Trump to Announce Global Tariffs in Sweeping Trade Crackdown
US President Donald Trump is expected to declare the most expansive tariff policy that will affect many countries across the globe.
Since his return to the White House, President Trump has initiated several tariffs, particularly on three of the US’s major trading partners—China, Mexico, and Canada. Now, the President is expected to extend this economic policy globally in his effort to correct what he has described as years of “unfair” trade in which other countries have been “ripping off” America.
“We helped everybody, and they don’t help us,” Trump said on Monday.
Although it remains unclear how the tariff will be implemented, which countries are likely to be exempted, and which products are most likely to be targeted, the White House press secretary noted that the tariff is expected to go into effect immediately.
While some economists have warned that Trump’s tariffs will cause inflation in the country, the President appears resolute in his decision to tax goods entering the United States.
Also Read: Tariff War: How Much Trade Does the U.S. Have with Canada, Mexico, and China?
Both Canada and China, two of the US’s major trading partners, have retaliated with tariffs after Trump imposed duties on goods entering from these countries, including Mexico.
However, while it remains unclear which countries will be affected and which goods will be targeted, nations that trade with the US might have to brace for strained trading relations.
For Nigeria, the trading volume (export and import) between the US and Nigeria was $9.29 billion in 2023. Within that period, Nigeria exported $6.29 billion to the United States, with the main products being Crude Petroleum ($4.73 billion), Petroleum Gas ($920 million), and Nitrogenous Fertilizers ($167 million).
If the tariffs extend to Nigeria, these products might be affected.
