He also warned Apple that it must manufacture iPhones in the United States or face a 25% import duty.

The announcement, made through multiple posts on Trump’s social media platform, is an escalation in his confrontational trade strategy. The tariffs, he stated, would take effect from 1 June 2025 unless the EU yields to his demands.

“Our discussions with them are going nowhere!” he wrote. “Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025. There is no Tariff if the product is built or manufactured in the United States.”

The EU exported approximately €500 billion worth of goods to the U.S. last year, including €161 billion from Germany, €72 billion from Ireland, and €65 billion from Italy. The proposed tariff hike will hit major industries hard, automotive, pharmaceuticals, chemicals, and luxury goods among them.

Apple Plans to Start Assembling All U.S.-Sold iPhones in India by 2026

Trump has turned his attention to Apple, reiterating a long-standing demand that iPhones sold in America should be manufactured domestically, or now face new tariff.

“I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,” he posted. “If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.”

This statement triggered a quick reaction on Wall Street. Apple shares dropped by 2.3%, while indexes tumbled, S&P 500 fell 0.9% and Nasdaq shed 1.5%. Investors, already on edge, responded to what many see as erratic and unpredictable economic policymaking.

What makes the situation bigger is Trump’s apparent reversal on who bears the burden of tariffs. In earlier phases of his trade wars, he claimed foreign exporters would pay. Now, he insists companies like Apple must absorb the cost, even though in practice, it’s often consumers who end up paying higher prices.

Bank analysts have estimated that if Apple moved all iPhone production to the U.S., the retail price of a $1,200 device could surge to between $1,500 and $3,500 due to labour and supply chain costs. Most iPhones sold in the U.S. this quarter are being assembled in India, with others coming from Vietnam, according to Apple CEO Tim Cook.

Scott Bessent, U.S. Treasury Secretary, attempted to clarify the administration’s stance in an interview with Fox News. He blamed the EU’s slow progress on trade reform on its “collective action problem,” adding that many member states are unaware of the full scope of negotiations taking place in Brussels.

The European Commission has so far remained tight-lipped, choosing instead to wait for a scheduled conversation between EU trade chief Maroš Šefčovič and U.S. counterpart Jamieson Greer. However, officials within the bloc are worried behind closed doors.

German Foreign Minister Johann Wadephul said, “I think such tariffs help no one, but would just lead to economic development in both markets suffering. So we are still counting on negotiations, and support the European Commission in defending Europe and the European market while at the same time working on persuasion in America.”

Trump’s allies argue that his tariff threats are meant to bring trading partners to the table. His critics, however, believe the policy is economically reckless and politically short-sighted.

Marcel Fratscher, head of the German Institute for Economic Research, wrote pointedly, “The strategy of the EU Commission and Germany in the trade conflict with Trump is a total failure. This was a failure you could see coming—Trump sees Europe’s wavering, hesitation and concessions as the weaknesses that they are.”

Private firms across Europe are facing the issue. Major carmakers, BMW, Mercedes, Porsche, saw their shares fall between 2% and 4.5%. Even eyewear giant EssilorLuxottica took a 5.5% hit.

Volvo Cars CEO Håkan Samuelsson said: “Customers would have to pay a large part of tariff-related cost increases, and it could become impossible to import the smallest cars in the company’s lineup to the United States.”

However, Trump hasn’t provided clear timelines or outlined concrete terms. His administration is dangling threats while hinting at exemptions and special deals. It’s a waiting game, with global markets and international partners caught in the middle.

There is little doubt that Apple, already facing the complexity of relocating a global supply chain, is under pressure. Despite pledging $500 billion in domestic investment over the next four years, the company has not committed to bringing iPhone manufacturing home. 

Commerce Secretary Howard Lutnick and Trump have both floated the idea publicly, but insiders question the feasibility.

“It is hard to imagine that Apple can make iPhones in the U.S. without incurring enormous costs,” one senior analyst commented. “It’s not just about money—it’s about time, talent, and infrastructure.”

Trump, however, appears unmoved. Speaking recently in Qatar, he said: “I had a little problem with Tim Cook yesterday. I said to him, ‘My friend, I treated you very good. You’re coming here with $500 billion, but now I hear you’re building all over India. I don’t want you building in India.’”

