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4w ago

U.S. to Impose 25% Tariff on Countries Buying Venezuelan Oil

The Trump administration's new trade measure, effective April 2, targets nations purchasing Venezuelan oil, citing alleged criminal migration and economic aggression.

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
A Petroleos de Venezuela SA (PDVSA) oil pumpjack on Lake Maracaibo in Cabimas, Zulia state, Venezuela.
Image

Overview

  • President Trump announced a 25% tariff on imports from countries buying Venezuelan oil, set to take effect on April 2, 2025.
  • The tariffs are framed as punitive measures against Venezuela, accused of sending violent criminals, including members of the Tren de Aragua gang, to the U.S.
  • Major importers like China and India are expected to face significant economic impacts from the tariff, potentially disrupting global trade flows.
  • Chevron's license to operate in Venezuela has been extended until May 27, 2025, as part of broader U.S. policy adjustments.
  • Venezuela has condemned the tariffs as illegal and hostile, labeling them as economic aggression by the U.S.