Trump’s Tariffs: Nigeria Faces 14% Levy, Global Trade Impact Looms

President Donald Trump has introduced wide-ranging new tariffs, which he dubbed “liberation day,” potentially intensifying global trade tensions. He announced that the United States will implement “reciprocal tariffs” on all countries, set at approximately half the rate those countries charge the U.S.

Nigeria is among the nations affected by these new tariffs. Under the plan, Nigerian exports to the U.S. will be subject to a 14 percent tariff, compared to the 27 percent tariffs Nigeria imposes on U.S. goods. Last year, Nigeria’s exports to the United States totaled N931 billion, primarily consisting of crude oil, while imports from the U.S. reached N1.05 trillion.

Trump presented a chart illustrating the tariff rates, revealing that China, for example, “charges” the U.S. a 67 percent tariff, prompting the U.S. to impose a 34 percent tariff on Chinese goods. Other countries facing U.S. tariffs include the European Union (20 percent), Vietnam (46 percent), Taiwan (32 percent), Japan (24 percent), India (26 percent), South Korea (25 percent), Thailand (36 percent), and Cambodia (49 percent).

At the conclusion of his “make America wealthy again” event at the White House Rose Garden, Trump signed two executive orders. The first closes a “de minimus loophole” on China, which previously allowed the country to export inexpensive goods to the U.S. without taxes or import duties. The second order implements the “reciprocal tariffs,” including a 25 percent tariff on all imported cars and tariffs ranging from 10 to 49 percent on all other imported goods.

Trump claimed these tariffs would generate $6 trillion in investments, but experts argue that American businesses and consumers ultimately bear the cost, potentially resulting in the largest “tax hike” in U.S. history. The European Union, facing a 20 percent tariff on its exports to the U.S., has stated it will respond today, with a statement from European Commission President Ursula von der Leyen.