On Monday, President Donald Trump announced fresh tariffs on Venezuela and a 25% tax on imports from nations that buy gas or oil from Venezuela. According to Trump, Venezuela has been “very hostile” to the US, and as of April 2, nations that buy its oil will have to pay a levy on all of their trade with the US. He said that because Venezuela is home to the gang Tren de Aragua, it will be subject to a “secondary” levy. Immigrants who the Trump administration says are part of that group and entered the country illegally are being deported.
Trump’s most recent threat of tariffs indicates that the administration would act more forcefully against Venezuela’s biggest outside client, China. In an attempt to combat the illegal fentanyl trade, the Trump administration has already imposed sweeping 20% tariffs on imports from China. The administration’s intention to take more aggressive action against China, Venezuela’s biggest outside client, is indicated by Trump’s most recent tariff threat. To fight fentanyl trafficking, the US government has already placed a 20% uniform tariff on Chinese imports.
China, which purchased 68% of Venezuela’s oil in 2023, may pay more taxes as a result of the levies. Vietnam, Singapore, Russia, and Spain are among the other purchasers. The Census Bureau reports that 8.6 million barrels of Venezuelan oil were imported by the United States in January.
Trump has designated April 2 as “LIBERATION DAY,” according to an Associated Press story, because of his as-yet-undefined plans to fully impose 25% tariffs on Mexico and Canada, the two biggest trading partners of the United States, and to implement import levies that are comparable to those of other nations. Additionally, the Republican president raised his 2018 import duties on aluminum and steel to 25%. Despite his opposition to offering exclusions from his import taxes, Trump told reporters on Friday that his tariffs will be “flexible.”
