Updates: Policy/News/Markets, March 25, 2025
— Trump trade policy updates:
· Trump targets Venezuelan oil buyers with 25% tariff. President Donald Trump announced plans to impose a 25% tariff on any country that purchases oil or gas from Venezuela. Citing concerns over migration and criminal gangs entering the U.S., Trump stated that the tariff would apply to all trade such nations conduct with the United States. The measure is set to take effect on April 2, which he dubbed “Liberation Day in America.”
· Trump says he will be announcing tariffs on cars “very shortly” and on pharmaceuticals at “some point in the not too distant future.”
· The U.S. “External Revenue Service” will launch on April 2, according to Commerce Secretary Howard Lutnick.
· Trump said he “may give a lot of countries breaks,” a sign that the White House is beginning to factor in potential disruptions to global trade from its tariff policy.
· Trump considers aggressive two-step tariff strategy for April 2. Trump is preparing a two-stage tariff strategy that could begin as early as April 2, according to the Financial Times. The plan reportedly includes the immediate imposition of tariffs as high as 50%, particularly targeting car imports. Citing lawyers and individuals familiar with the discussions, the FT reports that Trump’s team is also weighing the use of Section 301 trade investigations to scrutinize foreign trading practices. In addition, they are exploring the potential use of Section 122 of the Trade Act of 1974, which permits temporary tariffs of up to 15% in response to balance-of-payments issues.