Trump Unveils Global Tariffs: Nigeria Faces 14% Rate, Other Countries Hit Harder
…China 34%, South Africa 30%, Angola 32%
President Donald Trump said Wednesday he will apply a minimum 10% tariff on all exporters to the US and slap additional duties on around 60 nations with the largest trade imbalances with the US.
“For years, hard-working American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense. But now it’s our turn to prosper,” Trump said during an event in the White House Rose Garden.
Nigeria on the lower end of the tariff barrage faces a 14% rate, China will face a 34% rate, while the European Union will have a 20% levy and Vietnam is seeing a 46% tariff, according to White House documents.
Other nations slapped with larger tariffs include South Africa at 30%, Angola at 32%, Japan at 24%, South Korea at 25%, India at 26%, Cambodia at 49% and Taiwan at 32%.
The higher “reciprocal” rates targeting nations the Trump administration labels the worst offenders are based on a government tally of the levies and non-tariff barriers those countries impose on US goods. Under Trump’s plan, those countries facing higher, customized rates will be hit with a levy equal to one-half of that calculated amount.
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