The United States will institute 25% tariff on any country that purchases oil or gas from Venezuela, effective April 2, President Donald Trump announced Monday.
The “secondary” tariff targeting Venezuela and its trading partners will go into effect the same date Trump has slated for his promised reciprocal tariffs.
Administration officials, including the Secretary of State and Secretary of Commerce, will determine whether or not to impose the tariffs on a country-by-country basis starting April 2, per an executive order Trump signed Monday.
After implementation, the increased duty will remain in place for one year from the last date a country imported oil or gas from Venezuela, although officials can curtail that timeline.
The White House will also be rolling out additional tariff announcements this week ahead of April 2, Trump said in a news conference at the White House Monday. Those tariffs will be levied on goods such as automobiles, semiconductors and lumber.
Trump said on Truth Social the action against Venezuela was being imposed “for numerous reasons,” primarily citing immigration and national security concerns. He did not mention why he was targeting the trade of oil and gas from the country specifically.
However, decline in crude oil exports from Venezuela wouldn’t affect the global market significantly, said Jason Miller, a professor of supply chain management at Michigan State University, in a LinkedIn post.
“My question: will the USA cut off crude oil imports from Venezuela?," Miller said, noting the U.S. is one of Venezuela's oil buyers, and that another of its sources of oil — Canada — is currently subject to additional tariffs.c
Editor’s note: This story has been updated to include additional details about administration and enforcement of the tariffs.
