Trump Imposes 14 Per Cent Tariff on Imports from Nigeria
Israel Adeleke
The president of the United States of America, Donald Trump has signed an executive order imposing steep tariffs on all imports into the United States, slamming 14 percent levy on Nigerian goods.
OPEN TELEVISION NAIJA OTN News reports that the decision, which was signed after the president delivered his speech late this week, is part of a sweeping trade policy overhaul aimed at bolstering American economic dominance, Trump noted.
OTN News further reports that, according to the US government, Nigeria charges 27 percent tariffs to the US. The report included currency manipulation and trade barriers as contributors to the amount.
In retaliation, Trump imposed a 14 percent retaliatory tariff on Nigeria.
According to 2023 data published by Observatory of Economic Complexity (OEC), Nigeria, which exported $6.29 billion worth of goods to the U.S. in 2023, mostly crude petroleum ($4.73 billion), petroleum gas ($920 million), and nitrogenous fertilizers ($167 million), now faces a major economic hurdle.
Furthermore, OEC, added that over the past five years Nigeria’s exports to the US have grown at an annualised rate of 1.59 percent, from $5.81 billion in 2018 to $6.29 billion in 2023, a trend that could now be disrupted.
Meanwhile, OTN News observes that the executive order by Trump, imposes a “baseline” 10 percent tariff on all imports as well as individualised reciprocal tariff rates on over 60 countries.
“Effective at midnight, we will impose a 25-percent tariff on all foreign-made automobiles,” Trump noted
The “baseline” 10 percent tariff would start on April 5, while higher rates on various partners would begin on April 9.
However, OTN News observes that countries like China and Mexico already grappling with previously imposed tariffs were hit with additional rates.
Here are the country-specific tariff rates:
China –34 percent
India — 26 percent
South Korea — 25 percent
Japan — 24 percent
Taiwan — 32 percent
United Kingdom — 10 percent
Vietnam — 46 percent
Switzerland — 31 percent
Cambodia — 49 percent
South Africa — 30 percent
Indonesia — 32 percent
Brazil — 10 percent
Singapore — 10 percent
Nigeria — 14 percent
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