President Donald Trump has ignited a global trade firestorm, imposing sweeping tariffs on imports into the United States.
In a dramatic shift in global trade dynamics, Nigeria is among the hardest hit in US President, Donald Trump’s newly announced tariffs on imports into the country.
Effective from April 5, Nigeria will pay 27 percent Tariff, while South Africa faces a staggering 60 percent levy on exports to the U.S.
Trump while declaring a “national economic emergency,” announced an across-the-board 10 percent tariff on all foreign goods, while 60 countries deemed “the worst offenders” by his administration will face even steeper levies.
Speaking from the White House Rose Garden, he declared “Liberation Day” for American industry, calling the moment the beginning of America’s “economic rebirth.”
“Today marks the day America was made wealthy again. For too long, we have been taken advantage of. Now, it’s our turn to prosper,” he proclaimed to thunderous applause.
Trump vowed to bring jobs and manufacturing “roaring back” to the U.S., promising to “pry open foreign markets” while ensuring foreign goods no longer flood American stores unchecked.
As part of his sweeping measures, Trump announced a 25 percent tariff on all foreign-made vehicles, effective midnight, targeting countries like Japan, South Korea, and Germany. He lambasted nations that limit U.S. exports while dominating the American market.
“We take their cars, they refuse ours. That ends today,” he declared, citing statistics that over 80 percent of South Korean cars are sold domestically, while U.S. automakers struggle to penetrate foreign markets.
Trump also took aim at agricultural trade, accusing Canada, Mexico, and Australia of imposing steep tariffs on U.S. dairy and beef while barring 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 titled “Reciprocal Tariffs,” Trump highlighted the disparities in trade levies, emphasizing a 10 percent tariff on UK imports and a 20 percent tax on EU goods.
“The days of America being the world’s piggy bank are over. It’s time we took care of our own people.
“They charge us, we charge them. How can anybody be upset?” he quipped.
Despite the looming uncertainty, Trump remained defiant.
