Venezuela claims to have more than 300 billion barrels in the ground, the largest reserves of oil of any country. But it struggles to produce about one million barrels a day, or around 1 percent of global production. In addition, much of Venezuela’s oil is extra heavy, making it polluting and expensive to process. The New York Times

In 2025, statutory tariff rates on U.S. imports rose to levels not seen in over one hundred years. This working paper shows that the tariff rate importers have paid is significantly lower than the tariff figures that Mr. Trump announced. The reasons include exemptions for specific countries and industries, rates that were lowered for some goods by the time they arrived in the U.S. and evasion of the rules by some companies. The New York Times Working Paper: The Incidence of Tariffs: Rates and Reality