Markets have been sinking, companies are struggling, and the very idea of predictability in trade has become laughable.

In just days, the world lost $6.6 trillion in equity value following the U.S. tariffs implementation. And no, it’s not just market noise. According to the World Trade Organisation (WTO), global merchandise trade has been projected to shrink by 1% this year — a direct hit from Washington’s tariff grenade.

Few sectors are feeling it more than others; like tech. Nvidia, the chip behemoth, warned that export restrictions to China would cost it $5.5 billion. Not far behind, Advanced Micro Devices admitted to an $800 million blow. ASML, a key supplier of chip-making equipment, threw its hands up — saying both 2025 and 2026 now look like murky waters.

This isn’t abstract. The Nasdaq tanked again on Wednesday. Nvidia’s stock alone dropped 7%. The so-called optimism of a recovering market has proven thin. Artificial hopes collapsed as real numbers rolled in.

Firms are rushing to ship, stock, and salvage what they can. “Everybody was scrambling through the month of March to try to get things in,” said Marko Bebek, sales manager at U.S. hog equipment manufacturer L.B. White. If you’re in cross-border manufacturing, you’re either rushing to beat tariffs or trying to find a way around them — neither easy, neither cheap.

Retailers saw this coming too. China-based platforms like Temu and Shein issued almost identical warnings: “Buy now at today’s rates.” From April 25, prices go up. These are not marketing tricks. These are survival signals.

Per Reuters, Japanese carmakers, especially, are caught in a bind. With over a million vehicles shipped annually to the U.S., mostly low-cost models, the threat of additional tariffs could inflate prices by thousands of dollars. Relocating production is an option — in theory. In practice, it’s a logistical nightmare.

“We need to have somewhat of a break on the tariffs for a period of time so that we can organize ourselves to localize … and bring the supplier base in the U.S.,” Nissan Americas Chairman Christian Meunier said. But that takes years — and tariffs wait for no one.

Federal Reserve Chair Jerome Powell didn’t dance around the issue in Chicago. “Inflation is likely to go up as tariffs find their way and some part of those tariffs come to be paid by the public,” he said. Translation: your shopping basket’s about to get more expensive, and there’s not much the Fed can do about it.

While Powell stopped short of confirming a slowdown, economic indicators are flashing amber. Retail sales got a brief bump from auto demand, but underneath the surface, consumer sentiment is slipping. Banking execs are seeing the early cracks. Americans are still spending — but it’s cautious, front-loaded, and full of anxiety.

Despite the issues, Trump remains defiant. On Wednesday, he stepped directly into talks with Japan — overshadowing his Treasury Secretary — as negotiations turned political. The goal? Rebalancing trade, by force if necessary.

His narrative remains the same: America first, and the world will follow. But business leaders don’t share the confidence. “What was true yesterday is no longer true today, what will be tomorrow I do not know,” said Jean-Christophe Babin, CEO of luxury house Bulgari.

China hasn’t stayed silent. Retaliatory tariffs are already in motion. Other U.S. allies — Canada, the EU — are still weighing responses. Meanwhile, the White House keeps suggesting more countries want to “make deals.” Progress has been elusive.

United Airlines, oddly blunt in its outlook, forecasted two radically different scenarios for 2025 — a sign that even the airlines don’t trust the ground beneath their feet. They may be used to turbulence, but not like this.

The global trading order is being rewritten. Not by negotiation or diplomacy, but by brute economic force.

Markets didn’t wait to digest it. Wall Street futures plunged overnight. The Dow dropped nearly 2%. S&P 500 and Nasdaq futures weren’t spared either, falling 1.72% and 1.45% respectively. 

Europe and Asia took hits too, with London’s FTSE and Japan’s Nikkei both seeing steep losses. Safe havens? Not anymore. Even U.S. government bonds faced a sell-off.

The Chinese Finance Ministry confirmed the tariff hike late Wednesday, saying it would take effect at 12:01 p.m. Thursday. From that point on, American imports into China would face an 84% tariff—up from 34%.

“The tariff escalation against China by the United States simply piles mistakes on top of mistakes,” Beijing said. “It severely infringes on China’s legitimate rights and interests.”

