The US president also announced he would seek to launch an ‘External Revenue Agency’ on April 2 to collect tariffs.

U.S. President Donald Trump on Monday issued an executive order declaring that any country buying oil or gas from Venezuela will pay a 25% tariff on trades with the U.S., while his administration extended a deadline for U.

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.