US President Donald Trump has announced that any country that buys oil or natural gas from Venezuela will be subject to 25% tariffs when trading with the United States.
Reuters reported that Trump made the announcement in a post on the Social media platform Truth Social on Monday (March 24). The "secondary tariff" will take effect on April 2, he said.
Trump said the move was based on Venezuela sending "tens of thousands" of very violent people to the United States.
Earlier this month, Trump accused Venezuelan President Nicolas Maduro of failing to make progress on electoral reform and the return of migrants, before issuing a 30-day shutdown period revoking a license the United States has granted U.S. oil giant Chevron to operate and export oil in Venezuela since 2022.
However, Venezuela strongly opposes this. Chevron currently supplies about a fifth of Venezuela's crude oil production.
The Trump administration has also invoked a centuries-old wartime law to deport more than 200 people alleged to be members of Venezuela's shield gang, despite a judge's order.
Trump's move to impose tariffs could have a major impact on countries such as China and India that are major buyers of Venezuelan oil.
The decision comes against a backdrop of longstanding U.S. sanctions and diplomatic tensions against Venezuela. Since 2019, the United States has imposed sweeping sanctions on Venezuela's state-owned oil company in an effort to force Venezuelan President Nicolas Maduro to transfer power to the opposition.
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