United States President Donald Trump, on Wednesday, April 2, 2025, slapped sweeping tariffs on imports from allies and foes alike, slamming 14 per cent on Nigeria.
According to 2023 data published by Observatory of Economic Complexity (OEC), Nigeria exported $6.29 billion to the United States.
The main exports were crude petroleum ($4.73 billion), petroleum gas ($920 million), and nitrogenous fertilisers ($167 million).
Over the past five years, according to OEC, Nigeria’s exports to the United States have increased at an annualised rate of 1.59 percent, from $5.81 billion in 2018 to $6.29 billion in 2023.
The European Union and China vowed retaliation against the levies, with Australia’s leader saying the new tariffs were “not the act of a friend” and would hurt the close allies’ relationship.
Shortly after Trump’s proclamation, separate tariffs of 25 per cent on all foreign-made cars and light trucks went into effect, with auto parts also due to be hit by May 3.
Holding up a chart of the sweeping measures in the White House Rose Garden, Trump unveiled particularly stinging tariffs on major trade partners China and the European Union on what he called “Liberation Day.”
Trump said: “This is one of the most important days, in my opinion, in American history.
“It’s our declaration of economic independence.”
The tariffs announcement triggered immediate anger around the world, with rival China warning they could “endanger” global economic development.
Stock markets looked set for major volatility Thursday, with Tokyo’s Nikkei leading an Asian selloff, collapsing more than four percent, and Hanoi shares tanked more than five percent after Vietnam was targeted with tariffs of 46 per cent.
U.S. futures plummeted and safe haven gold hit a new record as investors took fright.
Trump reserved some of the heaviest blows for what he called “nations that treat us badly”.
That included an additional 34 per cent on goods from China – bringing the new added tariff rate there to 54 per cent.
China swiftly vowed counter measures and called for dialogue, warning the levies would “seriously harm” those involved.
