President Trump said 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 that any country 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 likely will 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.
The U.S. and Venezuelan governments have been sparring over Mr. Trump’s plans to deport migrants from the United States. Venezuela announced on Saturday that it had reached an agreement with the Trump administration to resume accepting deportation flights of migrants who were in the United States illegally.