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The tariff situation between China and the USA is indeed a complex and evolving dilemma. It’s a high-stakes standoff that’s reshaping global trade, rattling markets, and forcing both nations into a tense game of economic brinkmanship. On one side, the U.S., under President Donald Trump, has escalated tariffs on Chinese goods to a staggering 125%, effective immediately as of recent announcements.
This move builds on earlier duties that had already reached 104%, reflecting a strategy to pressure China into renegotiating trade terms and addressing long-standing grievances about trade imbalances and market access. The U.S. imported $438.9 billion in goods from China in 2024, while exporting only $143.5 billion, leaving a trade deficit of roughly $295 billion—a gap Trump has repeatedly targeted as evidence of China “ripping off” the U.S.
His administration has paired this hardline stance with a 90-day pause on tariffs for most other trading partners, lowering their rates to a baseline 10%, signaling a willingness to negotiate with nations that don’t retaliate. China, meanwhile, isn’t backing down. Beijing has responded with an 84% tariff on U.S. goods, up from a previous 34%, effective April 10, 2025.
This retaliation reflects China’s resolve to “fight to the end,” as stated by its Commerce Ministry, framing the tariffs as a defense of sovereignty and economic interests. China’s leadership sees the U.S. actions as bullying and argues that its trade surplus—while significant—is a natural outcome of comparative advantages and U.S. consumption patterns, not deliberate exploitation.
Yet, with exports to the U.S. being a key economic driver, the tariff hike to 125% threatens to slash trade flows, with the World Trade Organization warning of a potential 80% drop in U.S.-China goods trade, amounting to a $466 billion hit. The dilemma lies in the mutual dependence intertwined with this hostility. The U.S. relies on China for everything from electronics to holiday goods—87% of U.S. Christmas items in 2024 came from China—while China needs the U.S. market to sustain its export-led growth.
Escalating tariffs could decouple these economies, spiking costs for U.S. consumers (think pricier iPhones or toys) and hammering Chinese manufacturers along the eastern seaboard. Markets have swung wildly—surging with relief at the 90-day pause for other nations, then dipping as the U.S.-China clash intensified. Oil prices jumped 4% on April 9, and the S&P 500 saw a historic rally after the broader tariff reprieve, only for uncertainty to creep back in.
Both sides face risks. For the U.S., tariffs might spark inflation or recession if supply chains can’t adapt—economists like Joe Brusuelas suggest the pause won’t fully avert downturn fears. For China, choking off U.S. exports could worsen its economic slowdown, though it’s betting on resilience honed from past trade spats. Neither wants to blink first, yet a prolonged standoff could fracture global trade into rival blocs, with China potentially gaining influence over nations wary of U.S. unpredictability.
It’s a classic prisoner’s dilemma: cooperation could stabilize both economies, but distrust and domestic pressures—Trump’s base cheering protectionism, China’s leaders guarding national pride—push them toward mutual harm. The next 90 days will test whether negotiations can break the deadlock or if this tariff war becomes a new economic Cold War.
Late Pascal Dozie, was a towering figure in the Nigerian business and financial landscape, who passed away on the 8th of April 2025.
As the founder of Diamond Bank and the pioneer chairman of MTN Nigeria, Dozie left an indelible mark on Nigeria’s economic landscape. His life was a testament to vision, resilience, and an unwavering commitment to nation-building.
Below are 15 amazing facts that highlight the remarkable journey and legacy of this late banking icon.
1. Humble Beginnings
Born on April 9, 1939, in Egbu, a small village near Owerri in Imo State, Nigeria, Pascal Dozie’s story began in modest circumstances. Raised by his father, Charles Dozie, a Catholic catechist, and his mother, Janet, he grew up in a traditional Igbo community where discipline and communal values shaped his early years. This foundation of humility and hard work would later define his approach to life and business.
2. A Stellar Academic Journey
Dozie’s intellectual brilliance shone early. After completing his primary education at Our Lady’s School Emekuku and secondary education at Holy Ghost Juniorate Seminary and Holy Ghost College in Owerri, he traveled to London. There, he earned a Bachelor of Science in Economics from the London School of Economics and later a master’s in administrative science, specializing in operational research and industrial engineering, from City University London. His education equipped him with the tools to revolutionize Nigeria’s financial sector.
3. From Teaching to Global Economics
Before embarking on his illustrious business career, Late Pascal Dozie spent three years teaching after secondary school. This early experience honed his ability to communicate complex ideas simply a skill that would later serve him in boardrooms and mentorship roles. His professional journey began in the UK as an economist at the National Economic Development Office, followed by a stint as a part-time lecturer at Northwestern Polytechnic in London.
4. A Consulting Pioneer in Africa
In 1970, he took his expertise to Uganda, serving as a consulting economist for the African States Consulting Organization. However, a military coup in 1971 led by Idi Amin forced him to leave. Returning to Nigeria at his mother’s request, he founded the African Development Consulting Group (ADCG) in 1971. ADCG, one of the first Nigerian-owned consulting firms, worked with global giants like Nestlé and Pfizer, laying the groundwork for his entrepreneurial empire.
