Trump Hits Nigeria With 14% Import Tariff Shock!
The announcement imposed sweeping global tariffs by Donald Trump for all imports into the US, including setting a 14 percent tariff against Nigeria.
According to the data released by the Observatory of Economic Complexity (OEC) for the year 2023, Nigeria exported to the USA $6.29 billion.
The exports consist of crude oil ($4.73 billion), gas oil ($920 million), and nitrogenous fertilisers ($167 million).
Exports of Nigeria to the USA between the years 2018 and 2023 have registered a modest annualised increment of 1.59 percent, from $5.81 billion in 2018 to $6.29 billion in 2023, according to the OEC.
Trump signed an executive order declaring a “baseline” 10 percent tariff on imports with personalized reciprocal tariffs against the more than 60 countries.
He told foreign leaders “who will soon be calling to ask for exemptions from these tariffs” to take off theirs first.
Some provisions of his order had different timing for implementation, with some taking effect almost instantaneously.
“We will put a 25 percent tariff on every foreign-made automobile at midnight,” Trump said.
The “baseline” 10 percent tariff will commence on April 5, whereas the additional tariffs upon other partners will start from April 9.
The US government alleged that Nigeria charges 27 percent on tariff against the US; according to the findings, other factors influencing this amount include illicit currency manipulation and trade barriers.
Traditional Nigerian cuisine
Trump slapped Nigeria with a retaliatory tariff of 14 percent.
The countries beginning with China and Mexico, already under pressures of tariffs, got hit with retaliatory rates.
Below shows the various countries with their respective tariff rates.
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REACTIONS
We urgently need president with nationalistic policies like Trump in Nigeria, not our so called politicians who embark on siphoning spree of the national treasury.
Fuck our leaders the export is it impacting on the people’s lives.
I wonder how they voted this idiot in power.
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