tren de Aragua gang, to the United States.
  • Major oil importers such as China, India, and Spain are expected to be significantly impacted by the new tariffs.
  • The tariffs coincide with the launch of Trump's 'reciprocal tariffs' initiative, targeting perceived unfair trade practices globally.
  • Chevron's license to operate in Venezuela has been extended until May 27, 2025, while deportation flights to Venezuela have resumed following a temporary suspension.