Trump's Tariff Blitz Targets Venezuela's Oil Trade, Imposes 25% Duty On Nations Buying Venezuelan Oil

New Delhi: President Donald Trump announced on Monday that a 25% tariff will be applied to imports from countries that purchase oil or gas from Venezuela. 

The tariffs, set to take effect on April 2, are part of a broader effort to pressure Venezuela, which Trump described as “very hostile” to the United States.  

Alongside the tariffs on other countries, Venezuela itself will face a "secondary" tariff. 

Trump linked this measure to the presence of the Tren de Aragua gang in Venezuela, a group the administration claims is involved in illegal activities. 

The U.S. has been deporting immigrants it alleges are members of this gang who crossed into the country illegally.  

Move to Impact China 

This move could significantly impact China, which bought 68% of Venezuela's oil in 2023. Other nations purchasing Venezuelan oil include Spain, Russia, Singapore, and Vietnam. 

The U.S. also imported 8.6 million barrels of oil from Venezuela in January, according to the Census Bureau.  

Trump's announcement suggests a potential increase in economic pressure on China, which is already facing a 20% universal tariff on its imports to the U.S. due to concerns over fentanyl trafficking.  

April 2 Declared as Liberation Day 

Additionally, Trump has declared April 2 as "Liberation Day" and hinted at matching import taxes to rates charged by other countries. 

The announcement also included a plan to enforce 25% tariffs against Mexico and Canada, the U.S.'s largest trading partners.  

Trump has increased his 2018 tariffs on steel and aluminum to 25% for all imports and mentioned that while there may be “flexibility” in these tariffs, he remains reluctant to grant exemptions.