By Kolawole Ojebisi
President Donald Trump has said the United States is finally reclaiming its economic power after what he described as “decades of weakness” by previous administrations
He claimed that unfair foreign practices permitted by his successive predecessors resulted in trade imbalances for the US.
The US president vowed to reverse the unfavourable trade policies. Trump said this on Monday while defending his administration’s sweeping tariff increases on multiple countries, including Nigeria and China.
In a statement posted on social media, Trump argued that the tariffs are not only effective but long overdue.
“Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is no inflation, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place,” he said.
“This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its Tariffs by 34%, on top of its long term ridiculously high Tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate.”
“They’ve made enough, for decades, taking advantage of the Good OL’ USA!” he added.
“Our past ‘leaders’ are to blame for allowing this, and so much else, to happen to our Country. Make America great again!” he said.
Nigeria is among the countries now facing increased tariffs under Trump’s revised trade policy.
The New Diplomat had earlier reported that the move was aimed at curbing trade imbalances and protecting American industries from what the Trump administration described as unfair foreign practices.
Goods such as oil, leather, and agricultural products are affected in the latest round of tariffs.
The tariffs are part of Trump’s broader economic doctrine, which favours domestic manufacturing and a reduction of US reliance on imports.
The new tariffs, according to Trump on Monday, target imported goods across various sectors.
Trump warned nations not to retaliate or risk further action. However, critics warn that the policy could spark trade wars and raise prices for American consumers.
