Business

China hits back at US tariffs with vow to take case to the WTO

Published

1 year ago

February 2, 2025

In response to US tariffs, China says it will safeguard its interests. Photo: AFP

China will file a claim with the WTO and take necessary countermeasures to safeguard its interests, the Ministry of Commerce said on Sunday after the US announced it would impose tariffs on Chinese goods.

“The unilateral tariff hikes by the US seriously violate World Trade Organization rules,” the ministry said, adding that the move “not only fails to address America’s own issues” but also “disrupts normal China-US economic and trade cooperation”.

“We urge the US to take an objective and rational approach to its domestic issues, such as fentanyl, rather than resorting to tariff threats against other countries,” the ministry said.

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The ministry’s statement followed US President Donald Trump’s decision on Saturday to sign an executive order imposing a 10 per cent tariff on Chinese imports in response to what he said was the failure of Chinese officials to stem the flow of precursor chemicals for fentanyl into the United States.

Fentanyl is a powerful synthetic opioid that has led to hundreds of thousands of deaths in North America.

The White House also referred China’s “intellectual property theft, forced technology transfer, and other unreasonable behaviour”, as well as illegal immigration “including a rising number of Chinese nationals and people on the terror watch list”.

The Chinese Ministry of Foreign Affairs reaffirmed Beijing’s efforts to control the illegal production of fentanyl, saying the country was “one of the world’s strictest and most thorough enforcers of anti-narcotics policies”.

“The fentanyl crisis is a problem of the United States, and out of humanitarian concern, China has supported US efforts to tackle the issue,” the foreign ministry said.

It called the tariffs “unconstructive”, saying they would “inevitably impact and undermine” future cooperation between the two sides on drug control.

“We urge the US to correct its wrongful actions, safeguard the hard-won progress in bilateral anti-drug cooperation, and promote the stable, healthy, and sustainable development of China-US relations,” the foreign ministry said.

Along with the tariffs on Chinese imports, Trump also signed orders to impose a 25 per cent tariff on goods from Canada and Mexico. The tariffs will go into effect on Tuesday and will be on top of those already in place.

Gary Ng, a senior economist at French investment bank Natixis, said the executive orders marked a new trade war era, with the US “using tariffs to achieve US economic and geopolitical goals, regardless of whether they are (against) allies”.

“The move has brought the tariffs on the US’ biggest trading partners to a more similar level (as those on China),” Ng said.

He said China could take a range of retaliatory measures, including imposing reciprocal tariffs, introducing export controls on certain critical materials, and restricting market access for certain American firms.

Zhang Zhiwei, president and chief economist at Pinpoint Asset Management, said the 10 per cent tariffs signed off by Trump were “not a big shock to China’s economy”.

“It’s unlikely to change the market expectation of China’s macro outlook this year, which already factored in higher tariffs from the US,” Zhang said.

The tariffs on China are also well below the 60 per cent import duties Trump threatened to enact at various points on the presidential campaign trail last year.

Zhang added the focus of the US trade policy announced on the weekend was on Canada and Mexico, not China, pointing to the differing tariff rates imposed on each country.

Business

CBN Releases New Age Limit, Guidelines On BVN Operation.

Published

1 week ago

March 13, 2026

Ekwutos Blog

The Central Bank of Nigeria (CBN), has declared that banks and financial institutions must establish and maintain a temporary watch-list for Bank Verification Numbers (BVN) implicated in suspected fraudulent transactions.

According to the CBN in a circular dated March 12, 2026 and signed by its Director of Payments System Policy Department, Musa I. Jimoh, the apex bank said such a suspected BVN may remain on the temporary watchlist for a maximum period of twenty-four (24) hours during which the owner would be contacted to make clarifications.

The circular explained that the move is part of several new measures under a revised regulatory framework aimed at enhancing financial system stability.

“A BVN may remain on this temporary Watchlist for a maximum period of twenty-four (24) hours, during this period, the BVN owner shall be contacted to provide clarification regarding the identified transaction(s),” the circular stated.

