Donald Trump to impose sharp tariff on India, China for buying Venezuelan oil

US President Donald Trump said on Monday that steep tariffs will be imposed on imports from countries purchasing oil and gas from Venezuela, a move that could affect China, India, and others, as reported by AFP.

Since returning to the White House in January, Trump has imposed tariffs on both allies and adversaries, seeking to influence economic and diplomatic policies.

AFP further reported that the new 25% tariffs, targeting both direct and indirect buyers of Venezuelan oil, could take effect as soon as April 2, following an order signed by Trump. The Secretary of State, in consultation with other US agencies, will decide whether the levy will be imposed.

This measure could particularly impact China and India, as Venezuela exports oil to both countries, in addition to the United States and Spain.

Moreover, Trump told reporters Monday that the 25 per cent tariff would be on top of existing rates.

Also Read: US Poised to Order More Companies to Stop Operating in Venezuela

In February, Venezuela exported approximately 500,000 barrels of oil per day to China, while the United States imported about 240,000 barrels, according to experts who spoke to AFP.

Trump has referred to April 2 as “Liberation Day” for the US economy, already promising reciprocal tariffs tailored to each trading partner in an effort to address practices Washington considers unfair.

Earlier, he indicated that sector-specific duties might be implemented around the same time, but on Monday, the White House suggested it could take a more focused approach with these new measures.

In his Monday announcement on Truth Social involving Venezuela, the president cited “numerous reasons” for what he called a “secondary tariff.”

He accused Venezuela of “purposefully and deceitfully” sending “undercover, tens of thousands of high level, and other, criminals” to the United States.

Also Read: Mukesh Ambani-led Reliance Industries gets US nod to import oil from Venezuela: Report

He added in his post that “Venezuela has been very hostile to the United States and the Freedoms which we espouse.”

According to Trump’s order, the 25 percent tariff expires a year after the last date that a country has imported Venezuelan oil — or sooner if Washington decides so.

Separately Monday, the Trump administration extended US oil giant Chevron’s deadline to halt its operations in Venezuela through May 27.

The company had been operating in Venezuela under a sanctions waiver.

US partners are furthering talks with Washington as deadlines loom, with EU trade chief Maros Sefcovic heading to the country Tuesday to meet his American counterparts — Commerce Secretary Howard Lutnick and trade envoy Jamieson Greer.

The possibility of a narrower tariff rollout boosted financial markets.

Also Read: As crackdown deepens in Venezuela, Chevron says keep the oil flowing

Treasury Secretary Scott Bessent told Fox Business’ Maria Bartiromo last week that the US would approach trading partners with clear indications of where tariff levels and non-tariff barriers stand. Bessent added that if countries ceased their unfair practices, they could potentially avoid the new levies.

During the same interview, Bessent mentioned that the tariffs would primarily target about 15% of countries with trade imbalances with the United States, referring to these nations as the “dirty 15.”