News
China Will Be Hit With Fresh $300 Billion Tariff —Trump
President Donald Trump announced Thursday he will hit China with punitive tariffs on another $300bn in goods, escalating the trade war after accusing Beijing of reneging on more promises.
The 10 percent duties will take effect September 1, and come on top of the 25 per cent tariffs on $250bn in imports — meaning Trump now has targeted virtually all of the $500 billion in goods America buys from China every year.
Trump said on Twitter that Beijing had agreed “to buy agricultural product from the US in large quantities but did not do so.”
“Additionally, my friend President Xi said that he would stop the sale of fentanyl to the United States — this never happened, and many Americans continue to die!” Trump said, referring to the highly potent and addictive opioid.
After resuming face-to-face talks in Shanghai this week, trade negotiators were set reconvene in Washington in early September for another round of discussions, just after the new tariffs are put in place.
Wall Street dove into the red following Trump’s announcement, with the Dow Jones Industrial Average down 0.6 percent toward 1800 GMT.
Even so, Trump seemed upbeat: “We look forward to continuing our positive dialogue with China on a comprehensive Trade Deal, and feel that the future between our two countries will be a very bright one!”
US-China trade talks this year have alternated between progress and disaster, appearing to collapse in May only to be revived two months later after a meeting in Japan between Trump and Xi Jinping, his Chinese counterpart.
American officials accused Beijing of reneging on core commitments they had previously made during the talks.
Economists say the trade war has increasingly undermined the global manufacturing sector and sapped business sentiment, threatening the global economy at a time when it is already on the wane.
Source: NAN
Former lawmaker, Senator Shehu Sani, has described the planned increase in electricity and telecom tariffs as unconscionable.
The statement comes after the telecoms regulator last week approved the increase in mobile tariffs.
The federal government also recently said that plans were ongoing to increase electricity tariffs “over the next few months.”
However, Sani, who said the government’s plan is unreasonable, insisted that it should be halted.
The ex-lawmaker also expressed his support for the Nigeria Labour Congress (NLC) over the scheduled protest against the government’s proposal, calling it a welcome development.
“The planned increase in electricity tariffs in the midst of poor power supply and the proposal to increase telecom tariffs is unconscionable and should be halted. The scheduled labour union protest is a welcome development,” he posted on X.
The United States President, Donald Trump, has revealed his decision to cut off all future funding to South Africa, citing poor treatment of “certain classes of people.”
Trump made this known on Sunday in a post on Truth Social, his social media platform.
According to Trump, South Africa was seizing land and mistreating some citizens without concern for the violations of their rights.
“South Africa is confiscating land and treating certain classes of people VERY BADLY.
“I will be cutting off all future funding to South Africa until a full investigation of this situation has been completed!” Trump wrote.
Reports suggest that the American leader may be defending White South Africans, some of whom have alleged that the South African policy is unfair to them.
There are indications that the federal government will on Monday meet with the Nigeria Labour Congress, NLC, to stop the planned Tuesday nationwide protest against the 50 percent telecommunications tariff hike.
A reliable source familiar with the matter, who preferred anonymity, disclosed this on Monday morning, noting that the meeting between the NLC leadership and the federal government is scheduled for 5 p.m. on Monday.
The source said the meeting was a “dialogue on matters of national interest as it affects Nigerian workers.”
According to the source, it will be an inter-ministerial meeting with the Secretary to the Government of the Federation (SGF), purposely to resolve issues raised by the NLC concerning the federal government’s approved upward adjustment to telecommunications tariffs, which the NLC, its allies, and others are vehemently opposing.
This comes as the NLC is already mobilizing workers for a mass protest tomorrow (February 4) against the 50 percent tariff hike approval.
On Thursday last week, in a letter to affiliate unions and state councils, NLC General Secretary Emma Ugboaja urged them to mobilize other Nigerians to send a serious message to the government.
The planned protest follows the 50 percent telecom tariff approval by the Nigerian Communications Commission (NCC) on January 20, 2025.
The approval had sparked widespread rejection among telecom subscribers.
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