The tariff would especially affect China and India, Venezuela’s top oil customers.
President Donald Trump on March 24 said he would impose a 25 percent tariff on any country that buys oil or gas from Venezuela.
“Venezuela has been very hostile to the United States and the Freedoms which we espouse,” the president said in a post on Truth Social, accusing the South American socialist country of “purposefully and deceitfully” sending violent gang members to the United States.
“Therefore, any Country that purchases Oil and/or Gas from Venezuela will be forced to pay a Tariff of 25 percent to the United States on any Trade they do with our Country,” he continued. “All documentation will be signed and registered, and the Tariff will take place on April 2nd, 2025, LIBERATION DAY IN AMERICA.”
If implemented, the tariff would especially affect China and India, Venezuela’s top oil customers. Chinese private refiners, in particular, have remained among the most resilient buyers of Venezuelan crude, taking advantage of discounted barrels subject to global sanctions.
Venezuela has also been a major supplier of oil to the United States. Exports of Venezuelan crude reached a new high before the Trump administration pushed to end joint ventures between Venezuela’s state-owned Petroleos de Venezuela SA and U.S. oil giant Chevron.
In February, Trump said he was revoking a license that gave Chevron permission to pump and export Venezuelan oil. He argued that socialist leader Nicolás Maduro’s government had failed to meet the “electoral conditions” set in the July 2024 presidential election and had not acted fast enough to take back “violent criminals” set for deportation.
The Biden administration eased sanctions on Venezuela in 2022, granting Chevron permission to resume operations in exchange for Maduro’s pledge to work with opposition parties on democratic reforms. After Maduro claimed reelection in a widely disputed vote, Trump considered that agreement as having been broken.
“I am therefore ordering that the ineffective and unmet Biden ‘Concession Agreement’ be terminated as of the March 1st option to renew,” Trump stated.
By Bill Pan
