President Donald Trump has announced plans to impose a 25% tariff on any country purchasing oil from Venezuela on 31 March 2025.
The latest tariffs follow the Trump administration’s implementation of tariffs under the America First Trade Policy, which was initially introduced on January 20, 2025.
“Venezuela has been very hostile to the United States and the Freedoms which we espouse. Therefore, any Country that purchases Oil and/or Gas from Venezuela will be forced to pay a Tariff of 25% to the United States on any Trade they do with our Country,” Trump said in a post on Truth Social.
This comes after reports that Trump will delay planned tariffs, including a 25% charge on imports of pharmaceuticals, cars, and lumber, initially set to take effect on 2 April 2025.
Earlier, Trump issued two executive orders on 1 March 2025, regarding the timber industry. The executive orders focus on boosting domestic lumber production and analysing the impact of imported timber on national security and economic stability.
New tariffs on countries buying oil and gas from Venezuela
On 24 March 2025, President Trump issued Executive Order 14245, in which he directed the Secretary of State to consider a 25% tariff on goods imported into the US from countries that buy Venezuelan crude oil or petroleum, either directly or through third parties. This tariff could take effect on or after 2 April 2025 once the Secretary of State identifies the countries whose products will be subject to it. The tariff will expire one year after the identified country last imported Venezuelan oil or gas, or sooner if decided by the Secretary of Commerce.
New tariffs on imported cars and parts
On 26 March 2025, President Trump issued a proclamation introducing a 25% tariff on imported automobiles and parts. The proclamation defines automobiles as “passenger vehicles, light trucks,” and automobile parts as “engines, transmissions, and electrical components.” These tariffs will take effect on 3 April 2025 for automobiles and by 3 May 2025 for parts.
Earlier, on 5 March 2025, Trump decided to exempt automakers from his 25% tariffs on Canada and Mexico for one month if they follow existing free trade rules. This follows an executive order imposing a 25% tariff on imports from Canada and Mexico and a 10% tariff on goods from China.
