The United States President Donald Trump announced sweeping global tariffs on all imports into the country, slamming 14 percent on Nigeria.
Trump made the announcement on Wednesday during a Rose Garden event tagged “Liberation Day,” marks a dramatic shift from decades of free-trade orthodoxy that has underpinned the global economy since World War II.
He declared the start of what he called a new era of “fair trade,” promising to “supercharge America’s industrial base” and force open foreign markets long accused of shutting out 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.”
The new tariffs, which take immediate effect, apply to more than 50 countries. They include major trade partners like China, the European Union, India, and Japan, as well as developing economies in Asia, Africa, and Latin America.
According to 2023 data published by Observatory of Economic Complexity (OEC), Nigeria exported $6.29 billion worth of goods to the US in the period under review.
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.
The White House said officials would start charging the 10 percent tariffs on April 5, with the higher duties starting on April 9. The sweeping tariffs are expected to produce hundreds of billions in annual revenue to fund key projects.
