President Donald Trump has set a 25% tariff on imports from countries buying oil or gas from Venezuela and also imposed new tariffs on Venezuela itself. He explained on Truth Social that Venezuela has been “very hostile” to the US. Starting April 2, countries buying Venezuelan oil will pay this tariff on all their trade with the US. Venezuela faces an extra “Secondary” tariff because a gang called Tren de Aragua operates there. The US is deporting immigrants, they say are in this gang and entered the country illegally.
This move by Donald Trump’s administration might take tougher actions against China, which is the largest foreign buyer of Venezuelan oil. They’ve already implemented a 20% tariff on Chinese imports to combat illegal fentanyl trade. These tariffs could raise costs for China, which purchased 68% of Venezuela’s oil in 2023. Other buyers include Spain, Russia, Singapore, and Vietnam. The US Census Bureau notes that in January, the US imported 8.6 million barrels of Venezuelan oil.
The Associated Press reports that Trump called April 2 “LIBERATION DAY” as part of a plan to adjust import taxes so they match what other countries charge. He aims to fully apply 25% tariffs on Mexico and Canada, two major US trade partners.
In addition to this, Donald Trump has imposed increased 2018 steel and aluminum tariffs of 25% on all imports. Having been against exceptions to the tariffs, he indicated that there will be “flexibility” as he spoke with journalists on Friday.
Edited By Saumya Sharan
