President Donald Trump has announced sweeping new tariffs targeting over 100 countries, including Nigeria, in a move that has raised fears of a worldwide trade war.
Nigerian exports to the U.S. will now face a 14% tariff, while the Nigerian government already charges a 27% duty on American imports.
The decision could disrupt Nigeria’s trade relationship with the U.S. Nigeria exported goods worth N931 billion last year, mainly crude oil, while importing N1.05 trillion in American products. The new tariff increase threatens to make trade between the two nations more expensive and could impact businesses relying on American goods and services.
The global response has been swift. The European Union, China, India, and Britain are among those hit by the new trade barriers, with leaders vowing to take action. China condemned the tariffs, calling them an act of “unilateral bullying,” while European Commission President Ursula von der Leyen warned that the EU would respond collectively to protect its economies.
Markets reacted sharply to the news. Japan’s Nikkei index dropped by more than 3%, while South Korea’s KOSPI fell by 2%. Business leaders are concerned about the long-term impact, especially for developing nations like Nigeria, which depend on stable trade relationships with larger economies.
Trump defended the move as a step to protect American industries and reduce reliance on foreign goods. His administration has shown little willingness to negotiate reductions, even with allies offering to lower their own tariffs on U.S. products. A fresh round of duties on foreign-made automobiles is also set to take effect at midnight, adding to the billions of dollars in tariffs imposed since Trump returned to office.
China has signaled it will retaliate with its own measures, including restrictions on U.S. investment and controls on rare earth minerals, which are critical to American technology and defense industries. The possibility of a meeting between Trump and Chinese President Xi Jinping now appears uncertain, as China demands the lifting of the new tariffs before negotiations can begin.
As tensions rise, the world is watching to see how nations respond. For Nigeria, the challenge will be balancing trade interests while navigating the shifting global economic landscape.