25% Tariffs on Countries Importing Venezuelan Oil to Begin April 2, at Rubio's 'Discretion'
Tariffs on countries that import Venezuelan oil could begin as early as April 2 and will be imposed on countries based on determinations from the State and Commerce departments, said an executive order issued by President Donald Trump on March 24.
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Beginning April 2, “a tariff of 25 percent may be imposed on all goods imported into the United States from any country that imports Venezuelan oil, whether directly from Venezuela or indirectly through third parties.” Secretary of State Marco Rubio will “determine in his discretion” whether to impose the tariffs on any given country, based on a determination by the Commerce Department that a country is importing Venezuelan oil.
The tariffs would be in addition to any tariffs imposed under the International Emergency Economic Powers Act, as well as Section 232 and Section 301 tariffs. Trump said earlier on March 24 that the tariffs would apply to China and come on top of existing China tariffs. The executive order said that if tariffs are imposed on China, they would also apply to Hong Kong and Macau.
Once imposed, the 25% tariffs will expire one year after “the last date on which the country imported Venezuelan oil,” or earlier if the Commerce Department decides to lift them.