U.S. imposes 14% tariff on Nigerian imports amid global trade shake-up
U.S. President Donald Trump has imposed sweeping tariffs on imports into the country, including a 14% tariff on Nigerian goods, as part of a broader effort to reshape global trade.
Announced on Wednesday evening, the policy introduces a baseline 10% tariff on all imports, with higher rates targeting over 60 countries. Trump described the move as necessary for restoring America’s economic dominance.
Nigeria exported $6.29 billion worth of goods to the U.S. in 2023, primarily crude petroleum ($4.73 billion), petroleum gas ($920 million), and nitrogenous fertilizers ($167 million), according to the Observatory of Economic Complexity (OEC). Nigerian exports to the U.S. have grown at an annualized rate of 1.59% over the past five years.
The White House justified the 14% tariff on Nigerian imports by citing Nigeria’s 27% tariff on U.S. goods, along with concerns over currency manipulation and trade barriers.
Markets reacted negatively to Trump’s announcement, with stocks initially rising before falling as investors weighed the potential impact of a trade war. Trump, however, expressed confidence that the new tariffs would ultimately benefit the U.S. economy.
Other countries hit with significant tariffs include:
- China – 34%
- India – 26%
- South Korea – 25%
- Japan – 24%
- Vietnam – 46%
- Cambodia – 49%
- South Africa – 30%
Trump also confirmed that a 25% tariff on all foreign-made automobiles would take effect at midnight, while the baseline 10% tariff begins on April 5, with country-specific tariffs starting April 9.
Foreign leaders have been urged to lower their own trade barriers before seeking exemptions.
