U.S. President Donald Trump has announced a 10 percent baseline tariff on all imports, with higher rates for nations running trade surpluses with the U.S., including Nigeria.
The tariffs, set for “Liberation Day,” aim to boost U.S. manufacturing and counter years of alleged unfair trade practices.
In 2023, Nigeria exported $6.29 billion in goods to the U.S., while importing $3 billion, creating a $3.29 billion U.S. trade deficit.
This move threatens Nigeria’s key exports to the U.S., particularly crude petroleum, petroleum gas, and fertilizers. It also comes as the U.S. starts importing jet fuel from Nigeria’s Dangote Refinery.
Trump declared a national economic emergency, stating that these tariffs will generate billions in annual revenue.
Additional tariffs include 34 percent on China, 20 percent on the EU, 25 percent on South Korea, 24 percent on Japan, and 32 percent on Taiwan.
