Washington, July 10 (IANS) US President Donald Trump met with leaders from five African nations on Wednesday, noting the United States is shifting its policy toward the continent “from aid to trade”.
Meeting with the leaders of Gabon, Guinea-Bissau, Liberia, Mauritania and Senegal at the White House, Trump said there was “great economic potential in Africa”, Xinhua news agency reported.
He said the United States was working to “forge new economic opportunities involving both the United States and many African nations.”
“We’re shifting from aid to trade,” Trump said. “In the long run this will be far more effective and sustainable and beneficial than anything else that we could be doing together.”
Trump also suggested that the five countries may be exempt from his administration’s plan to impose heightened reciprocal tariffs beginning in August.
The mini-summit is scheduled to run for three days, with the expansion of US access to critical minerals and other natural resources in Africa expected to top the agenda, according to media reports.
According to an official statement, USTR’s Office of African Affairs develops and coordinates US trade and investment policy for the 49 countries of sub-Saharan Africa. It leads the negotiation and implementation of US trade and investment policies and objectives in the region.
The Administration seeks both to expand markets for US goods and services in sub-Saharan Africa and to facilitate efforts to bolster African economic development through increased global, regional, and bilateral trade.
Sub-Saharan Africa presents many opportunities for US businesses as an emerging market for American exports.
Many of the fastest growing economies in the world are in sub-Saharan Africa, according to the International Monetary Fund.
US total goods trade with Africa were an estimated $71.6 billion in 2024.
US goods exports to Africa in 2024 were $32.1 billion, up 11.9 per cent ($3.4 billion) from 2023.
US goods imports from Africa in 2024 totaled $39.5 billion, up 1.9 per cent ($0.8 billion) from 2023. The US goods trade deficit with Africa was $7.4 billion in 2024, a 26.4 per cent decrease ($2.6 billion) over 2023.
–IANS
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