Several world leaders have condemned President Trump’s raft of tariffs on all goods entering the US, a policy that has dealt a major blow to the global economy.
The US president declared on Wednesday, a day he termed “Liberation Day,” that he would impose a 10 per cent baseline tariff on all imports to the country and higher duties on some of the country’s biggest trading partners.
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His new policy has ushered in two types of tariffs—the 10 per cent flat tax on every import tariff and the reciprocal tariff, which specifically targets imports from 60 nations, including developing countries in Africa such as Nigeria.
According to the president, the measures are payback for unfair trade policies used in past years, noting that he was “very kind” in his decisions.
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Mr Trump anticipates that the tariffs will boost US manufacturing and “make America wealthy again.” However, world leaders are worried that the US’s attempt to upend decades of trade policy could trigger a global recession that will severely affect millions of lives.
African leaders
In Africa, countries most affected by the recent levy include Lesotho, with a 50 per cent tariff rate, Madagascar with 47 per cent, and Botswana with 37 per cent.
Nigeria is also facing a 14 per cent import levy.
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These countries made the long list of nations dubbed the “worst offenders” that must pay back for unfair trade policies.
South Africa, whose relationship with the US has deteriorated significantly since the start of the Mr Trump administration, is also one of the 60 countries on the list.
In a statement released on Thursday, the South African presidency criticised the new tariffs as excessively harsh, warning that they could hinder trade and undermine shared economic growth.
Meanwhile, the Nigerian Ministry of Foreign Affairs has said the government will respond to the new tariff through a policy of reciprocity but noted that the details of this policy have yet to be finalised.
The ministry’s acting spokesperson, Kimiebi Ebienfa, told PREMIUM TIMES that the Ministry of Trade and Investment’s recommendations will determine Nigeria’s response.
“The tariff is under the purview of the Ministry of Trade and Investment. They will study the details of the imposed levy, identify how it affects the country, and advise on the appropriate response,” he said.
However, experts have said the imposition of steep tariffs on African nations signals the end of the AGOA trade deal, a programme designed to support African economic growth by granting preferential access to US markets.
EU, China, Japan, Canada and UK react
The EU President, Ursula von der Leyen, said Mr Trump’s sweeping tariffs will trigger uncertainty, and the consequences will be dire for millions of people around the globe.
The US government had hit the 27-nation bloc with a 20 per cent tariff on all imports.
“President Trump’s announcement of universal tariffs on the whole world, including the EU, is a major blow to the world economy,” Mrs von der Leyen said.
“We are already finalising a first package of countermeasures in response to tariffs on steel,” she added.
The EU president also noted that, should negotiations fail, further countermeasures will be taken to protect the interests of member states and their businesses.
Aside from the EU, China is one of the US trade partners most affected by the new levy.
The country has also vowed to impose retaliatory tariffs on the US. It was charged with a 34 per cent reciprocal tariff rate, which adds to the existing 20 per cent duties Mr Trump already imposed on the country earlier this year, which were tied to fentanyl trafficking.
That means many Chinese imports face tariffs well above 50 per cent.
The Chinese Commerce Ministry stated that the US government’s move undermines the balance of interests established through years of multilateral trade negotiations.
“China firmly opposes this and will take countermeasures to safeguard its rights and interests,” the ministry said.
Japan, on the other hand, has made it clear that the broad trade restrictions will significantly impact the economic relationship between Japan and the US.
The country also indicated that the tariffs will disrupt the global economy and the multilateral trading system as a whole.
“We have serious concerns about the consistency of these measures with the WTO Agreement and the Japan-US Trade Agreement. We will continue to strongly urge the US to review its measures,” Japan’s trade ministry said.
Although Canada was not affected by the reciprocal tariff, the Canadian Prime Minister, Mark Carney, said the country would still fight the previous tariff imposed on it earlier in the year.
“The US has preserved a number of important elements of our relationship—the commercial relationship between Canada and the United States. But the fentanyl tariffs still remain in place, as do the tariffs for steel and aluminium.
“We are going to fight these tariffs with countermeasures, we are going to protect our workers, and we are going to build the strongest economy in the G7,” he said.
The UK prime minister also echoed the same sentiments and concerns raised by other leaders.
Speaking on the development, Mr Starmer said, “Nobody wins in a trade war. That is not in our national interest.
“We have a fair and balanced trade relationship with the US, and negotiations on an economic prosperity deal—one that strengthens our existing trading relationship—continue. Nonetheless, I will only strike a deal if it is in the national interest,” he said.
Other world leaders
The German chancellor, Olaf Scholz, has called the recent tariffs fundamentally wrong, noting that they are an attack on a trade system that has created prosperity worldwide.
“We want cooperation, not confrontation, and will defend our interests. Europe will respond united, strong, and proportionately to this decision.
“It’s perfectly obvious—even if Europe did nothing at all—it would lead to economic difficulties for the US. All this is basic economics that we have been able to read about in textbooks on trade wars for 100 years,” he said.
The South Korean acting president, Han Duck-Soo, also said, “As the global trade war has become a reality, the government must use all its capabilities to overcome the trade crisis.”
READ ALSO: Trump imposes sweeping tariffs on Nigeria, other countries
Similarly, the New Zealand minister, Todd McClay, said the country’s “interests are best served in a world where trade flows freely.
“New Zealand’s bilateral relationship with the US remains strong. We will talk with the administration to get more information and with our exporters to better understand the impact this announcement will have.”
The Italian Prime Minister, Giorgia Meloni, also said, “We will do everything we can to work towards an agreement with the United States, with the goal of avoiding a trade war that would inevitably weaken the West in favour of other global players.”
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