The White House has released an updated tariff schedule affecting nearly 70 countries, set to take effect on August 7. This follows four months of intense negotiations aimed at securing reciprocal trade agreements with key U.S. trading partners.
Among the notable new rates are 15% for Iceland and Israel, 30% for South Africa, 39% for Switzerland, and 20% for Taiwan and Vietnam. Brazil’s tariff will increase sharply to 50% starting August 6, while Syria, Laos, and Myanmar face some of the highest tariffs at 41% and 40%, respectively. Iraq and Serbia will both be subject to a 35% tariff, matching Canada’s recently adjusted rate.
Nigeria, however, has been hit with a 15% trade tariff. Notably, Israel’s new rate is set at 15%, down from the previously announced 17%, despite lacking a finalized formal agreement with the U.S.
With South Africa—Nigeria’s key regional competitor—already subject to a 30% tariff, the Federal Government is urged to reconsider its trade diplomacy with Washington.
Nigeria’s hesitance or delay in forging strong economic ties with major powers like the U.S. could prove costly, especially if the Trump administration secures a second term in 2028 and continues its protectionist policies.
Political analysts are calling on the Tinubu-led administration to adopt a more proactive approach in international trade negotiations, particularly amid potential global economic realignments. As the U.S. shifts toward bilateral deals and strict tariff enforcement, countries like Nigeria must adapt or risk economic marginalization.
President Trump stated that some countries have agreed or are close to agreeing to “meaningful trade and security commitments” with the U.S., while others have declined negotiations or offered terms that, in his view, fail to address trade imbalances or align with U.S. economic and security interests.
The executive order specifies that countries not explicitly listed will face a default 10% tariff rate.
The White House also highlighted that about one-third of all U.S. trade is already covered under major agreements finalized before this update. A significant deal was reached recently with the European Union, imposing a 15% tariff in exchange for the EU’s commitment to purchase $750 billion in U.S. energy and invest $600 billion in the American economy.
Other framework agreements include tariffs of 10% for the United Kingdom, 19% for the Philippines and Indonesia, and 15% for Japan and South Korea.
In a statement, the White House emphasized that this tariff policy is part of a broader effort to “reclaim America’s economic sovereignty” and rectify trade practices seen as unfair to U.S. workers. While earlier tariff measures raised economic concerns, officials claim they have since attracted significant investments and bolstered the U.S. economy.
Finally, White House officials confirmed ongoing negotiations with over 100 countries and stated that trade teams are working closely with international partners to finalize deals and possibly adjust tariff rates before implementation.
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