President Donald Trump said on Monday that he would put a 25 % tariff on all imports from any country that buys oil or gas from Venezuela in addition to imposing a new tariff on the country of South America itself.

In a social publication, Trump said Venezuela was “very hostile” for the United States and the countries that buy oil from it would have to push the customs tariff for all its trade to the United States starting from April 2.

The definitions are likely to add to the taxes facing China, which in 2023 bought 68 % of the oil exported by Venezuela, according to the 2024 analysis beforeUS Energy Information Management. The report showed that Spain, India, Russia, Singapore and Vietnam are among the countries that receive oil from Venezuela.

But even the United States – despite its sanctions against Venezuela – buy oil from that country. In January, the United States imported 8.6 million barrels of oil from Venezuela, according to the Statistical Office, out of about 202 million barrels imported in that month.

On Monday, the Treasury issued an extension of the United States headquarters Chevron The rental contract to pump and export Venezuelan oil and export it until May 27. The extension, known as the public license, exempt the country from economic sanctions and allows it to continue pumping oil.

In February, Trump announced an endFor the relationship of Chevron Vinzuela, in what has become the financial lifeline of the country of South America.

Venezuelan President Nicholas Maduro, by accusing the United States of violating the rules of international trade, responded through a “miserable and illegal procedure” designed to “undermine the development” of the South American State.

“For years, the fascist right, which was drawn up by the Venezuelan people, has strengthened economic sanctions in the hope of bringing Venezuela to its knees,” the government said in a statement. “They failed because Venezuela is a sovereign state, because its people resisted dignity, and because the world is no longer subject to any form of economic dictatorship.”

The American president argues that the customs tariff will restore manufacturing functions, rather than exacerbating inflationary pressures and hindering growth as economists warned. His latest stories came on Monday Hyundai It has been announced at the White House that it will build a 5.8 billion dollar steel factory in Louisiana.

“This investment is clear evidence that the customs tariff is working very strongly,” Trump said, adding that the new factory by the South Korean auto manufacturer will create 1,400 jobs.

Hyundai Motor “We are really proud to stand with you and be proud to build the future together.”

Trump’s recent tariff threatening indicates that the administration may be ready to take more bolder steps against China in its efforts to rewrite the guidelines of the global economy. The Trump administration has already imposed a 20 % global tariff on imports from China as an attempt to illegal trade in Fintanel, but another 25 % import tax, moreover, can escalate between tensions between the largest economists in the world.

Trump said that Venezuela will face a “secondary” tariff because it is homeAraja gang. The Trump administration deportes migrants that claim to be members of that gang who illegally crossed to the United States.

Trump described April 2 as “liberation day” based on his plans, which are still unclear to offer import taxes to suit the prices that other countries receive, as well as imposing 25 % tariff fees against Mexico and Canada, the largest American commercial partner. The Republican President also increased his 2018 tariff for steel and aluminum to 25 % for all imports, and he adhered to additional definitions on cars, pharmaceutical medicines, wood, East computer and copper.

The US Securities Market was climbing on Monday as investors expected the tariffs more targeted than they were afraid earlier. However, the S&P 500 index has decreased so far this year due to fears that the trade war can hinder economic growth and increase inflationary pressures.

But Trump was somewhat guarding his plans for definitions, saying on Monday that although he wanted to receive “mutual” prices that “we may be more beautiful than that.”

This story was originally shown on Fortune.com

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2025-03-25 11:08:00