The newly imposed 14% tariff by US President Donald Trump on Nigerian exports may jeopardize the $10bn annual trade between both nations, experts warned Thursday. The tariff, effective April 9, threatens crude oil, Nigeria’s top export under the AGOA program. “Nigeria has exported $277bn to the US since 2000, mostly crude,” said Sheriff Balogun, President, Nigerian-American Chamber of Commerce. Economist Johnson Chukwu noted crude is exempt but warned of indirect effects: “Reduced global production will lower oil demand and prices.” Muda Yusuf of CPPE added, “The trade war could spur inflation and strain the naira.” Trump described the tariffs as “a new era of fair trade.”
