President Donald Trump said the U.S. is imposing "secondary tariffs" on countries that import oil from Venezuela, with China likely the main target. Nations that buy Venezuelan oil would face 25% tariffs on all trade with the U.

President Donald Trump has revoked the licenses that allowed several transnational oil and gas companies to operate in Venezuela despite the country being under US sanctions. The cancellation of the licenses will prevent PDVSA from using oil to pay the foreign energy companies for gas,

Venezuela's exports of crude oil and fuel fell 11.5% in March as the U.S. imposition of secondary tariffs and the cancellation of key licenses to operate in the energy sector led to delays and cargo suspensions,