U.S. 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 said he 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 U.S. had granted to Chevron (CVX.N) 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.
China, which already has been the subject of U.S. 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.
Spain, Italy, Cuba and India are other consumers of Venezuelan oil. U.S. 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.
