Trump says countries that purchase oil from Venezuela will pay 25% tariff on any trade with U.S.

President Donald Trump said Monday any nation that buys oil and gas from Venezuela will face a 25% tariff on any trade that country does with the United States.

The tariff will take place on April 2, the president said in a post on his social media platform Truth Social.

U.S. crude oil was up 77 cents, or 1.13%, at $69.05 per barrel by 10:54 am ET. Global benchmark Brent was trading 73 cents, or 1.01%, hither at $72.89 per barrel.

The president accused Venezuela of sending members of the gang Tren de Aragua to U.S. The Trump administration has designed Tren de Aragua as a foreign terrorist organization.