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By: Manoah kikekon
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| Donald Trump and Bola Tinubu |
In a dramatic shift in U.S. trade policy, former President Donald Trump has announced a 10% baseline tariff on all imports, with additional country-specific reciprocal tariffs—including a 14% duty on Nigerian exports to the U.S.
The move comes in response to Nigeria’s 27% tariff on American goods, which the Trump administration claims creates an unfair trade imbalance.
According to data from Nigeria’s National Bureau of Statistics (NBS), trade between the two nations totaled N31.1 trillion from 2015 to 2024, with N16.4 trillion worth of imports from the U.S. Nigeria’s exports to the U.S. accounted for 8.7% of its global shipments, making America a key market for Nigerian goods.
Announcing the policy during a Rose Garden event dubbed "Liberation Day," Trump framed the tariffs as a historic reset to protect American jobs and force open foreign markets.
"This is one of the most important days in American history," Trump declared. "We will supercharge our domestic industrial base, pry open foreign markets, and break down foreign trade barriers."
The policy takes immediate effect, affecting major U.S. trade partners like China, the EU, India, and Japan, as well as developing economies in Africa, Asia, and Latin America.
For Nigeria, the 14% tariff could raise costs for key exports like crude oil, cocoa, and manufactured goods, potentially shrinking trade volumes with the U.S. Experts warn this could strain Nigeria’s economy, already grappling with inflation and currency pressures.
Will Nigeria retaliate with higher tariffs?
How will this impact Nigeria’s non-oil export growth plans?
Could this push Nigeria to strengthen trade ties with China and the EU?