China, India, Spain Could Face Additional U.S. Tariffs As Trump Threatens Action Against Countries Buying Venezuelan Oil And Gas

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President Donald Trump dealt a new blow to Venezuela's authoritarian government on Monday, threatening to impose 25% tariffs to countries that buy its oil or gas. It is also set to impact countries on the buying side, who will have to choose whether to divest or absorb the tariffs.

"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. All documentation will be signed and registered, and the Tariff will take place on April 2nd, 2025, LIBERATION DAY IN AMERICA," Trump said in a publication on his social media platform, Truth Social.

The president added in his post that the decision answers to "numerous reasons," including "the fact that Venezuela has purposefully and deceitfully sent to the United States, undercover, tens of thousands of high level, and other, criminals, many of whom are murderers and people of a very violent nature."

Trump was making reference to Tren de Aragua, which has been declared a foreign terrorist organization and targeted by the administration. Hundreds of Venezuelans were deported to El Salvador days ago with officials claiming they were members of the gang based on their investigations.

The announcement comes as Trump also revoked Chevron's license to operate in Venezuela, dealing a blow to its oil production as it now representing about a fifth of its overall output. Its activities have helped prop up Venezuela's battered economy. Critics have argued that the company's operations are providing a lifeline to an authoritarian regime that has encroached to power.

The Trump administration has also reportedly pressured more companies to cease their operations in the South American country. Bloomberg reported earlier this month that officials have anticipated several companies about upcoming revocations of their licenses, telling them they will have 30 days to end operations after the notification. French oil producer Etablissements Maurel & Prom SA and Spanish oil giant Repsol are among them.

China, India and Spain are among the top buyers of Venezuelan oil at the moment. Reuters reported in late November that the country was receiving over 385,000 barrels per day in 2024. India received over 63,000 bpd, while Spain imported over 3 million tons of crude oil last year. The U.S. was also buying oil from the country through Chevron's operations last year.

In fact, Bloomberg reported last week that the administration of former President Joe Biden reached a secret deal allowing the oil giant to pay hundreds of millions of dollars to Venezuela's authoritarian government.