US President Donald Trump has stated that exports from Nigeria to the United States will henceforth be subject to a 14% tariff.
The move, announced during a ‘Make America Wealthy Again’ event in the Rose Garden on Wednesday, is part of a larger policy aimed at rebalancing global trade and eliminating alleged unfair trade practices.
The newly implemented 14% tariff represents a dramatic shift in US-Nigeria economic ties, with the US government alleging a persistent trade imbalance.
According to the Trump administration, Nigeria levies a 27% tariff on US exports, which the US believes has long been harmful to American businesses and consumers.
In reaction, the United States has put a new duty on Nigerian goods to alleviate what they claim is an unfair trading agreement.
In his speech, the US president portrayed the tariff as part of a bigger effort to safeguard American companies and guarantee that foreign countries follow what he called “fair” trade standards.
Trump hailed the start of what he called a new age of “fair trade”, promising to “supercharge America’s industrial base” and force open foreign markets long accused of blocking off U.S. goods.
“This is one of the most important days in American history,” Trump said. “We will supercharge our domestic industrial base. We will pry open foreign markets and break down foreign trade barriers, and ultimately, more production at home will mean stronger competition and lower prices for consumers.
“This will be, indeed, the golden age of Americans coming back. We’re going to come back very strongly.”
In addition to the 14% tariff on Nigerian exports, President Trump announced a broader trade policy that includes a 10% tariff on all US imports.
More than 50 countries will be subject to the new levies, which go into force immediately.
They include significant trading partners such as China, the European Union, India, and Japan, as well as emerging economies in Asia, Africa, and Latin America.
The new approach represents a significant shift in global trade and economic policy, unsettling markets and raising concerns about a global trade war.
Aside from Nigeria, the following African countries would face the brunt of the new policy: Algeria (30%), Lesotho (50%), Mauritius (40%), Kenya (10%), Namibia (21%), Ethiopia, and Ghana (10%). South Africa received a 30% reciprocal duty.
