Trump says tariff is pay back for what Nigeria did to US

By, Onome Jackson

US President Donald Trump has said newly imposed 14 per cent tariff on exports
is a way to hit back at Nigeria for currency manipulation and other shenanigans in trade relation.

Trump had announced in a decision widely condemned by the European Union and exporting nations that countries seeking to sell goods to the United States would now face taxes as high as 50 per cent.

The announcement, made during a ‘Make America Wealthy Again’ event in the Rose Garden, marked a dramatic shift from decades of free-trade orthodoxy that had underpinned the global economy since World War II.

He said the new sweeping tariffs of at least 10 per cent on all countries were part of a broader strategy aimed at rebalancing global trade and addressing perceived unfair trade practices.

According to the Trump administration, Nigeria imposes a 27 per cent tariff on US exports, a disparity they claim has long been detrimental to American businesses and consumers.

It said the higher tariffs were charged through currency manipulation and trade barriers.

YOUNEWS learnt that the reciprocal tariff was calculated based on the trade deficit for the US in goods with the particular country divided by the total goods imports from that country, and then divided that number by two.

A trade deficit occurs when a country buys (imports) more physical products from other countries than it sells (exports) to them.

In his address, Trump framed the tariff as part of a larger initiative to protect American industries and ensure that other nations play by what he described as “fair” trade rules.

Trump declared the start of what he called a new era of “fair trade”, promising to “supercharge America’s industrial base” and force open foreign markets long accused of shutting out US goods.

“This is one of the most important days in American history,” Trump said. “We will supercharge our domestic industrial base. We will pry open foreign markets and break down foreign trade barriers, and ultimately, more production at home will mean stronger competition and lower prices for consumers.

“This will be, indeed, the golden age of Americans coming back. We are going to come back very strongly.”