Tariff Talk

On March 24, President Donald Trump signed an executive order imposing tariffs on countries importing Venezuelan oil, directly or indirectly, citing the actions of the Tren de Aragua gang and the policies of the Maduro regime. The order highlights how instability in Venezuela has led to mass migration, contributing to the U.S. immigration crisis. This follows three weeks after the President revoked Chevron’s export license for limited amounts of Venezuelan oil and oil products.

The executive order states that, starting April 2, 2025, a 25% tariff may be imposed on all goods imported into the U.S. from any country that imports Venezuelan oil, in addition to any existing tariffs under the International Emergency Economic Powers Act.

The order tasks the Secretary of State with determining which countries will be impacted by the tariff. Once imposed, the tariff will expire one year after the last date a respective country imported Venezuelan oil. While the order does not name specific countries, it mentions that if China is included in the new tariff, Hong Kong and Macau will be treated similarly. Other major recipients of Venezuelan oil include European Union members, Singapore, Vietnam, and India.

Importers are anxiously awaiting April 2, which President Trump has called “Liberation Day,” when the U.S. is expected to announce reciprocal tariffs on a broad range of countries and commodities. Although details are still scarce, media speculation suggests the tariffs may be phased or tiered.

Additionally, USMCA-qualified items from Mexico and Canada remain exempt from the 25% IEEPA tariffs, while non-USMCA-qualified goods are subject to the additional tariff. The treatment of these goods remains an important consideration for the automotive and agricultural sectors and the future of the free trade agreement.

As April 2 approaches, the trade industry is also awaiting updated guidance on de minimis entries. Initially impacted by tariffs on China, de minimis entries—those valued at under $800—now require a more formal entry process, subjecting them to new tariffs and closer monitoring by partner government agencies. These controls were temporarily paused to allow time for infrastructure development and additional guidance on processing these imports.

OCEANAIR is committed to staying up-to-date with trade notices and tariff changes. Please continue to subscribe, follow us on social media, and contact your representative for additional support.