The answer to this question is seemingly obvious, but ….

Trump Considers Extending Chevron License to Pump Oil in Venezuela

The Wall Street Journal reports Trump Considers Extending Chevron License to Pump Oil in Venezuela

President Trump, during a Wednesday meeting at the White House with Chevron CEO Mike Wirth and other oil industry executives, expressed openness to reversing the administration’s recent decision to order the company to wind down its Venezuela operation next month, the people said.

The president’s team—as part of any move to extend Chevron’s license—is weighing a plan to impose tariffs or other financial penalties on countries that buy oil from Venezuela. The details of the plan are still being worked out, the people said.

The Trump administration has been eager to reach a deal with Maduro to accept the return of migrants residing in the U.S., part of a deportation effort that is a priority for the president. But any dealing with Venezuela could reopen a political debate, particularly among Florida Republicans who advocate for maximum pressure on Maduro.

Rubio, who has been a vocal opponent of Maduro for years, told Wirth during a Monday phone call that he thought the company should pull out by the Trump administration’s April 3 deadline, the people said. The State Department confirmed the call with Wirth, but declined to comment further.

Chevron accounts for around a quarter of Venezuela’s total oil production and about a third of its oil exports, with part of the revenue earmarked to pay down billions of dollars in debt that the company is owed by Venezuela. The Venezuelan oil is refined in the U.S. into asphalt and other products. Chevron has previously argued its withdrawal from Venezuela would destabilize the local economy, encouraging further migration.

The “Beauty” of the Plan

If we let Venezuela supply US oil needs, but nobody else, then we can reduce our trade deficit with Canada.

Of course, our trade deficit would rise with Venezuela.

And we would have to ship the oil here instead of using pipelines already in place in Canada.

Q: Since a total halt of Canadian oil would eliminate the US trade deficit with Canada, could we eliminate tariffs on Canada?
A: Don’t be silly. To do that Canada needs to become the 51st state.

Yes, this is how stupid things now are.

When Does Tariff Greatness Start?

I addressed that question yesterday in Trump’s Tax Hike ‘Liberation Day’ Day Begins April 2. Expect to Suffer

On Liberation Day, the price of lumber, steel, avocados, toys, literally everything is likely to increase.

Best of all, it’s country specific.

The Harmonized Tariff Schedule of the U.S., which details individual rates on particular commodities, has about 13,000 line items. The U.S. trades with roughly 200 countries. For those doing the math, that’s a 2,600,000 matrix.

How can that possibly not be great?

For discussion, please see A Clear Explanation of How Reciprocal Tariffs Will Work

Q: What do we call this?
A: Winning, silly. Anything and everything done by Trump is winning by definition.

How Much Will Lumber Tariffs Increase the Price of a Home?

In case you missed it, please consider How Much Will Lumber Tariffs Increase the Price of a Home?

Lumber tariffs are already close to 15 percent. Trump will tack on another 25 percent.

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