This all began with a deadline. Trump demanded China reverse its own tariff by Tuesday. When that didn’t happen, the White House moved quickly. Press Secretary Karoline Leavitt spelt it out: “The president, when America is punched, he punches back harder, that’s why there will be 104% tariffs going into effect on China tonight at midnight.”

She also dangled a small olive branch. “The president would be gracious if President Xi wants to make a deal,” she added. But if there’s an opening for diplomacy, it’s getting harder to find.

For now, both Trump and China are digging in regarding the tariff changes. China’s Commerce Ministry blasted Washington’s move as “unilateral bullying” and “blackmail,” while warning of further countermeasures. 

The Ministry said the 104% tariff was groundless and a violation of international norms. Its response, it said, was to protect China’s sovereignty and development.

China’s retaliation didn’t stop at tariffs. Six U.S. tech firms—including Shield AI and Sierra Nevada Corp—have now been sanctioned. Beijing accused them of selling weapons to Taiwan and collaborating on military projects with the island. That’s a sharp escalation, and not just economic.

Trump, for his part, seems unfazed. At a press event with Israeli Prime Minister Netanyahu, he was asked whether the U.S. might ease off on its global tariff stance. His answer: “We’re not looking at that.”

In the background, over $5 trillion in U.S. market value has been wiped out since Trump’s new tariff policy was revealed. The S&P 500 is down nearly 20% from its peak, technically placing it in bear territory. Oil prices have also crashed, reaching lows not seen since 2021.

The economic pressure is real. But politically, Trump appears to be leaning into the chaos. He posted on social media urging American companies to bring their manufacturing home: “Don’t wait, do it now!”

China, however, has drawn a line. “We will fight to the end,” a statement from state-run Xinhua declared earlier this week. And now, it’s walking that talk.

What’s next? Neither side is backing down. Both have shown they’re willing to take the pain. But then, businesses and consumers are caught in the middle.

Washington has slapped 14% tariffs on the country’s exports, but Nigeria’s government has decided to stand down on any retaliation.

It remains to be seen whether this was a strategic move to prevent further tariffs from the United States. Nevertheless, these tariffs may impact growth given how Nigeria’s exports to the US have ranged between $5-6 billion annually.

One could argue that Nigeria is somewhat insulated given how over 90% of exports are comprised of crude oil and gas products.

Nevertheless, growing concerns around Trump’s trade war tipping the global economy into a recession is a major risk for emerging markets.

Beyond trade developments, Nigeria remains exposed to volatile oil prices. Last week, Brent and WTI both recently logged their steepest weekly losses in over a year.

Oil prices remain pressured by deepening trade tensions and OPEC+ announcing an unexpectedly large supply boost.

Crude oil has shed over 13% this month, dragging year-to-date losses closer to 15%. Such a development may complicate the government’s ability to implement the 2025 budget based on oil prices at $75 a barrel.

The sharp selloff in oil could mean more pain for the Naira which is among the worst performing emerging market currencies. Naira has shed 4% year-to-date versus the dollar and may extend losses if lower oil translates to falling foreign exchange reserves.

On the data front, Nigeria will reveal its latest inflation figures in mid-April. Back in February, the annual inflation rate dropped to 23.2% to its lowest level since June 2023 while food inflation also cooled to 23.5% – its lowest rate since September 2022.

While the decline in CPI has been attributed to a technical adjustment, further signs of cooling price pressures could spark discussions around potential CBN rate cuts in the second half of 2025.

This has sparked debate as he claims it will ease workers’ tax burdens.

To understand its potential impact, the Dancing Numbers team analyzed how much the average American pays in taxes over a lifetime and how much they could save if income taxes were replaced by tariffs.

Their findings reveal that the lifetime tax savings for the average American could range from $134,809 (if only federal income tax is eliminated) to $325,561 (if all wage-based income taxes are removed).

 Key insights from the study:

• The average American pays $325,561 in lifetime income taxes, contributing to a total average tax burden of $497,804.
• Who Pays the Most? New Jersey residents face the highest lifetime tax burden at $755,493, followed by Connecticut ($686,655) and New York ($674,663) throughout their lifetime.
• If Trump’s tariff plan eliminates federal income taxes, residents could save $146,160 in New Jersey, $149,535 in Connecticut, and $136,215 in New York over their lifetime.
• States That Would Benefit Most: Residents of New Jersey, New York, Connecticut, Illinois, and Massachusetts could experience the most significant tax relief.

