Despite Trump's warnings, markets opened Monday with a significant increase and seemed indifferent to his new statements.
The President of the United States announced that any country purchasing oil from Maduro's regime will face harsh import duties
Despite Trump's warnings, markets opened Monday with a significant increase and seemed indifferent to his new statements.
Venezuela was one of the main oil suppliers to the United States last year during the Democratic Biden administration, according to Commerce Department data. In total, the United States purchased USD 5.6 billion in Venezuelan oil and gas in 2024.
However, Venezuela's oil and gas shipments lagged far behind Canada, which was the largest foreign oil supplier to the United States, with exports of 106 billion dollars, which accounted for 60% of all U.S. oil and gas imports.
Venezuelan oil only accounted for 3% of U.S. imports of these products last year.
This announcement by Trump reflects his tougher stance against the Venezuelan regime, a country considered a threat to U.S. security and an ally of regimes deemed enemies by his administration, such as Cuba and Nicaragua.
President Donald Trump announced Monday that he will impose a 25% tariff on all countries that purchase oil or gas from Venezuela, representing one of the strictest economic measures against the regime of Venezuelan dictator Nicolás Maduro.
In an extensive message posted on Truth Social, Trump declared: "Any country that buys oil and/or gas from Venezuela will have to pay a 25% tariff on any trade they conduct with our country."
This tariff will take effect on April 2, the same day Trump plans to announce a series of reciprocal tariffs worldwide, which he has dubbed "liberation day."
According to Trump, Venezuela has been "very hostile toward the United States and the freedoms we stand for", and without offering evidence, he accused the South American country of deliberately sending criminals and members of violent gangs like the Tren de Aragua to the United States.
This measure comes after reports indicating that Trump is willing to delay other previously announced tariffs, such as the 25% on imports of pharmaceuticals, automobiles, and lumber, which were also scheduled to take effect on April 2.