It’s the idea behind President Donald Trump’s new aggressive trade policy. It imposes a punitive 25% tariff on any countries that import oil or gas from Venezuela. The tariff, which begins on April 2, was announced through the president’s preferred social media outlet, Donald Trump’s Truth Social. This measure hits Venezuela where it hurts most. Authorities charge that the country has sent members of the Tren de Aragua, a declared foreign terrorist organization, into the United States.
The impending tariff will significantly impact trade between the United States and nations involved in the oil and gas trade with Venezuela. In a press release, President Trump declared that this policy is a direct reaction to Venezuela’s reported behavior. He announced a new batch of economic sanctions aimed at the South American country. The specific focus on countries engaging in energy trade with Venezuela underscores the administration's stance against what it perceives as threats to national security.
Venezuela’s oil and gas industry has been in the headlines for decades. This new move increases the economic pressures on the nation even further. This 25% tariff is a massive increase in costs for the countries that are impacted and will change the playing field of global trade. With April 2 right around the corner, these countries need to reconsider their trade policies. Doing so would allow them to lessen the economic effect of the new tariff.