NAIJANEWS
These policies create significant trade barriers that lead to lost revenue for U.S. businesses
The U.S. government has defended President Donald Trump’s decision to impose a 14% tariff on Nigerian exports, citing Nigeria’s restrictions on 25 categories of American goods. The move, announced under Trump’s “Liberation Day” trade measures, has sparked global market turmoil and retaliatory actions from major economies.
According to the U.S. Trade Representative (USTR), Nigeria imposes a 27% average tariff on American imports, with bans on key products such as beef, poultry, fruit juices, and pharmaceuticals. “These policies create significant trade barriers that lead to lost revenue for U.S. businesses looking to expand in the Nigerian market,” USTR stated.
The Nigerian government, led by President Bola Tinubu, is reportedly reassessing its economic strategy. Finance Minister Wale Edun voiced concerns over the impact on Nigeria’s $6 billion annual exports to the U.S., amid inflation and naira instability.
The global fallout continues, with China and Canada retaliating, and global billionaires losing $208 billion in a day—the worst drop since COVID-19’s peak.