TRUMP SLAMS GLOBAL TRADE WITH “RED HOT” TARIFFS

|Adejumo Adekunle-

China, EU, and Africa Take the Heat

Lesotho Faces a Staggering 50% Tariff

U.S. President Donald Trump, on Wednesday, rolled out his much-anticipated “red hot” tariffs, vowing to boost American manufacturing and penalize nations he accuses of unfair trade practices.

Trump imposed a 10% baseline tariff on all imports into the United States, but countries with trade surpluses will bear higher rates. While China and the European Union face 34% and 20% tariffs, respectively, smaller nations are feeling the brunt, with Lesotho slapped with a staggering 50% tariff.

AFRICAN COUNTRIES HIT HARD

The preliminary list of affected African nations includes:

• Botswana – 37%

• South Africa – 30%

• Tunisia – 28%

• Côte d’Ivoire – 21%

• Egypt – 10%

• Morocco – 10%

Though Nigeria and several other African nations are absent from the supplementary list, they remain subject to the 10% baseline tariff, impacting trade relations.

IMPACT ON NIGERIA

Nigeria, the second-largest U.S. export destination in Sub-Saharan Africa in 2022, now faces higher costs for goods shipped to the U.S. While not singled out for additional tariffs, the new trade policy could hinder bilateral trade and inflate import prices.

With tensions escalating, global markets are bracing for the ripple effects of Trump’s latest move.