Staff Reporter
President Donald Trump announced on Monday that a 25% tariff will be imposed on all imports from any country that buys oil or gas from Venezuela. This new measure will also include additional tariffs on Venezuela itself.
In a post on Truth Social, Trump described Venezuela as “very hostile” to the United States, asserting that countries engaging in oil trade with Venezuela will be required to pay the tariff on all their trade with the U.S., effective April 2.
This move is expected to increase trade costs for China, which accounted for 68% of Venezuela’s oil exports in 2023, according to a 2024 analysis by the U.S.
Energy Information Administration. Other countries importing oil from Venezuela include Spain, India, Russia, Singapore, and Vietnam.
Last year, the U.S. was the second-largest importer of Venezuelan crude, bringing in approximately 233,000 barrels per day (bpd), as reported by Kpler. In 2024, India purchased around 61,000 bpd, while Spain imported nearly 60,000 bpd.
