Business
How Trump’s New Tariffs Affect Nigeria
By Benjamin Abioye
Trump has imposed new tariffs, including a 14% levy on exports from Nigeria, which has escalated global trade tensions and could reshape international trade starting April 5.
United States President Donald Trump has announced new trade tariffs on foreign goods, affecting many countries, including Nigeria.
President Donald Trump says the move is necessary to protect American businesses and jobs.
Trump declared a “national economic emergency” and imposed a 10% tariff on all imports. He also listed 60 countries that will face even higher tariffs. Nigeria will now pay a 27% tariff, while South Africa faces a 60% levy on exports to the U.S. The new tariffs will begin on April 5.
Speaking at the White House, Trump called the decision “Liberation Day” for the U.S. economy. “Today marks the day America was made wealthy again,” he said to loud applause. “For too long, we have been taken advantage of. Now, it’s our turn to prosper.”
Trump promised that these measures would bring back jobs and manufacturing to the U.S. He also said the government would work to open foreign markets for American products while preventing the uncontrolled importation of foreign goods.
As part of the policy, he announced a 25% tariff on all foreign-made vehicles, affecting countries like Japan, South Korea, and Germany. “We take their cars, they refuse ours. That ends today,” he said, pointing out that U.S. automakers struggle to sell their cars in these countries.
Trump also criticized trade practices in the agricultural sector. He accused Canada, Mexico, and Australia of placing high tariffs on U.S. dairy and beef while blocking American poultry and rice. “They won’t take our beef. They don’t want our rice. But they expect us to open our markets? Those days are over,” he said.
Holding up a chart labeled “Reciprocal Tariffs,” he explained that the U.S. would now match the trade tariffs imposed by other countries. “They charge us, we charge them. How can anybody be upset?” he remarked.
Despite concerns over the impact of these new policies, Trump stood firm. “The days of America being the world’s piggy bank are over. It’s time we took care of our own people.”
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