Trump Threatens Tariffs on Venezuela Oil Buyers: A Self-Inflicted Economic Wound?
President Trump announced a 25% tariff on all U.S. trade with countries purchasing Venezuelan oil and gas, effective April 2nd. This action, targeting China, the largest importer of Venezuelan crude, aims to pressure President Maduro and potentially benefit Chevron by limiting Chinese influence in Venezuela’s oil sector. The tariffs follow Trump’s reversal of a Biden administration decision allowing Chevron to operate in Venezuela and his invocation of the Alien Enemies Act against the Tren de Aragua gang. Oil prices are expected to rise as a result of the new tariffs.
John Q. Hosedrinker