United States President Donald Trump has announced plans to impose a 25 per cent tariff on any country purchasing oil or gas from Venezuela.
The proposed tariff, revealed in a post on Truth Social, is part of the administration’s strategy to exert economic pressure on the South American nation.
Trump accused Venezuela of hostility toward the United States and alleged, without providing evidence, that the country had sent criminals, including gang members such as those from Tren de Aragua, to the United States.
“Venezuela has been very hostile to the United States and the Freedoms which we espouse. Therefore, any country that purchases oil and/or gas from Venezuela will be forced to pay a tariff of 25% to the United States on any trade they do with our country,” Trump stated.
Trump’s proposed tariffs drew strong criticism from Venezuela and its top trading partner, China.
Oil prices surged following the announcement, with WTI futures at NYMEX climbing 1.22% to $69.11 per barrel on Monday, while Brent futures at ICE rose 1.16% to $73 per barrel.
Both benchmarks hit their highest levels since March 3, recording gains of 11% and 6.7%, respectively, despite a slight pullback during Tuesday’s Asian session.
Venezuelan President Nicolás Maduro condemned the tariffs as “arbitrary, illegal, and desperate measures” aimed at undermining the country’s sovereignty and economic progress.
“For years, the fascist right, repudiated by the Venezuelan people, has promoted economic sanctions with the hope of bringing Venezuela to its knees. They failed because Venezuela is a sovereign country. After all, its people have resisted with dignity, and because the world no longer submits to any form of economic dictatorship,” Maduro’s government stated.
China also voiced its opposition to the U.S. move. Speaking at a regular briefing, Ministry of Foreign Affairs spokesperson Guo Jiakun criticised the American government for interfering in Venezuela’s internal affairs and called for the removal of unilateral sanctions.
If implemented, Trump’s tariff could significantly impact U.S.-China trade, raising tariffs on Chinese goods to 45% and taxes on steel and aluminum to 70 per cent.
