Possible 25% Tariff on Countries Importing oil from Venezuela

While no new tariffs have been finalized yet, we should be prepared for potential changes as early as April 2nd. On March 24th, President Trump issued an executive order instructing the Secretary of State to identify which countries importing oil from Venezuela may be subject to an additional 25% tariff.

The countries potentially targeted for these additional tariffs include China, Spain, Cuba, Brazil, Turkey, Italy, Russia, Singapore, Vietnam, and several others. Like the recent tariffs, these new ones would be in addition to all other existing duties and tariffs.

As of now, more information is yet to be released once the Secretary of State reports their findings and further negotiations among the countries take place. During these fluid times, we all have to go with the flow and stay updated.

If you have any questions or need further information, don't hesitate to reach out!

Resource: IMPOSING TARIFFS ON COUNTRIES IMPORTING VENEZUELAN OIL – The White House