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US President Donald Trump said on Monday he would be placing a 25 per cent tariff on all imports from any country that buys oil or gas from Venezuela as well as imposing new tariffs on the South American country itself.
In a Truth Social post, Trump said Venezuela has been “very hostile” to the US and countries buying oil from it will be forced to pay the tariff on all their trade to the US starting on April 2.
Trump’s latest tariffs threat suggests the administration will take bolder moves against China, Venezuela’s largest foreign customer. The Trump administration has already levied universal 20 per cent tariffs on imports from China as an effort to crack down on the illicit trade in fentanyl.
But Trump has labeled April 2 as “LIBERATION DAY” based on his still unclear plans to roll out import taxes to match the rates charged by other countries, as well as fully levy 25% tariffs against Mexico and Canada, the two largest US trading partners.
The Republican president has also increased his 2018 tariffs on steel and aluminum to 25% for all imports. Trump told reporters on Friday that there would be “flexibility” in his tariffs even as he has opposed granting exemptions to his import taxes.
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