Clicky

  • Login
  • Register
  • Submit Your Content
  • Contact Us
Thursday, March 27, 2025
World Tribune
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
Submit
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
No Result
View All Result
World Tribune
No Result
View All Result

Trump says countries that purchase oil from Venezuela will pay 25% tariff

March 24, 2025
in News
Reading Time: 4 mins read
A A
Trump says countries that purchase oil from Venezuela will pay 25% tariff
0
SHARES
ShareShareShareShareShare

READ ALSO

Trump’s tariffs push will hit the U.S. harder than Europe: Santander

Trump tariffs are making rate path ‘more complicated’

Trump says countries that purchase oil from Venezuela will pay 25% tariff

President Donald Trump said Monday that the U.S. will impose 25% tariffs on countries that buy oil and gas from Venezuela, as he seeks to increase pressure on President Nicolas Maduro and China.

Countries that buy oil and gas from Venezuela will face tariffs on any trade they have with the U.S., Trump said in a post on his social media platform Truth Social. The tariffs take effect on April 2, the president said.

“If they buy their oil from Venezuela, they have to pay a 25% tariff to do business with the United States —that’s on top of existing tariffs,” Trump said during a press conference at the White House.

Venezuela exported about 660,000 barrels per day in 2024, according to data from Kpler. China was the largest destination for the South American nation’s crude exports, purchasing 270,000 bpd last year.

“This announcement by the Trump administration appears to be one more action targeting China,” Matt Smith, an oil analyst at Kpler, told CNBC.

Brent crude futures rose 61 cents, or 0.85%, to $72.77 a barrel by 1:15 p.m. ET. U.S. West Texas Intermediate crude was up 59 cents, or 0.86%, at $68.87.

“We expect oil prices to go higher in light of this news and may rise further if Trump follows through with this proclamation,” analyst Leo Mariani at Roth told clients in a note.

Catch up on the latest energy news:

The U.S. was the second-largest destination for Venezuelan crude last year, importing about 233,000 bpd, according to Kpler. India purchased about 61,000 bpd and Spain bought nearly 60,000 bpd in 2024.

Trump has sought to increase pressure on the Maduro regime since taking office. The president accused Venezuela of sending Tren de Aragua gang members to the U.S. when announcing the tariffs on Monday. The Trump administration has designated the gang as a foreign terrorist organization.

Chevron license extended

The Treasury Department on Monday also extended Chevron’s license to produce oil in Venezuela until May 27. Trump said in late February that he would reverse a Biden administration decision which allowed Chevron to restart oil production in the country. Treasury had previously given the oil major until April 3 to wind down its operations in Venezuela.

Chevron CEO Mike Wirth lobbied Trump administration officials to extend the license during meetings last week, people familiar with the discussions told The Wall Street Journal. Chevron does business in Venezuela through a partnership with its national oil company Petróleos de Venezuela. The oil major has stakes in five onshore and offshore projects in western and eastern Venezuela.

The tariffs are intended to make it more difficult for China to gain a foothold in Venezuela’s oil industry while bolstering Chevron and ensuring oil flows to the U.S., people familiar with the matter told the Journal last week.

Trump invoked the 1798 Alien Enemies Act on March 15 in response to what the president claims is an invasion by Tren de Aragua. The president said its members are conducting “irregular warfare” against the U.S. at the direction of Maduro.

Federal District Court Judge James Boasberg has blocked Trump’s plan to deport alleged members of Tren de Aragua using the Alien Enemies Act. Trump has called for Boasberg’s impeachment, sparking fears among some legal experts that the U.S. is facing a constitutional crisis. Supreme Court Chief Justice John Roberts has rebuked Trump’s calls for Boasberg to be removed.

Get Your Ticket to Pro LIVE

Join us at the New York Stock Exchange!

Uncertain markets? Gain an edge with CNBC Pro LIVE, an exclusive, inaugural event at the historic New York Stock Exchange.

In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic

NYSE on Thursday, June 12.

Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles, and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!

Don’t miss these insights from CNBC PRO

Credit: Source link

ShareTweetSendSharePin
Previous Post

The White House Easter Egg Roll is seeking corporate sponsors—and the $200,000 tier gets you entrance to a brunch hosted by Melania Trump

Next Post

St. John’s RJ Luis scrubs Instagram after March Madness trolling

Related Posts

Trump’s tariffs push will hit the U.S. harder than Europe: Santander
News

Trump’s tariffs push will hit the U.S. harder than Europe: Santander

March 27, 2025
Trump tariffs are making rate path ‘more complicated’
News

Trump tariffs are making rate path ‘more complicated’

March 27, 2025
Trump threatens ‘far larger’ tariffs on EU and Canada
News

Trump threatens ‘far larger’ tariffs on EU and Canada

March 27, 2025
Trump says he may reduce China tariffs to help close a TikTok deal
News

Trump says he may reduce China tariffs to help close a TikTok deal

March 27, 2025
Amazon Pharmacy chief medical officer Vin Gupta departs the company
News

Amazon Pharmacy chief medical officer Vin Gupta departs the company

March 27, 2025
23andMe co-founder lashes out at CEO Wojcicki after bankruptcy filing
News

23andMe co-founder lashes out at CEO Wojcicki after bankruptcy filing

March 27, 2025
Next Post
St. John’s RJ Luis scrubs Instagram after March Madness trolling

St. John’s RJ Luis scrubs Instagram after March Madness trolling

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

What's New Here!

Beijing’s tariffs on U.S. farm imports kick in as Trump’s trade war threatens China’s struggling economy

Beijing’s tariffs on U.S. farm imports kick in as Trump’s trade war threatens China’s struggling economy

March 10, 2025
Are designer handbags an actual investment? Here’s how returns stack up

Are designer handbags an actual investment? Here’s how returns stack up

March 22, 2025
Tariffs could cause ‘Volatility and conflict’: Business leaders

Tariffs could cause ‘Volatility and conflict’: Business leaders

March 13, 2025
This millennial AI CEO works with Ebay and has just raised millions for her start-up—unlike tech bros she doesn’t use futuristic gadgets calling them mostly ‘useless’ 

This millennial AI CEO works with Ebay and has just raised millions for her start-up—unlike tech bros she doesn’t use futuristic gadgets calling them mostly ‘useless’ 

March 20, 2025
The Knicks moment that made Bernard King a certified believer in this team

The Knicks moment that made Bernard King a certified believer in this team

March 18, 2025
Adam Duvall will retire if his MLB free agency price isn’t met

Adam Duvall will retire if his MLB free agency price isn’t met

March 4, 2025
 Sequoia Capital to cut policy team and shutter Washington, D.C. office just as the tech industry increases its visibility under Trump

 Sequoia Capital to cut policy team and shutter Washington, D.C. office just as the tech industry increases its visibility under Trump

March 19, 2025

About

World Tribune is an online news portal that shares the latest news on world, business, health, tech, sports, and related topics.

Follow us

Recent Posts

  • Matt Stevens, former Patriots Super Bowl champ, dead at 51
  • Hippocratic AI hires seven new executives and more digital health hires
  • Amazon Spring Sale tech deals under $50: The best sales on chargers, earbuds and other accessories
  • Most Americans own 1 life insurance policy. Why do incoming SEC chair Paul Atkins and his wife own 54?

Newslatter

Loading
  • Submit Your Content
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2024 World Tribune - All Rights Reserved!

No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food

© 2024 World Tribune - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In