Trump warns 25% tariff on countries trading with Venezuela for oil or gas

Trump gave Chevron 30 days to wind down Venezuela ops, citing lack of progress on elections and migrant returns

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US President Donald Trump said on Monday that any country that buys oil or gas from Venezuela will pay a 25% tariff on any trades made with the United States.

This "secondary tariff" will take effect on April 2, Trump said in a Truth Social post. Trump is imposing the move because, he said, Venezuela has sent "tens of thousands" of people to the United States who have a "very violent nature."

Earlier this month, Trump issued a 30-day wind down of a license that the US had granted to Chevron since 2022 to operate in sanctioned Venezuela and export its oil, after he accused President Nicolas Maduro of not making progress on electoral reforms and migrant returns.

Trump earlier this month invoked the 1798 Alien Enemies Act to justify the deportation of alleged members of Venezuelan gang Tren de Aragua without final removal orders from immigration judges.

China, which already has been the subject of US tariffs, is the largest buyer of Venezuela's oil, the OPEC member's main export. In February, China received directly and indirectly some 503,000 barrels per day (bpd) of Venezuelan crude and fuel, which represented 55% of total exports.

Tariff impositions in China to imports of certain types of Venezuelan oil in past years led to a decline in the volume of Venezuelan crude received by Chinese buyers, which ultimately forced state company PDVSA to widen price discounts to continue sellin to its most important market.

Spain, Italy, Cuba and India are other consumers of Venezuelan oil. US imports of the oil are set to end in early April unless Trump extends the wind down.

There was no immediate response from Maduro's government to a request for comment.

Levies by China in past years on imports of certain types of Venezuelan oil led to a decline in the volume of Venezuelan crude received by Chinese buyers, which ultimately forced state company PDVSA to widen price discounts to continue selling to its most important market.