Trump announced a 25% tariff on countries buying Venezuelan oil, with additional tariffs on Venezuela. The move may escalate tensions with China, which already faces 20% universal tariffs over fentanyl trade.
President Donald Trump announced on Monday a 25% tariff on imports from countries purchasing oil or gas from Venezuela. Trump said Venezuela has been “very hostile” to the US and countries purchasing oil from it will be forced to pay the tariff on all their trade to the US starting April 2.
Trump’s latest tariffs threat suggests the administration will take bolder moves against China, Venezuela’s largest foreign customer. The Trump administration has already levied universal 20% tariffs on imports from China as an effort to crackdown on the illicit trade in fentanyl.