President Donald Trump of United States of America imposed enormous worldwide tariffs on every import to the country, condemning 14 percent for Nigeria. In 2023 figures put out by Observatory of Economic Complexity (OEC), Nigeria exported $6.29 billion to US. The major exports were crude petroleum ($4.73 billion), petroleum gas ($920 million), and nitrogenous fertilisers ($167 million).
The exports of Nigeria to the US from the past five years have expanded at an average rate of 1.59 percent from $5.81 billion in 2018 to $6.29 billion in 2023, OEC indicates. Trump’s executive order imposes a “baseline” tariff of 10 percent on every import and country-specific retaliatory tariff rates against over 60 nations. He directed foreign leaders “soon to be calling to ask for exemptions from these tariffs” to lead the way. Some aspects of the order had different effective dates, some beginning as early as in a matter of hours.
“Starting at midnight, we will impose a 25-percent tariff on foreign cars,” Trump stated. The “baseline” 10 percent tariff would be effective April 5, and the higher rates on several partners would be in effect April 9. According to the US government, Nigeria charges 27 percent tariffs against the US. The report had taken into consideration currency manipulation and trade barriers to add to the figure.
In retaliation, Trump imposed a 14 percent retaliatory tariff on Nigeria. Mexico and China, already reeling from previously imposed tariffs, were hit with additional rates.
