In a sweeping move that could redefine global commerce, U.S. President Donald Trump has announced a baseline 10 per cent tariff on all U.S. imports, alongside sharper, country-specific reciprocal tariffs aimed at nations that impose steeper duties on American goods.
Exports from Nigeria to the US will attract a 14 per cent tariff compared to the 27 per cent that the US government claims it receives from Nigeria.
Nigeria’s trade with the United States printed a combined N31.1 trillion between 2015 and 2024 (10 years), according to data from the NBS. Total imports within this period were N16.4 trillion or 8.7% of Nigeria’s global exports.
The announcement during a Rose Garden event tagged “Liberation Day” marks a dramatic shift from decades of free-trade orthodoxy that has underpinned the global economy since World War II.
Trump declared the start of a new era of “fair trade,” promising to “supercharge America’s industrial base” and force open foreign markets long accused of shutting out U.S. goods.
“This is one of the most important days in American history,” Trump said. “We will supercharge our domestic industrial base, we will pry open foreign markets and break down foreign trade barriers.”
The new tariffs, which take immediate effect, apply to more than 50 countries. They include major trade partners like China, the European Union, India, and Japan, as well as developing economies in Asia, Africa, and Latin America.
