President Donald Trump said Monday that he will impose tariffs of 25% on any nation that purchases oil from Venezuela.
“Venezuela has been very hostile to the United States and the Freedoms which we espouse. Therefore, any Country that purchases Oil and/or Gas from Venezuela will be forced to pay a Tariff of 25% to the United States on any Trade they do with our Country,” Trump said in a post on Truth Social.
Trump claimed, without evidence, Venezuela has “purposefully and deceitfully” sent criminals, including violent individuals and members of gangs like Tren de Aragua, to the United States.
This news comes after reports that Trump is set to delay prior tariffs he announced, including charging 25% on imports of pharmaceuticals, cars and lumber. Those tariffs were set to go into effect April 2, the same day Trump’s said he’ll announce a number of reciprocal tariffs on other nations — a day he refers to as “liberation day.”
Markets opened markedly higher on Monday and appeared unphased by Trump’s latest threats.
Venezuela was one of the top foreign suppliers of oil to the US last year, according to Commerce Department trade data. In total, the US bought $5.6 billion of oil and gas from there in 2024.
But Venezuelan oil and gas shipments trailed far behind America’s top source of foreign oil, Canada, which exported $106 billion of oil and gas to the US last year. Canada alone accounted for 60% of all oil and gas the US imported last year, while Venezuela accounted for 3%.
