25% tariff! Just now, Trump signed it! U.S. President Trump signed an order that countries importing Venezuelan oil may face additional tariffs.

On Wednesday, April 24, the White House in the United States announced that President Trump has signed an executive order imposing "tariff sanctions" on countries that import Venezuelan oil. The statement says that starting April 2, the U.S. may impose a 25% tariff on all goods imported from any country that directly or indirectly imports Venezuelan oil.

This command authorizes the Secretary of State to decide, whether on or after April 2, to impose a 25% tariff on any nation's goods that directly or indirectly import Venezuelan oil. Once the Secretary decides to impose a 25% tariff on a particular nation, the tariff shall expire one year after the nation's last importation of Venezuelan oil, or on an earlier date as determined after consultation between the Secretary of Commerce, the Secretary of State, the Secretary of the Treasury, the Secretary of Homeland Security, and the United States Trade Representative.

President Trump announced on social media on the 24th that a 25% tariff will be imposed on countries purchasing oil and natural gas from Venezuela, and he accused the Latin American country of being "hostile" to the United States. Trump stated that the relevant tariffs would take effect on April 2nd. Venezuelan Foreign Minister Hill said on the 24th that the U.S.'s measure to impose a 25% tariff on countries purchasing oil and natural gas from Venezuela is "illegal" and "arbitrary."

The US will impose a 25% tariff on purchases from Venezuela's state energy sector

The Ministry of Foreign Affairs firmly opposes.

On March 24th, Venezuela's Ministry of Foreign Affairs issued a statement stating that it firmly opposes the US government's imposition of a 25% secondary tariff on nations trading oil and natural gas with Venezuela.

The announcement states that U.S. President Trump's unilateral imposition of tariffs is a new act of aggression that openly violates international trade rules such as the General Agreement on Tariffs and Trade and the Marrakesh Agreement Establishing the World Trade Organization. Venezuela will take all appropriate actions in international institutions to defend its rights and condemn this new violation of the world economic order.

Trump says he will announce additional tariffs on cars, timber, and chips in the coming days.

On the 24th, local time, U.S. President Trump stated that he would announce additional tariffs on automobiles, timber, and chips in the coming days.

Trump also stated that as the "reciprocal tariffs" effective date of April 2 approaches, he may offer tax breaks to many countries but with the requirement of "reciprocity." Trump said the EU has agreed to reduce car tariffs to 2.5%, the same as in the US. Furthermore, Trump clarified that not all tariffs will take effect on April 2.

Trump signed an executive order to determine with each foreign trading partner whether to impose tariffs on each other. Economists and market participants have expressed concern that the Trump administration's "trade war" of tariffs will lead to a recession in the US or hyperinflation. Goldman Sachs' chief global economist Bruce C. Kasman said in early February that he was extremely concerned about the US economy, predicting a recession in the US by 40%, significantly higher than the initial forecast of 30%.