Trump Slams Nigeria with 14% Import Tariff<\/p>\n
The United States President, Donald Trump, has slammed Nigeria\u2019s export to U.S with 14 per cent tariff.<\/p>\n
Trump said the U.S. will implement \u201creciprocal tariffs\u201d on all countries of \u201capproximately half\u201d of what they charge us\u201d.<\/p>\n
Under the tariff plan, Nigerian exports will be charged 14 per cent tariff as against the 27 per cent charged by the Federal Government.<\/p>\n
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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.<\/p>\n
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Bringing out a chart to show the audience, he showed that China \u201ccharges\u201d the U.S. a tariff of 67%, so the United States will charge China a 34% tariff.<\/p>\n
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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.<\/p>\n
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Trump concluded his \u201cmake America wealthy again\u201d event in the White House Rose Garden by signing two executive orders. The first closes \u201cthe de minimus loophole\u201d on China, which has allowed the country to export cheap goods to the United States without paying taxes and import duties.<\/p>\n
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The second implements the president\u2019s \u201creciprocal tariffs\u201d, which the president explained includes a 25% tariff on all imported cars and 10% to 49% tariffs on all goods imported from abroad.<\/p>\n
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Trump said the tariffs he announced would generate \u201c$6 trillion in investments\u201d but experts explain that tariffs are actually paid for by American businesses and consumers. That would make it the largest \u201ctax hike\u201d in U.S. history.<\/p>\n
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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.<\/p>\n","protected":false},"excerpt":{"rendered":"
Trump Slams Nigeria with 14% Import Tariff The United States President, Donald Trump, has slammed Nigeria\u2019s export to U.S with 14 per cent tariff. Trump said the U.S. will implement \u201creciprocal tariffs\u201d on all countries of \u201capproximately half\u201d of what they charge us\u201d. Under the tariff plan, Nigerian exports will be charged 14 per cent […]<\/p>\n","protected":false},"author":2,"featured_media":145558,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[79,2,5],"tags":[1162,157,945,147],"class_list":{"0":"post-145841","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"category-featured","9":"category-finance","10":"tag-import-tariff","11":"tag-nigeria","12":"tag-trump","13":"tag-us"},"yoast_head":"\n