President Donald Trump said Monday that he will impose tariffs of 25% on any nation that buys 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 US.

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 on 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.”

He pledged Monday to enact the 25% tariffs on countries purchasing oil from Venezuela on that same day, later saying it would come on top of any existing tariffs.

Markets traded markedly higher on Monday and appeared unfazed 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. This came after the Biden administration briefly lifted sanctions on Venezuelan oil in 2023. But they were reinstated in April 2024 after the Biden administration accused the country’s leader, Nicolás Maduro, of failing to hold free and fair elections.

But Venezuelan oil continues to make its way into the US even after sanctions were reinstated, due to a joint-venture license Chevron was granted to pump oil there. That license was set to be revoked on April 3, however, after Trump met with Chevron CEO Mike Wirth and other oil executives last week, the Treasury Department announced on Monday it would be extended to May 27.

Source: CNN

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