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

President Trump on Monday said the U.S. will impose a 25% tariff on imports from countries that purchase oil or gasoline from Venezuela.

The president plans to wield tariffs like financial sanctions, ordering that countries that buy Venezuelan oil have tariffs put on their exports to the United States.