President Donald Trump imposes 25% tariff on countries buying oil from Venezuela

President Donald Trump imposes 25% tariff on countries buying oil from Venezuela

Washington, March 24 — U.S. President Donald Trump announced on Monday (March 24) that starting from April 2, any country purchasing oil from Venezuela will face a 25% tariff. Trump made this announcement on his Truth Social platform.

Trump stated, "Venezuela has acted in a highly hostile manner towards the United States and has attacked our freedom. Therefore, any country that buys oil and/or gas from Venezuela will have to pay a 25% tariff on all trade with the United States."

This announcement comes at a time when the Trump administration has accused Venezuela of sending members of the “Tren de Aragua” gang to the United States — a group that has been designated as a terrorist organization by U.S. authorities.

In addition, this news arrives at a time when Trump is also reportedly planning to suspend some previously announced tariffs, which were set to take effect on April 2. These included 25% tariffs on imports of pharmaceuticals, automobiles, and lumber. On the same day, Trump is expected to announce retaliatory tariffs on other countries, referring to it as “Liberation Day.”

Last year, India reportedly imported around 22 million barrels of oil from Venezuela, which accounted for approximately 1.5% of its total oil imports. Last month, India’s Minister of Petroleum and Natural Gas, Hardeep Singh Puri, stated that the country plans to increase oil imports from Venezuela. At the India Energy Week (IEW) 2025 event, he said, "Previously, Venezuelan oil was not available in the market due to international restrictions. Now, all signs indicate that these restrictions can be overcome. So, if you ask me whether more oil will come from Venezuela, my answer is yes — if this process can be streamlined."