United States President Donald Trump has issued a sweeping executive order imposing a 15 percent tariffs on Nigeria and multiple of African countries, triggering widespread concern over trade disruptions.
This comes as leaders of more than 60 countries have plunged into fresh race to secure trade deals with the U.S after after Trump unleashed global chaos with sweeping new tariff rates.
According to the Order: “These modifications shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01am.
The Executive Order also included varies tariff for other countries.
Trump’s latest blitz triggered a wave of market jitters and fears for jobs in some of the poorest countries, as tariff rates were signed off ranging from 50 percent to 10 percent.
Owing to the move by the U.S government, Citigroup’s Head of Sub-Saharan Africa, Akin Dowodu, warned that the tariff regime targeting African countries could deepen the continent’s economic shift toward alternative global trade partners, particularly China, the European Union, and the Middle East.
-9News Nigeria.
