UNITED States (US) President Donald Trump has threatened an additional 10 percent tariffs on countries aligning themselves with the ‘BRICS’, which is expected to burden Nigeria’s economy.
He made the statement on his Truth Social channel on Monday, July 7.
“Any Country aligning itself with the anti-American policies of BRICS will be charged an additional 10% Tariff.
“There will be no exceptions to this policy,” Trump said.
The US President has been critical of the BRICS, an economic bloc whose members initially comprise Brazil, Russia, India, China, and South Africa.
The bloc aims to boost countries’ international standing and challenge the US and Western European powers.
In 2024, the group expanded to include Iran, Egypt, Ethiopia, and the United Arab Emirates (UAE), while Indonesia further became the first Southeast Asia member of the bloc.
In January, Nigeria joined Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan as BRICS’ ninth partner country after the alliance’s partner-country category was created at the 16th BRICS Summit in 2024.
Nigeria has since then continued to push for full membership.
The ICIR reports that immediately after Trump assumed office in January, he imposed a series of import taxes on goods from other countries, including a 14 per cent tariff on Nigeria.
Baring the impact this will have on its economy, the Nigerian government had pointed out that the US tariffs would hurt its oil and non-oil export businesses.
The ICIR reported that the Minister of Industry, Trade, and Investment, Jumoke Oduwole, said it could potentially disrupt trade relations and affect the competitiveness of Nigerian products in the US market, especially in sectors reliant on market access and price competitiveness.
She noted that a significant portion of over 90 per cent of Nigeria’s exports, comprising crude petroleum, mineral fuels, oils, and gas products, would be affected.
With Trump’s extra tariff threat, it could heighten the burden on the Nigerian economy.
Trump’s 10 per cent additional tariffs come following the BRICS leaders ‘ meeting in Brazil for a two-day summit, which started on Sunday, July 6, to reaffirm the bloc’s commitment to multilateral diplomacy.
It also comes as the US begins formally notifying affected countries of the tariffs it had declared earlier this year, with letters and deals set to roll out on Monday.
At the start of the tariffs, Trump had asked affected countries to make deals with the US in hopes of a concession.
He has further asked his global counterparts to take it or leave it, as the tariff letters go out today, Monday.p
In his opening remarks at the BRICS Summit in Rio de Janeiro, the Brazilian President, Luiz Inacio Lula da Silva, was quoted as saying that the world is witnessing the unparalleled collapse of multilateralism.
“If international governance does not reflect the new multipolar reality of the 21st century, it is up to BRICS to help bring it up to date,” he said.