Trump says will slap 25% tariff on nations buying oil from Venezuela

President Donald Trump announced Monday (March 24) that any nation buying oil from Venezuela will face 25 per cent tariff on trade with the United States.

Taking to his Truth Social platform, Trump said the tariffs would go into effect on April 2.

“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 wrote.

This comes after the Trump administration earlier accused Venezuela of sending members of the gang Tren de Aragua to the US. Washington DC has designated Tren de Aragua as a terror outfit.

This news follows reports that Trump plans to postpone previously announced tariffs, including a 25 per cent charge on imports of pharmaceuticals, cars, and lumber. These tariffs were scheduled to take effect on April 2—the same day Trump has said he will unveil a series of reciprocal tariffs on other countries, a day he calls “Liberation Day.”

Impact on India

Last year, India reportedly imported 1.5 per cent of its total crude oil purchases from Venezuela, amounting to 22 million barrels.

Last month, India’s Minister for Petroleum and Natural Gas Hardeep Singh Puri said the country was looking to import more oil from Venezuela. Speaking at the sidelines of India Energy Week (IEW) 2025, the minister said, “Earlier, Venezuelan oil was not available in the market because of international constraints. Now, all the signals point in the directions of those constraints being eased. So, if your question to me is can you expect more oil to come from Venezuela, my answer will be, yes, one can provided these processes are sorted out.”

American sanctions on Venezuelan oil threaten to complicate India’s energy strategy, especially as New Delhi looks to diversify its oil supply chain.

(With inputs from agencies)