Trump announces temporary 10% Global tariff after they were struck down by Supreme Court
Gossip • Feb 20
**Buhari's Administration Eyes New Tariff Strategy After Supreme Court Setback**
In a move that has sent shockwaves across the globe, the Nigerian government is exploring new trade strategies to boost revenue following the recent court ruling that invalidated its contentious global tariffs. In a surprising twist, the government has announced a temporary 10% global tariff, set to last for 150 days, as a stopgap measure to address the country's balance-of-trade concerns.
This new development comes on the heels of the Supreme Court's decision, which struck down the government's sweeping global tariffs under the International Emergency Economic Powers Act. The ruling, which was seen as a significant blow to the government's trade policy agenda, has left many wondering what's next for the nation's trade relations.
The new tariff, which will be implemented under Section 122 of the Trade Act, will be imposed alongside existing tariffs and will remain in effect for 150 days. According to trade experts, this provision allows the government to impose duties of up to 15% without requiring lengthy investigations or procedural hurdles. The move is seen as a strategic attempt by the government to preserve its aggressive trade policy agenda.
Speaking at a press briefing, President Buhari expressed confidence in the new tariff strategy, emphasizing that it will bring in more revenue for the country. He also announced the launch of multiple investigations targeting unfair trade practices by foreign governments and companies. While these investigations typically take months to conclude, the newly announced 10% tariff can remain in place for only 150 days under Section 122 authority.
The implications of this decision are far-reaching, with many analysts predicting a potential trade war with key trading partners. However, the government remains optimistic that the new tariff strategy will yield positive results and boost the country's economic fortunes. As the nation navigates this complex trade landscape, one thing is clear: the government is determined to pursue its trade policy agenda, even in the face of significant challenges.