On Wednesday evening, United States President Donald Trump announced sweeping global tariffs on all imports into the country, slamming 14 percent on Nigeria.
According to 2023 data published by Observatory of Economic
Complexity (OEC), Nigeria exported $6.29 billion to US.
The main exports were crude petroleum ($4.73 billion), petroleum gas ($920 million), and
nitrogenous fertilisers ($167 million).
Over the past five years, according to OEC, Nigeria’s
exports to the US have increased at an annualised rate of 1.59 percent, from $5.81 billion in 2018 to $6.29 billion
in 2023.
Stocks had closed higher before Trump’s announcement but
later buckled under the weight of the new order, disrupting business decisions
and raising fears of a global trade war.
Trump said he was optimistic the numbers would improve,
maintaining that the decision was critical for America’s restoration as the
world’s sole superpower.
After delivering his speech, Trump signed the decision as an
executive order.
The executive order imposes a “baseline” 10 percent tariff
on all imports as well as individualised reciprocal tariff rates on over 60
countries.
He told foreign leaders “who will soon be calling to ask for
exemptions from these tariffs” to drop theirs first.
Parts of the order had different implementation timelines,
with some beginning as early as in a few hours.
“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.
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.
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
Find all tariffs below.
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