State Dept. Could Order 25% Tariffs on Countries Importing Venezuelan Oil Beginning April 2
Though China was specifically mentioned in an executive order issued late March 24 announcing 25% tariffs on countries that import Venezuelan oil, India and the EU also imported Venezuelan oil in 2024, according to a report from Reuters earlier this year.
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China was the biggest importer of Venezuelan oil, bringing in 351,000 barrels per day in 2024, though that's only a small portion of the overall 11.1 million barrels of crude oil per day China imported that year. However, the tariffs could stick even if China moves away from Venezuelan oil, with the executive order providing that the 25% tariffs expire one year after “the last date on which the country imported Venezuelan oil,” or earlier if the Commerce Department decides to lift them.
Brazil and Turkey are also recent importers of Venezuelan oil, according to an alert from Sandler Travis emailed by the National Customs Brokers & Forwarders Association of America.
The order tasks Secretary of State Marco Rubio with deciding which countries will be subject to the tariffs, based on a determination from the Commerce Department that a country is an importer of Venezuelan oil.
"The United States will not tolerate any third-countries or their oil companies producing, extracting, or exporting oil and oil-related products with the Maduro regime in Venezuela," said Rubio in a statement March 24. "This is a regime that has consistently stolen elections, pillaged from its people, and colluded with our enemies. Any country that allows its companies to produce, extract, or export from Venezuela will be subject to new tariffs, and any companies will be subject to sanctions."
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. If tariffs are imposed on China, they would also apply to Hong Kong and Macau.