US President Donald Trump has announced the imposition of a 14% tariff on Nigerian exports to the United States, a move that marks a significant change in US-Nigeria trade relations. The decision was revealed during a ‘Make America Wealthy Again’ event in the Rose Garden on Wednesday, as part of a broader strategy to address global trade imbalances and perceived unfair practices.
The 14% tariff comes in response to Nigeria’s 27% tariff on US exports, a disparity that the Trump administration claims has negatively impacted American businesses and consumers. Trump emphasized that this new tariff is a key component of his initiative to ensure “fair trade” and protect American industries by forcing foreign nations to adhere to US trade rules.
“We will supercharge our domestic industrial base,” Trump declared, aiming to break down foreign trade barriers and open up markets that have previously restricted American goods. He called this a historic step for America, one that would lead to stronger competition and lower consumer prices.
In addition to the Nigerian tariff, the US has introduced a baseline 10% tariff on imports from over 50 countries, including major trade partners like China, the EU, India, and Japan, as well as developing nations in Africa, Asia, and Latin America. The move has raised concerns of a global trade war and market instability.
Countries in Africa facing new tariffs include Algeria (30%), Lesotho (50%), Mauritius (40%), Kenya (10%), Namibia (21%), Ethiopia, and Ghana (10%). South Africa will also face a reciprocal tariff of 30%.
Source: Swifteradio.com
