Washington D.C. – U.S. President Donald Trump has dramatically reshaped global trade with the imposition of a 10 percent “minimum baseline tariff” on all imports, escalating to significantly higher rates for numerous countries, including Nigeria. The president, who declared Wednesday “Liberation Day,” aims to rectify what he perceives as longstanding trade imbalances.
The newly implemented policy features two tiers: a universal 10 percent tariff on all incoming goods and “reciprocal tariffs” targeting 60 specific nations.
African Nations Face Heavy Burdens
Several African economies are heavily impacted by the reciprocal tariffs. Nigeria faces a 14 percent import duty, the second highest in West Africa, trailing only Cote d’Ivoire’s 24 percent. Ghana and Ethiopia are subject to the baseline 10 percent tariff.
The most severely affected countries on the continent include Lesotho (50 percent), Madagascar (47 percent), and Botswana (37 percent).
Nigeria’s Trade with the U.S. Threatened
This policy poses a significant threat to Nigeria’s trade with the U.S., particularly its crude oil exports, a cornerstone of the nation’s economy. Nigeria’s primary exports to the U.S. consist of crude oil, petroleum gas, and nitrogen-based fertilizers, while the U.S. ships cars, refined oil products, and wheat to Nigeria.
Notably, the U.S. recently commenced importing jet fuel from the Dangote Refinery, with six vessels carrying 1.7 million barrels arriving this month.
Trump’s Rationale: “Ending Decades of Looting”
President Trump characterized the reciprocal tariffs as a measure to prevent the U.S. economy from being “cheated” and to level the playing field.
“For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike,” Trump stated. “Foreign leaders have stolen our jobs. Foreign cheaters have ransacked our factories. And foreign scavengers have torn apart our once-beautiful American dream.”
China Targeted with Highest Tariffs
China, a primary target of Trump’s trade policies, faces the highest tariff rates. A 34 percent reciprocal tariff, added to existing 20 percent duties related to fentanyl trafficking, results in tariffs exceeding 50 percent on many Chinese imports.
Trump also plans to eliminate duty-free shipping of small parcels from China under the “de minimis exemption.”
Global Fallout and Reactions
China has strongly condemned the tariffs, stating they undermine multilateral trade agreements and vowing to take countermeasures.
The European Union, facing a 20 percent levy, is preparing emergency measures to protect its economy.
However, Canada and Mexico are currently exempt from the new tariffs.
This aggressive move by the U.S. president is expected to trigger a global trade war and has raised concerns of a potential global recession.
BREAKING NEWS: President Trump Imposes 14% Tariff on Nigerian Exports to the USA.