With lifetime tax burdens exceeding half a million dollars for many in the form of income, property, and sales taxes, Trump’s proposal could fundamentally shift the financial landscape for millions of Americans.

The complete study on Trump’s Tariff is available here 

From policy implications to economic ties, Trump’s re-entry into the White House holds implications for global geopolitics, especially for Nigeria.

This article explores the Nigerian media’s portrayal of Trump’s return to power, the sentiment reflected in the coverage, and the critical role of continuous media monitoring and intelligence for policymakers, businesses, and global brands operating in Nigeria.

Nigerian media has been abuzz with discussions ranging from Trump’s controversial policies during his first term to speculations about what his leadership could mean for Africa.

During the inauguration, notable themes of economic revival and national pride were underscored, with Trump promising a “golden age“ for America.

(NPR.org) Yet, Nigerian outlets have cautiously emphasized the risks his leadership might pose to U.S.-Africa relations, focusing on issues like trade, immigration, and foreign aid.

Nigerian media monitoring and intelligence consultancy P+ Measurement Services have identified a few critical trends in Trump-related coverage within Nigeria:

1. Media Exposure Share: Analysis shows that 58% of the stories about Trump’s inauguration and its potential impact on Nigeria appeared in major print and online publications such as The Guardian Nigeria, daily.ng, and ThisDay.

Broadcast media accounted for 29% of coverage, while social media discussions made up the remaining 13%. This distribution underscores the importance of print and online platforms in shaping public perception and discourse.

2. Sentiment Analysis: Neutral to negative sentiments dominated the narrative, with 62% of analyzed articles adopting a cautious tone. Coverage focused on concerns over Trump’s history of unpredictable policies, trade wars, and his limited engagement with Africa during his previous term. Positive sentiment accounted for just 21%, largely emphasizing hopes for improved trade relations or potential policy shifts favouring Africa.

3. Earned Media Performance: Media intelligence from P+ Measurement Services highlights that Nigeria generated significant earned media exposure about Trump, with mentions of “Nigeria” in U.S. inauguration coverage up by 19% compared to Biden’s inauguration four years ago. However, much of this media engagement stemmed from concerns rather than optimism.

4. Reputation and Policy Context: Trump’s first presidency saw restrictions on immigration and limited engagement with African development initiatives.

Many Nigerian commentators fear his return could amplify these challenges, particularly around visas, trade agreements like AGOA, and strategic defense collaborations.

The results emphasize the necessity of continuous media monitoring and intelligence for three key stakeholder groups in Nigeria:

• Policymakers: Nigerian government officials must leverage near-real-time media analysis to understand policy shifts in Washington and how they impact Nigeria. With the U.S. being a major trading partner, monitoring Trump’s statements, speeches, and executive orders can provide early warnings about potential changes to tariffs, sanctions, or aid structures. Policymakers can use this data to craft timely responses and maintain Nigeria’s strategic positioning on the global stage.
• Corporate Brands in Nigeria: Companies engaged in sectors such as agriculture, oil and gas, and technology must monitor global economic trends sparked by Trump’s policies. For example, renewed energy dominance strategies by the U.S. may disrupt Nigeria’s crude oil exports. Similarly, stricter immigration laws could limit talent mobility for Nigerian tech firms with global ties.
• Global Brands Operating in Nigeria: Multinationals like Procter & Gamble, MTN Nigeria, and The Coca-Cola Company must consider how Trump’s “America First” policy could impact supply chains, investments, and partnerships. Continuous media sentiment tracking within Nigerian media offers these brands valuable insights into local consumer behaviour and reputation management in response to U.S. policy shifts.

As we look ahead, Trump’s policies and their global implications will continue to shape media narratives in Nigeria.

Nigerian stakeholders—across public and private sectors—must remain agile, leveraging insights derived from structured media intelligence to safeguard their interests and anticipate changes effectively.

*Philip Odiakose is a leader and advocate of PR measurement, evaluation and media monitoring in Nigeria. He is also the Chief Media Analyst at P+ Measurement Services, a member of AMEC, NIPR and AMCRON