Nigeria, along with several other countries, has been hit with a 15% import tariff as part of a revised global trade strategy announced by U.S. President Donald Trump. This significant move, effective August 1, follows an earlier 14% tariff imposed in April, aimed at establishing fairer trade terms.
Despite a 90-day grace period for bilateral negotiations, discussions largely failed to yield new trade agreements, prompting the implementation of the new tariffs. The increase affects a range of countries, including Angola, Ghana, South Korea, and Turkey.
During the negotiation period, Trump also reinstated travel restrictions targeting several African nations, eventually including Nigeria, which had initially been exempt.
Nigerian Minister of Foreign Affairs, Yusuf Tuggar, expressed concern over the travel restrictions, highlighting them as a barrier to strengthening trade ties with the United States.
The revised tariff schedule includes:
- 15% tariffs for countries like Nigeria, Ghana, and South Korea.
- 10% tariffs for nations such as the Falkland Islands and the UK.
- Higher tariffs for countries like Nicaragua (18%) and Bangladesh (20%).
- Severe penalties of 25-41% for countries including India, South Africa, and Syria.
As negotiations continue with China, Canada faces a 35% tariff, while Mexico is subjected to various levies, including a 50% duty on metals.
The new tariffs are part of Trump’s ongoing efforts to reshape global trade dynamics, with significant implications for affected nations.
