President Trump Imposes New Tariffs on 80+ Countries
The new 12.5% tariff on Nigerian imports is expected to have limited economic impact because petroleum exports are exempt, CPPE said.
- President Donald Trump is imposing new tariffs ranging from 10% to 12.5% on more than 80 countries, using Section 301 of the Trade Act to combat forced labor and raise revenue for the United States Treasury.
- Following the Supreme Court invalidating earlier reciprocal tariffs this year, the administration restructured these measures under a new legal framework to protect American manufacturing competitiveness and domestic industries.
- On Friday, the United States announced a 12.5% tariff on Nigerian imports, though the Centre for the Promotion of Private Enterprise stated the decision is "unlikely to have a significant impact on Nigeria."
- Chief Executive Officer Muda Yusuf noted that more than 80% of Nigerian exports are tariff-exempt petroleum products, while the United States ranks as the country's fifth-largest export market, limiting direct economic consequences.
- CPPE urged the government to accelerate export diversification and maximize opportunities under the African Continental Free Trade Area, warning that the global trading environment is becoming increasingly fragmented and protectionist.
13 Articles
13 Articles
US 12.5% tariff unlikely to hurt Nigeria
The body said the direct economic implications for Nigeria would be limited because most of the country's exports to the United States are petroleum products, which are exempt from the tariffs. The post US 12.5% tariff unlikely to hurt Nigeria – CPPE appeared first on Premium Times Nigeria.
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p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 13.0px 'Helvetica Neue'} The countries concerned, including the United Kingdom, China and the European Union, will face a tariff of between 10% and 12.5% on all products, representing almost all US imports.
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