President Donald Trump has defended his administration’s sweeping tariff increases on multiple countries, including Nigeria and China, insisting the United States is finally reclaiming its economic power after years of being taken advantage of.
The new tariffs, according Trump on Monday, target imported goods across various sectors, and Trump warned nations not to retaliate or risk further action.
Nigeria is among the countries now facing increased tariffs under Trump’s revised trade policy.
It had earlier been reported that the move was aimed at curbing trade imbalances and protecting American industries from what the Trump administration described as unfair foreign practices. Goods such as oil, leather, and agricultural products are affected in the latest round of tariffs.
In a statement posted on social media, Trump argued that the tariffs are not only effective but long overdue.
“Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is no inflation, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place,” he said.
“This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its Tariffs by 34%, on top of its long term ridiculously high Tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate.”
“They’ve made enough, for decades, taking advantage of the Good OL’ USA!” he added.
Trump did not hold back in blaming previous administrations for what he described as decades of weakness.
“Our past ‘leaders’ are to blame for allowing this, and so much else, to happen to our Country. Make America great again!” he said.
The tariffs are part of Trump’s broader economic doctrine, which favours domestic manufacturing and a reduction of US reliance on imports.
However, critics warn that the policy could spark trade wars and raise prices for American consumers.
AFP
