Countries buying oil from Venezuela will have to pay an additional 25% trade tariff to the US (In image: State-run oil company Petroleos de Venezuela S.A. (PDVSA) board|Wilfredor|CC BY-SA 3.0
President Donald Trump announced on Truth Social an additional 25% trade tariff on any country purchasing oil from Venezuela, citing the country’s hostility toward the US.
The tariff will take effect on April 2, which Trump calls “Liberation Day.”
The move follows reports that Trump plans to delay other tariffs, including those on pharmaceuticals, cars and lumber. However, reciprocal tariffs will be announced on the same day.