Market News

BY  Bethel Olujobi 

US President Donald Trump on Saturday said he will raise his new global tariff rate to 15 percent from the 10 percent announced less than a day earlier.

After Trump’s disappointing loss to the Supreme Court ruling on Friday, he announced he will sign a proclamation to place a 10 percent duty on all imports into the United States (US) under Section 122 of the Trade Act of 1974, which allows the president to set import restrictions for up to 150 days.

But Trump is now going harder.

“I, as President of the United States of America, will be, effective immediately, raising the 10 percent Worldwide Tariff on Countries, many of which have been “ripping” the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15 percent level,” Trump wrote in a social media post on Saturday.

“During the next short number of months, the Trump Administration will determine and issue the new and legally permissible Tariffs”, he added.

It is unclear if the 15 percent will be applied on existing tariffs as the 10 percent the US President earlier announced. A tariff stack will mean African countries including Nigeria, which were the hardest hit last year, will face even more tariffs on exports to the US than expected.