U.S. President Donald Trump has announced plans to impose a 25% 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 U.S.
“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.
This proposed tariff raises questions about its potential impact on existing international agreements, including a recent gas deal between Venezuela and Nigeria.
Latin American multimedia platform, teleSUR, said the signing ceremony took place on August 8 and had in attendance President Nicolás Maduro of Venezuela, Pedro Tellechea, Venezuelan minister of people’s power of petroleum; and Arthur Eze, Nigerian representative of Veneoranto Petroleum Limited.
Venezuela continues to play a pivotal role in the global oil market, producing 921,000 barrels of crude oil per day in 2024, according to Lipow Oil Associates.
President Trump’s proposed tariffs drew strong criticism from Venezuela and its top trading partner, China. 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 criticized the U.S. 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%.
The proposed tariff has far-reaching implications for global energy markets and U.S. international relations.
As the Trump administration moves forward with its plans, questions remain about the broader economic and geopolitical consequences of imposing such tariffs. Market watchers will closely observe whether Trump’s policies succeed in exerting pressure on Venezuela while balancing U.S. interests in global trade and energy security.