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The Trump administration is poised to impose steep tariffs starting Wednesday on countries that import oil from Venezuela, in a move analysts said is unprecedented and will significantly increase global trade uncertainty.

Any country that buys oil from Venezuela will face 25% “secondary tariffs” on all of its trade with the United States, President Donald Trump said in a Truth Social post March 24. The levies go into effect April 2, Trump said in the post, though his executive order leaves the implementation to Secretary of State Marco Rubio’s discretion.

“If they buy their oil from Venezuela, they have to pay a 25% tariff to do business with the United States —that’s on top of existing tariffs,” Trump said during a March 24 press conference at the White House.

Trump’s secondary tariffs are “unprecedented and legally questionable, but that won’t prevent the administration from moving forward with them,” according to the consulting firm Rapidan Energy. The International Emergency Economic Powers Act has never been invoked to justify across-the-board tariffs against a country, according to Rapidan.

The tariffs will primarily affect China, the largest importer of Venezuela oil. India and Spain would also face levies unless the U.S. decides to grant exemptions for some countries. Rapidan expects importers to stop purchasing Venezuelan oil as they work to secure exemptions from the White House.

While the Europeans and Indians might get a reprieve, the U.S. has not exempted Chinese companies from sanctions in the past, according to Rapidan. Beijing will likely ditch Venezuelan barrels as a consequence, leading to a supply disruption of around 300,000 barrels per day.

Indeed, early signs suggest this could be happening. On Tuesday, Reuters reported that Venezuela’s exports of crude oil and fuel fell 11.5% in March, according to ship tracking data and documents.

Trump’s secondary tariffs have introduced a new wild card, Evercore ISI analyst Sarah Bianchi told clients in March 26 note.

The U.S. has imposed secondary sanctions in some cases on organizations doing business with blacklisted entities but it has not used trade tariffs in this way before, according to Bianchi.

Trump’s secondary tariffs could signal that he plans to significantly expand the use of tariffs beyond issues involving trade, the analyst wrote. In the case of Venezuela, the president is wielding them to pressure the Nicolas Maduro regime, which he alleges has sent Tren de Aragua gang members to the U.S.

“Adapting the idea of secondary sanctions to tariffs — and again using tariffs to achieve goals unrelated to trade — in our view further reduces the likelihood that April 2 is the peak of trade uncertainty,” Bianchi told clients.

She warned that Trump could be emboldened to use tariffs “to bolster the United States’ global leverage in advancing any number of other foreign policy objectives” if his crackdown on Venezuela is successful.

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Massive fire breaks out at Chevron oil refinery in California

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Massive fire breaks out at Chevron oil refinery in California

An aerial view of Chevron crews attempting to extinguish a large fire and explosion that occurred at Chevron Refinery in El Segundo Thursday, Oct. 2, 2025.

Allen J. Schaben | Los Angeles Times | Getty Images

A huge fire broke out on Thursday night at a Chevron jet fuel production unit in California, one of the largest refineries on the U.S. west coast, following reports of an explosion.

No injuries were reported from the incident at the El Segundo plant, Chevron said on Friday, with the U.S. energy major’s fire department personnel and emergency services “actively responding” to the situation.

It was not immediately clear what caused the blaze.

“All refinery personnel and contractors have been accounted for and there are no injuries,” Chevron said in a statement, according to NBC.

“No evacuation orders for area residents have been put in place by emergency response agencies monitoring the incident, and no exceedances have been detected by the facilities fence line monitoring system,” the company added.

This is breaking news. Please refresh for updates.

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Tesla’s ‘more affordable’ Model Y spotted uncamouflaged on highway

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Tesla's 'more affordable' Model Y spotted uncamouflaged on highway

What looks to be Tesla’s long-rumored “more affordable model” has been spotted testing on a highway, without any camouflage. But before you get too excited, it’s just a Model Y with some cheaper parts – and a price that’s not much different than we’ve seen on other Teslas.

For many years, Tesla had planned to build a much more affordable vehicle, starting around $25k. This vehicle was nicknamed the “Model 2,” and would have offered the most affordable entry point into the EV market, at least in the West.

But that project was abruptly canceled by Tesla CEO Elon Musk as first reported by Reuters and immediately denied by Musk. Reuters was later shown to be correct in its report, as many who follow Tesla might have expected, given Musk’s constant overpromising (and often outright lies).

In its place, Tesla started offering vague promises about “more affordable models,” starting in its Q1 report in April 2024. Tesla later specified that these would enter production in the first half of 2025.

