Trump sets up global rates, hitting Nigeria with a rate of 14% in the exposition of the trade

Under the new tariff regime, the Nigerian export to the US will be charged with a 14% tariff, compared to the 27% duty imposed by the Nigerian government on US goods Donald Trump, has revealed its most extensive rates so far, with the targeted of 100 trading partners – including Nigeria – with the increased charges, a move that has made the fear of a worldwide war war. Under the new tariff regime, Nigerian exports to the US will be charged a 14% tariff, compared to the 27% duty imposed by the Nigerian government on US goods. The policy shift can have significant economic implications, as Nigeria exported Nigeria worth of goods – mainly crude oil – to the US last year, while the N1.05 trillion was imported in return. Trump’s tariff scams have raised rapid setbacks from allies, with important trading partners promising retaliation. The European Union, Britain, India and China were all included in the latest round of duties, while Mexico and Canada were spared. China, a regular target of Trump’s trade policies, promised to take countermeasures and expose the rates as ‘self -destructive bullying’. Ursula von der Leyen, president of the European Commission, warned that the EU would respond jointly and say, “If you tackle one of us, you are taking on us all.” Asian financial markets responded sharply, with the Nikkei index of Japan dropping more than 3% and the Kospi of South Korea fell by 2%. The global economic uncertainty fueled by Trump’s trade war could have long -term consequences, especially for developing economies such as Nigeria. The New York Times reports that President Trump’s latest rates of rates have caused immediate criticism of business groups, trade experts, economists and lawmakers of both parties – including some Republicans. Meanwhile, industries have struggled to determine the impact on their operations. Trump drafted the move in response to a national emergency, and demanded that rates needed to increase domestic production. However, critics have warned against economic outage. “Trump could have tried to resolve the global trade rules he claims to resolve allies to the detriment of the US economy and consumers,” Eswar Prasad, a professor of trade policy at Cornell University, said. “Instead, he chose to dissolve the system regarding international trade.” The United States will impose a dramatic rate of 34 percent on Chinese imports, which contributes to the 20 percent rate already in place. The European Union will face a 20 percent tariff, Japan will see a 24 percent rate, and India will be hit with a 26 percent tariff on its exports to US senior administration officials, little willingness has indicated to negotiate the tariff reduction, even with allies who recently offered to lower their own levies on US goods. Trump officials have also warned countries to plan retaliation against the United States. A fresh round rates on foreign -manufactured cars will take effect at midnight, further expanding the billions of dollars in rates that Trump has set since returning to office in January. China quickly condemned the new rates and promised countermeasures and warned that no one would overcome a trade war. “These rates are based on subjective and unilateral assessments,” the Ministry of Trade declared in China and called them “one -sided bullying”. The latest rates contribute to those who have imposed Trump on Chinese imports during his first term, and place a large burden on companies that depend on Chinese goods. “There are no winners in a trade war,” the ministry said and called on Washington to resolve disputes through dialogue. The hope for a meeting between Chinese President Xi Jinping and Trump now looks dull. Chinese Foreign Minister Wang Yi told the Russian media that the US should lift the newly imposed tariffs before talks could continue. “If the US continues to apply pressure and use on extortion, China will definitely respond,” Wang warned. China has previously retaliated by imposing tariffs on US agriculture exports. This time, the countermeasures of Beijing may include further rates, restrictions on US investment or export control on rare earthminerals, which are of utmost importance to US industries.