Trump announces 25% tariff on nations buying Venezuelan oil, effective April 2

The Trump administration has designated the group as a foreign terrorist organization.

U.S. President Donald Trump announced on Monday that any country purchasing oil and gas from Venezuela will face a 25% tariff on trade with the United States.

In a post on his social media platform, Truth Social, Trump said the tariff would come into effect on April 2.

"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. All documentation will be signed and registered, and the Tariff will take place on April 2nd, 2025, LIBERATION DAY IN AMERICA," he wrote.

U.S. President Donald Trump announced that Venezuela will face a "secondary" tariff due to its alleged ties to the criminal gang Tren de Aragua. Trump stated that his administration is actively deporting immigrants suspected of being members of the gang who illegally entered the United States.

Trump's latest tariff move signals a more aggressive stance against China, Venezuela’s largest oil buyer. His administration had already imposed a universal 20% tariff on Chinese imports, citing efforts to curb the illicit fentanyl trade.

Additionally, Trump has declared April 2 as “LIBERATION DAY,” though details remain unclear. The date is linked to his plan to implement import taxes that mirror the rates imposed by other countries. He also reaffirmed plans for a full 25% tariff on imports from Mexico and Canada, the United States’ two biggest trading partners.

Despite initial concerns, U.S. stock markets climbed on Monday as investors anticipated more targeted tariffs than previously feared. However, the S&P 500 remains down for the year amid fears that escalating trade tensions could slow economic growth and fuel inflation.

Trump said his social media post on Monday serves as an official directive to the Department of Homeland Security and other law enforcement agencies.

The new tariffs could add pressure on China, which purchased 68% of Venezuela’s oil exports in 2023, according to a 2024 report by the U.S. Energy Information Administration. Other buyers of Venezuelan oil include Spain, Russia, Singapore, and Vietnam. The U.S. itself imported 8.6 million barrels of Venezuelan oil in January, according to Census Bureau data.

Following the announcement, U.S. crude oil prices rose 1.13% to $69.05 per barrel by 10:54 a.m. ET (8:24 p.m. IST), while global benchmark Brent climbed 1.01% to $72.89 per barrel.