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ST&R Trade Advisory: Possible 25% Tariff on Countries Importing Venezuela
The following analysis was provided by NCBFAA Legislative Advisor Nicole Bivens Collinson of Sandler, Travis & Rosenberg, P.A.
Sandler, Travis & Rosenberg, P.A. (ST&R) notes that on Monday, March 24, President Trump issued an executive order instructing the Secretary of State to determine which countries may be subject to additional tariffs of 25% as early as April 2, because those countries import oil from Venezuela.
As of early 2025, several countries import oil or petroleum from Venezuela. Based on available data and trends, the primary importers include:
China: The largest buyer, accounts for a significant portion of Venezuela's oil exports (over 50% in recent years, with approximately 503,000 barrels per day (bpd) reported in early 2025
United States: Imports averaged around 222,000 bpd in 2024, though this may decrease after April 2025 due to expiring U.S. licenses and potential tariff policies
India: Imports roughly 125,000 bpd in early 2025
Spain: Imported about 75,000 bpd in 2024
Cuba: Imports around 32,000 bpd in 2024
Brazil: Imports an estimated at 8-10% of Venezuela's total exports in recent years
Turkey: Imported about 13-14% of Venezuela’s exports in 2023
Other countries, such as Italy, Russia, Singapore, and Vietnam, also import Venezuelan oil, though in smaller or less consistent volumes.
These tariffs would be in addition to any other tariffs already in place on a country such as section 232, section 301, and/or IEEPA tariffs.
As you are aware, the trade policy situation is VERY fluid. We endeavor to keep you up to date, but please reach out to your favorite STR professional if you have any questions at tariffs@strtrade.com.
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Meanwhile, NCBFAA will continue to keep our members updated about the U.S. tariffs through the Monday Morning eBriefing and eblasts, and a dedicated IEEPA Tariffs webpage on our website.
Attention: The Monday Morning eBriefing (MMeB) and other communications of the NCBFAA are the exclusive property of the Association. Unauthorized use by any person or firm which is not a member in good standing is strictly prohibited.
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