UJ
—
President Donald Trump announced on Monday that he intends to impose a 25% tariff on any country that imports oil from Venezuela.
“Venezuela has shown hostility toward the United States and the freedoms we uphold. As a result, any nation that buys oil and/or gas from Venezuela will be subjected to a 25% tariff on any trade they conduct with our country,” Trump stated in a post on Truth Social.
Trump asserted, without providing evidence, that Venezuela has “deliberately and deceptively” sent criminals, including violent offenders and members of gangs such as Tren de Aragua, to the United States.
This announcement follows reports indicating that Trump is planning to postpone previously announced tariffs, including a 25% charge on imports of pharmaceuticals, automobiles, and lumber. Those tariffs were scheduled to take effect on April 2, coinciding with the day when Trump has said he will reveal a set of reciprocal tariffs on other countries—a day he calls “liberation day.”
Markets opened significantly higher on Monday and seemed unaffected by Trump’s latest threats.
According to trade data from the Commerce Department, Venezuela ranked as one of the top foreign oil suppliers to the U.S. last year, with the U.S. purchasing $5.6 billion worth of oil and gas from the country in 2024.
This is a developing story and will be updated.