The circular also sets an age requirement for BVN enrolment, restricting registration to individuals who have attained eighteen (18) years and above.

The CBN also added that amendments to phone numbers linked to a BVN shall be allowed only once.

“Amendments to phone numbers linked to a BVN shall be allowed only once,” the circular noted.

The apex bank stated that access to BVN databases will remain tightly controlled.

“Access to the BVN databases shall be exclusively granted to Central Bank of Nigeria (CBN) licensed financial institutions.

“Notwithstanding this provision, the Central Bank of Nigeria (the Bank) reserves the right to approve access to the BVN databases in extenuating circumstances and in accordance with the provisions of extant laws,” the circular said.

Financial institutions are expected to comply with the new requirements, and customers may be contacted by their banks if their BVNs are temporarily flagged during the new fraud monitoring process.

The new policy, as stated by the CBN, takes effect from May 1, 2026.

Business

NNPC Reduces Fuel Price

Published

2 weeks ago

March 12, 2026

Ekwutos Blog

NNPC Reduces Fuel Price

The Nigerian National Petroleum Company Limited has reduced the pump price of Premium Motor Spirit, also known as petrol, at its retail stations in Lagos and Abuja.

The adjustment took effect on Wednesday as the national oil company reduced the price to N1,130 per litre in Lagos and N1,165 per litre in Abuja.

The new price means motorists in Lagos are now paying N100 less than the previous pump price of N1,230 per litre.

In Abuja, the new rate represents a reduction of N95 from the former price of N1,260 per litre.

Checks showed that the new price was already in place at several NNPC filling stations in Lagos, including outlets located along Isheri Oshun Road, Apple Junction and Ago Palace Way.

The same adjustment was also recorded in the Federal Capital Territory, where NNPC stations in areas such as Jabi and Wuse began selling petrol at N1,165 per litre.

The reduction comes at a time when many private oil marketers have not yet adjusted their pump prices to match the recent drop in the gantry price announced by the Dangote Petroleum Refinery.

Dangote Refinery had earlier lowered its gantry price for petrol by N100 per litre, bringing it down to N1,075 per litre.

The change followed a fall in international crude oil prices.

Global oil prices had earlier risen sharply due to tensions in the Middle East involving the United States, Iran and Israel.

The crisis raised fears of possible disruption to oil supply, especially around the Strait of Hormuz, an important route for global crude shipments.

Prices later began to fall after the President of the United States, Donald Trump, indicated that the conflict might end soon.

Business

INNOCHRIS FOUNDER SIR INNOCENT ONUOHA DIES AT 71

Published

2 weeks ago

March 11, 2026

Ekwutos Blog

Grief has swept through the business and faith communities following the passing of Sir Innocent Chinedu Onuoha, the respected entrepreneur and Executive Chairman of InnoChris Group. He died peacefully in his sleep on December 11, 2025, at his home in Lagos. He was 71.

Born in 1954 in Umuoma Umuaro II Autonomous Community, Isiala Mbano Local Government Area of Imo State, Onuoha grew to become a symbol of enterprise, generosity, and unwavering faith. A devoted member and evangelist in the Anglican Communion, he lived a life that blended business success with service to God and humanity.

Long before many came to know his vast business interests, the name Innochris had already echoed in popular culture. In the 1990s, legendary Ogene music maestro Oliver De Coque famously chanted “Ugbo ndi oma Innochris eh!” in one of his songs — a line that celebrated the Onuoha brothers and helped make Sir Innocent Onuoha and his brother Christian Onugha widely known during that era.

Onuoha’s entrepreneurial journey began after years of professional experience working as secretary to a former Chief Engineer at Flour Mills of Nigeria. With determination and vision, he went on to establish InnoChris Group, a conglomerate that grew to include InnoChris Transport, InnoChris Computers, and InnoChris Spare Parts, serving customers across Nigeria.

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