President Trump said on Monday that he would crack down on countries that bought Venezuela’s oil by imposing tariffs on goods those nations sent into the United States, claiming that Venezuela has “purposefully and deceitfully” sent criminals and murderers into America.
In a post on Truth Social, the president said countries that purchased oil or gas from Venezuela would be forced to pay a tariff of 25 percent on any exports they sent to the United States, starting April 2.
This unconventional use of tariffs could further disrupt the global oil trade as buyers of Venezuelan oil and gas seek alternatives. The United States and China have been the top buyers of Venezuelan oil in recent months, according to Rystad Energy, a research and consulting firm. India and Spain also buy a small amount of crude from the South American country.
But in the case of China, Venezuela’s oil makes up such a small portion of the country’s imports that the threat of higher tariffs will probably cause China to look elsewhere for oil, said Jorge León, a Rystad Energy analyst.
American purchases of Venezuelan oil are poised to wind down after the Trump administration said it would revoke a license that allowed Chevron to produce oil there.
But as Mr. Trump threatened steeper tariffs on other countries, his administration on Monday gave Chevron, the second largest U.S. oil company, another two months to produce oil in Venezuela and sell it to the United States. The administration had earlier ordered Chevron to wind down its operations by April 3.