Countries buying Venezuela oil to pay 25% tariff on US trade, says Trump
China biggest consumer of Venezuelan oil exports as ‘secondary tariff’ to take effect on April 2
24 March 2025 - 20:19
byTimothy Gardner and Marianna Parraga
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An oil tank at field Boscan, outside Maracaibo City, in Venezuela. Picture: REUTERS/JORGE SILVA
Washington/Houston — US President Donald Trump said on Monday that any country buying oil or gas from Venezuela will pay a 25% tariff on any trades made with the US.
This “secondary tariff” will take effect on April 2, Trump said in a Truth Social post. Trump is imposing the move because, he said, Venezuela has sent “tens of thousands” of people to the US who have a “very violent nature.”
Benchmark crude oil futures jumped nearly 1.5% on the news of the tariff.
Earlier this month, Trump issued a 30-day wind down of a licence that the US had granted to Chevron 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.
Trump earlier this month invoked the 1798 Alien Enemies Act to justify the deportation of alleged members of Venezuelan gang Tren de Aragua without final removal orders from immigration judges.
China, which already has been the subject of US 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.
Tariff impositions in China to imports of certain types of Venezuelan oil in past years led to a decline in the volume of Venezuelan crude received by Chinese buyers, which ultimately forced state company PDVSA to widen price discounts to continue selling to its most important market.
Spain, Italy, Cuba and India are other consumers of Venezuelan oil. US 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.
Levies by China in past years on imports of certain types of Venezuelan oil led to a decline in the volume of Venezuelan crude received by Chinese buyers, which ultimately forced state company PDVSA to widen price discounts to continue selling to its most important market.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Countries buying Venezuela oil to pay 25% tariff on US trade, says Trump
China biggest consumer of Venezuelan oil exports as ‘secondary tariff’ to take effect on April 2
Washington/Houston — US President Donald Trump said on Monday that any country buying oil or gas from Venezuela will pay a 25% tariff on any trades made with the US.
This “secondary tariff” will take effect on April 2, Trump said in a Truth Social post. Trump is imposing the move because, he said, Venezuela has sent “tens of thousands” of people to the US who have a “very violent nature.”
Benchmark crude oil futures jumped nearly 1.5% on the news of the tariff.
Earlier this month, Trump issued a 30-day wind down of a licence that the US had granted to Chevron 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.
Trump earlier this month invoked the 1798 Alien Enemies Act to justify the deportation of alleged members of Venezuelan gang Tren de Aragua without final removal orders from immigration judges.
EDITORIAL: Death throes of US multilateralism
China, which already has been the subject of US 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.
Tariff impositions in China to imports of certain types of Venezuelan oil in past years led to a decline in the volume of Venezuelan crude received by Chinese buyers, which ultimately forced state company PDVSA to widen price discounts to continue selling to its most important market.
Spain, Italy, Cuba and India are other consumers of Venezuelan oil. US 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.
Levies by China in past years on imports of certain types of Venezuelan oil led to a decline in the volume of Venezuelan crude received by Chinese buyers, which ultimately forced state company PDVSA to widen price discounts to continue selling to its most important market.
Reuters
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