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The language Tesla used suggested that the cheaper vehicles would be new models, which means more than one model, and not just based on a current Tesla model. But we reported that this was unlikely to be the case, and that the new models would just be a stripped-down Model Y.

The first-half deadline Tesla set came and went, but on Tesla’s Q2 call, it said that “first builds” were produced in June. On the same call, Musk said that the “new affordable model” is… the Model Y.

We first saw the “more affordable” Model Y out and about in Chinese spy shots, which included exterior videos and even a peek at the interior. However, in those spy shots, the front and rear of the vehicle were covered with camouflage, suggesting that there would be some changes in those areas Tesla didn’t want to leak yet.

Tesla doesn’t seem to mind those leaks anymore (especially after a low-res website leak), as a Model Y was spotted driving on the highway with no camouflage whatsoever, offering a look into what Tesla was hiding underneath those covers.

The pictures were posted to reddit by Fantastic_Train_7270, and show a Model Y with Florida manufacturer plates.

The nicely clear front end photos show that the car is missing the front light bar that was added with the Juniper refresh, instead reverting to separate headlights – though both are quite narrow, like the headlights on the Juniper.

The rear end is also missing its light bar, instead replaced by a horizontal black line. The line does not have the “T E S L A” badging, as the Juniper refresh has.

The model also has new aerodynamic wheels, which should help add a little range (and may make up for a smaller battery pack, though we don’t have information yet on whether battery size is part of the decontenting associated with the “more affordable” model).

Other than the lack of light bars, the front and rear look quite similar to the Juniper refresh. However, one concerning detail is that the rear trunk lid does not seem to fit snugly into the place it’s supposed to fit, instead encroaching onto the top of the plastic rear fascia.

We don’t know what might have caused this, but we do know that we’ve seen Model Ys with poor color matching on body panels before – but that’s a lot less of a problem than a body panel that seems to be misaligned by the better part of an inch, visible from a longish distance shot on a highway.

Of course, it’s just a prototype, but this is also the reason prototypes have camouflage, so the public can’t see fiddly bits like this ahead of release.

While these photos don’t show us anything of the interior, information from a recent software update gives us some hints as to what has been removed. In addition to removing the glass roof, coat hooks and 8″ rear screen (as could be seen in the Chinese spy shots), the software update suggests that the Model Y will have no ambient LED lights, single-axis seat controls, and simpler air vents.

The fact that this vehicle was spotted without camouflage, alongside the fact that this vehicle has shown up in recent software updates, suggests that release may be imminent. We had expected that it might be released in China first as has been the case with some other Tesla models lately, but the vehicle’s presence on US roads means that it might see a release here soon too.

And if it is releasing soon, it would be at an important time. Tesla just had its first positive sales quarter in some time, but that was primarily due to the expiration of the $7,500 US EV tax credit, which pulled forward demand. That means Teslas are now going to be $7,500 more expensive for US buyers, as of yesterday. So anything Tesla can do to cut prices will be a big deal.

We don’t know for certain how much cheaper the “more affordable” Model Y will be, but estimates (and a leak) suggest a base price of $40k – so, a savings of $5k over the current $45k base price, or $2,500 under the current base price of the Model 3, neither of which are as low as the lowest prices we’ve seen Teslas sell for before. Quite a far shout from the actually affordable $25,000 car we were all promised for so long.

Also, that price would still be a $2,500 price increase compared to the deal which was available just two days ago, before tax credit expiry. And Tesla has its own CEO to thank for that price hike, given he unwisely spent $200 million campaigning for the anti-EV forces that are now making his company’s products less affordable.


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EV Apocalypse PART TWO | BMW and Jeep deals, Tesla shareholder revolt

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EV Apocalypse PART TWO | BMW and Jeep deals, Tesla shareholder revolt

On today’s surprising episode of Quick Charge, Tesla had its first good sales quarter in a while as the EV tax credit expiration spiked demand, but a number of big shareholders still want Elon gone! Press play to find out why!

We’re also highlighting new EV deals from BMW and Jeep – but it’s not all rosy news for Stellantis’ EV fans. The eagerly anticipated, ultra-fast Banshee edition may never see the light of day.

Today’s episode is brought to you by Climate XChange, a nonpartisan, nonprofit organization working to help states pass effective, equitable climate policies. The nonprofit just kicked off its 10th annual EV raffle, where participants have multiple opportunities to win their dream EV.

Visit CarbonRaffle.org/Electrek to learn more!

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Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (most weeks, anyway). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.

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