President Donald Trump on Wednesday announced his most extensive round of tariffs yet, targeting over 100 trading partners, including Nigeria, in a move that has ignited fears of a global trade war.
Under the new policy, Nigerian exports to the U.S. will face a 14% tariff, while Nigerian authorities have imposed a 27% duty on U.S. goods.
The economic impact could be substantial, as Nigeria exported N931 billion worth of goods—primarily crude oil—to the U.S. last year, while importing N1.05 trillion in return.
The sweeping tariff increase has prompted strong reactions from global leaders.
China, the European Union, Britain, and India were among those affected, while Canada and Mexico were notably spared.
China, often at the center of Trump’s trade disputes, quickly vowed countermeasures, denouncing the tariffs as “self-defeating bullying.” European Commission President Ursula von der Leyen echoed the sentiment, warning that the EU would respond collectively. “If you take on one of us, you take on all of us,” she stated.
Markets reacted sharply, with Japan’s Nikkei index dropping over 3% and South Korea’s KOSPI falling 2%, highlighting investor concerns over escalating trade tensions.
Trump defended the move as a necessary step to protect American industries and reduce trade imbalances. “This is about bringing jobs back to America,” he said, framing the tariffs as part of a broader effort to boost domestic production.
Critics, however, argue that the measures could disrupt global supply chains and harm U.S. businesses reliant on foreign imports.
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Trade policy experts have raised alarms over the long-term implications. Eswar Prasad, a professor at Cornell University, criticized Trump’s approach, stating, “Rather than reforming global trade rules, he is dismantling the system that governs international trade.”
The latest round of tariffs includes a 34% duty on Chinese imports, adding to an existing 20% levy.
The EU faces a 20% tariff, Japan 24%, and India 26%, marking a significant escalation in trade restrictions.
Trump administration officials have signaled little willingness to negotiate tariff reductions, even with allies offering concessions.
Instead, they have warned countries planning retaliation against the U.S. of further economic consequences.
A fresh wave of tariffs on foreign-made automobiles is set to take effect at midnight, further expanding the billions of dollars in duties imposed since Trump’s return to office in January.
China has condemned the move, warning that a prolonged trade war would hurt all parties involved. “These tariffs are based on subjective and unilateral assessments,” China’s commerce ministry said, calling them an act of “unilateral bullying.” The ministry added that Beijing would respond “resolutely” if Washington continues its pressure tactics.
The heightened trade tensions have also cast doubt on the possibility of diplomatic talks between Trump and Chinese President Xi Jinping.
Chinese Foreign Minister Wang Yi emphasized that discussions could only proceed if the U.S. lifts the newly imposed tariffs.
As global leaders brace for further trade battles, the economic uncertainty looms large, particularly for developing nations like Nigeria, whose economies rely heavily on international trade.