Former U.S. President Donald Trump has explained why his administration imposed a 14 percent tariff on Nigerian goods exported to the United States. According to Trump, the decision came in response to Nigeria’s ban on 25 categories of American products, which he described as unfair and harmful to U.S. businesses.
In a statement released through the United States Trade Representative (USTR) on Monday, Trump said Nigeria’s restrictions on U.S. exports—especially in agriculture, pharmaceuticals, beverages, and consumer goods—prompted the tariff increase.
The USTR said, “Nigeria’s import ban on 25 different product categories impacts U.S. exporters, particularly in agriculture, pharmaceuticals, beverages, and consumer goods. Restrictions on items like beef, pork, poultry, fruit juices, medicaments, and spirits limit U.S. market access and reduce export opportunities.”
Trump labeled the trade relationship as one-sided and accused Nigeria of maintaining what he called an “average 27 percent tariff” against American goods.
During what he dubbed a Liberation Day announcement of retaliatory tariffs last week, Trump said, “That’s unfair dealing. We’re simply doing what’s right for American businesses and workers. We can’t allow countries to block our goods and expect to benefit from our market.”
The former president’s new tariff policy didn’t stop with Nigeria. It extended to almost every country in the world, creating economic shockwaves across global financial markets. Stock exchanges in the United States, China, the United Kingdom, India, and many others saw major losses on Monday following the announcement.
The impact on the world’s wealthiest individuals was also severe. According to the Bloomberg Billionaires Index, the top 500 richest people lost a combined $208 billion in just one day, marking the fourth-largest daily loss in the 13-year history of the index—and the worst since the COVID-19 crisis in 2020.
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Trump’s aggressive trade move has already triggered retaliation from other countries. China, for instance, struck back by announcing a 34 percent tariff on American products and introduced fresh export restrictions on seven rare earth elements, pharmaceuticals, and food items heading to the U.S. Canada also revealed plans to respond with its own countermeasures.
U.S. businesses that rely on Nigerian markets are now bracing for the impact. The USTR warned that Nigeria’s import bans have been creating significant barriers for American companies trying to expand their operations in Africa’s most populous nation.
“These policies create significant trade barriers that lead to lost revenue for U.S. businesses looking to expand in the Nigerian market,” the USTR said.
While Trump is no longer president, his strong influence over U.S. trade policy and his potential return to the White House remain important issues, especially as the 2024 election draws closer. His latest trade decision has revived memories of his earlier confrontations with China, Mexico, and the European Union during his first term.
Economic analysts say the tariffs may escalate into a full-blown trade war if retaliatory measures continue.
A global markets analyst based in New York, James Carlton said, “Trade wars rarely end well. While Trump says he’s protecting American interests, these actions often lead to higher prices for consumers, reduced trade volume, and strained international relations.”
For Nigeria, the new tariff could make it more difficult for its exporters to do business in the U.S., potentially affecting key sectors like agriculture and manufacturing.