Trump Imposes Tariff on Venezuelan Oil Amid Chevron Extension

Trump announced a 25% tariff on countries importing Venezuelan oil, while extending Chevron's deadline to operate there. The tariff aims to pressure countries other than the U.S. and could impact Venezuela's exports. The decision ties into broader U.S. political and economic tactics against Venezuela.

President Donald Trump has declared that any nation purchasing oil or gas from Venezuela will incur a 25% tariff on trades with the United States. This move coincides with the Trump administration's decision to extend Chevron's deadline to wind down its operations in Venezuela.

The imposition of tariffs on foreign buyers of Venezuelan oil aims to replicate the impact of secondary sanctions placed on the country in 2020. While the tariffs are intended to target buyers aside from the United States, enforcement measures remain unclear. Meanwhile, Chevron's extended license will ensure payments for oil cargoes and maintain crude export volumes to the U.S.

As oil prices reacted with a 1% rise, Venezuela's President Nicolas Maduro condemned the sanctions, labeling them illegitimate and an economic war against his nation. Despite facing international trade challenges, Venezuela continues to navigate its complex geopolitical landscape.

(With inputs from agencies.)