News Update
THE United States President, Donald Trump, Wednesday enacted sweeping new tariffs in a move that could escalate trade tensions globally at what he tagged “liberation day”.
Trump said the U.S. will implement “reciprocal tariffs” on all countries of “approximately half” of what they charge us.
Among the countries slammed with reciprocal tariff is Nigeria. Under the tariff plan, Nigerian exports will be charged 14 per cent tariff as against the 27 per cent charged by the Federal Government.
Last year, Nigeria exported goods worth N931 billion to the United States, with crude oil forming the bulk of the goods. It, however, imported N1.05 trillion worth of goods from the U.S. in the same period.
Bringing out a chart to show the audience, he showed that China “charges” the U.S. a tariff of 67%, so the United States will charge China a 34% tariff.
The chart also showed that the United States will charge the European Union a 20% tariff, Vietnam a 46% tariff, Taiwan 32%, Japan 24%, India 26%, South Korea 25%, Thailand 36%, Cambodia 49% and more.
Trump concluded his “make America wealthy again” event in the White House Rose Garden by signing two executive orders. The first closes “the de minimus loophole” on China, which has allowed the country to export cheap goods to the United States without paying taxes and import duties.
The second implements the president’s “reciprocal tariffs”, which the president explained includes a 25% tariff on all imported cars and 10% to 49% tariffs on all goods imported from abroad.
Trump said the tariffs he announced would generate “$6 trillion in investments” but experts explain that tariffs are actually paid for by American businesses and consumers. That would make it the largest “tax hike” in U.S. history.
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The European Union, which is facing 20% tariffs on all exports to the U.S., will not react until today when the European Commission president Ursula von der Leyen will make a statement.
(Source: Excluding headline; The Guardian)
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