Trump to impose crippling tariff on countries buying Venezuelan oil

WASHINGTON – US President Donald Trump announced steep tariffs Monday on imports from countries purchasing oil and gas from Venezuela, a punitive measure that could strike China and India, among others, and create fresh uncertainty in global trade.

Ever since he returned to the White House in January, Trump has unleashed tariffs on US allies and enemies alike, trying to strong-arm economic and diplomatic policy.

The new across-the-board 25 percent levies against importers of Venezuelan oil will take effect on April 2, Trump said in a post on his Truth Social platform.

These are likely to arrive in China and India, and experts pointed out that Venezuela ships oil to those two countries, but also to the United States and Spain.

Still, Trump told reporters on Monday that the tariff — set at 25 percent — would be added to existing rates.

In February, Venezuela exported about 500,000 barrels per day to China and around 240,000 barrels to the United States, experts told AFP.

Trump has already spent April 2 calling it “Liberation Day” for the world’s biggest economy, and has pledged targeted mutual tariffs to meet his trading partner on the other side, in a bid to rectify practices Washington deems unfair.

He had previously indicated that sector-based tariffs that might come as soon as the same day — but the White House said Monday that it was considering a more limited set.

In his most recent announcement related to Venezuela, the president said there were “numerous reasons” for what he described as a “secondary tariff.”

He charged that Venezuela was “purposely and violently’ sending “undercover, tens of thousands of high level, and other, criminals” to the United States.

In his post he added that “Venezuela has been very hostile to the United States and the Freedoms which we espouse.”

Trump’s announcement comes as the flow of deportations between the United States and Venezuela was placed on hold last month when he said Caracas had not lived up to a deal to quickly accept deported migrants.

Venezuela then said it was no longer accepting the flights.

But Caracas said on Saturday that it had an agreement with Washington to restart repatriations, after which close to 200 citizens of Venezuela were deported from the United States through Honduras.

The Trump administration on Monday separately extended a deadline for US oil giant Chevron to end its operations in Venezuela until May 27.

The company continued to operate in Venezuela under a sanctions waiver it had obtained previously.

Tariff ‘breaks’? –

Trump’s latest move supplements tariffs he has vowed would begin on or about April 2.

Apart from retaliatory tariffs, he has pledged sweeping sector-specific duties targeting imported cars, pharmaceuticals and semiconductors.

As it stands, though, his agenda for the day could become more focused.

Sector-specific tariffs “may or may not happen April 2,” the official said, noting that there is “still fluidity” on the issue.

The official went on to reiterate that reciprocal tariffs would occur.

But Trump told reporters on Monday he might eventually “give a lot of countries breaks,” without going into detail.

He also said that he would announce car tariffs “very shortly,” and pharmaceuticals at some later date.

US partners are stepping up discussions with Washington as deadlines approach, with the EU’s trade chief, Maros Sefcovic, traveling to the country Tuesday to meet with his American counterparts — Commerce Secretary Howard Lutnick and trade envoy Jamieson Greer.

The prospect of a more limited tariff rollout previously lifted financial markets.

The White House has fanned the flames of Trump’s trade war, proclaiming that “America has been ripped off by every country around the world.”

We will go to trading partners with an idea of where tariff levels and non-tariff barriers currently stand, Treasury Secretary Scott Bessent told Fox Business’ Maria Bartiromo last week.

If countries ceased their practices, Bessent said, they could potentially dodge levies.

In the same interview Bessent said levies would target around 15 percent of countries for having trade imbalances with the United States, referring to these as a “dirty 15.”