5. The Birth of Diamond Bank
In 1985, Late Pascal Dozie applied for a banking license to address the financial challenges faced by traders in South-Eastern Nigeria, who often carried cash over dangerous roads. After satisfying the Central Bank of Nigeria’s requirements, Diamond Bank commenced operations in 1991 with a modest share capital of ?10 million ($28,000) and 21 shareholders. Under his leadership as CEO until 2006, it grew into one of Nigeria’s most innovative and respected financial institutions.
6. A Trailblazer in Digital Banking
Dozie was a visionary who foresaw the transformative power of technology in banking. Diamond Bank became one of the first Nigerian banks to integrate digital solutions, enhancing customer experience and operational efficiency. This pioneering approach set the stage for the digital banking revolution in Nigeria, cementing his reputation as a forward-thinker.
7. Revolutionizing Telecommunications with MTN Nigeria
Beyond banking, Dozie played a pivotal role in Nigeria’s telecom boom. As the pioneer chairman of MTN Nigeria, he traveled globally to secure investors for the fledgling network in 1998. Despite initial rejections, his persistence paid off, and by 2016, MTN Nigeria boasted 60 million subscribers. His leadership helped make mobile connectivity accessible to millions, transforming communication across the country.
8. A Leader Across Multiple Sectors
Dozie’s influence extended far beyond banking and telecom. He held prestigious roles such as Director of the Central Bank of Nigeria, President of the Nigerian Stock Exchange, Chairman of the Nigerian Economic Summit Group, and Co-Chair of the Commonwealth Business Council. Each position showcased his dedication to economic development and institutional excellence in Nigeria.
9. Founding Africa Capital Alliance
A champion of entrepreneurship, Dozie was a founding partner of Africa Capital Alliance, a leading private equity firm focused on fostering African business growth. His efforts supported countless startups and established businesses, reinforcing his legacy as a catalyst for economic empowerment.
10. Commitment to Education
As Chairman of Pan-Atlantic University in Lagos, Dozie invested heavily in shaping Nigeria’s future leaders. His belief in education as a cornerstone of development was evident in his support for the university, which continues to produce graduates driving innovation across various fields.
11. Mentorship and Inspiration
Known for his generosity with time and wisdom, Dozie mentored numerous young entrepreneurs and business leaders. Many of Nigeria’s successful professionals today credit him with shaping their journeys, a testament to his role as a teacher and guide.
12. National and International Honors
Dozie’s contributions earned him prestigious accolades, including the Officer of the Order of the Niger (OON) in 2000 and the Commander of the Order of the Niger (CON) in 2011. He also received the All-Africa Business Leaders Award (AABLA) and a Lifetime Achievement Award, recognizing his global impact.
13. A Family Legacy
Last Pascal Dozie’s influence extended to his family. He handed over Diamond Bank’s leadership to his son, Uzoma Dozie, who served as CEO from 2014 until the bank’s merger with Access Bank in 2019. Uzoma has since founded Sparkle, a fintech platform, continuing the family’s legacy of innovation.
Conclusion
Pascal Dozie’s death on April 8, 2025, marked the end of an era, but his contributions to Nigeria’s banking, telecommunications, and broader economic landscape will resonate for generations. From his humble village roots to the commanding heights of corporate Nigeria, his life was a masterclass in tenacity.
President Donald Trump on Wednesday triggered a market rally not seen in years after announcing a 90-day pause on sweeping global tariffs introduced only a week earlier — a dramatic turnaround that fueled speculation he may have deliberately tanked the stock market to benefit his political and financial allies.
The decision, which exempts China and instead slaps it with an even steeper tariff of 125%, comes amid increasing scrutiny of Trump’s motives after days of turmoil wiped $7 trillion off global markets. The president’s reversal prompted an immediate surge on Wall Street: The Dow leaped more than 2,600 points, while the S&P 500 climbed 7% and the Nasdaq soared 10% within an hour of the announcement.
“Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately,” Trump wrote on Truth Social. “At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable.”
But alongside his public salvo at China, Trump issued another message earlier in the day to his followers: “This is a great time to buy.” That statement, posted shortly after markets opened Wednesday morning, has fueled the belief that the president may have manipulated the market for political optics — or worse, financial advantage.
Four hours after that post, he announced the 90-day pause on global tariffs, a move that sent markets soaring and led many to believe the sequence was anything but coincidence. A congresswoman is now calling for an investigation.
“I’m calling for an investigation into whether President Trump manipulated the market to benefit his Wall Street donors—all while working people and small businesses paid the price. Did Trump help insiders cash in on his tariff flip-flopping? It sure looks like corruption,” Sen. Elizabeth Warren, D-Mass, said Wednesday.
Trump’s pivot came a day after billionaire hedge fund manager Bill Ackman publicly advised him to halt the global tariff escalation. Ackman hailed his decision to pause the tariffs.
“This was brilliantly executed by @realDonaldTrump. Textbook, Art of the Deal,” Ackman posted on Tuesday, praising the strategy behind the trade maneuver and market timing.
The White House insists the president’s move is strategic. Treasury Secretary Scott Bessent said the reversal came after an “overwhelming” response from more than 75 countries seeking to negotiate rather than retaliate.
“President Trump created maximum negotiating leverage for himself,” Bessent said. “The ones that we have lowered went into effect a week ago, and we have just been overwhelmed — overwhelmed — by the responses from, mostly, our allies, who want to come and negotiate in good faith.”
Press Secretary Karoline Leavitt reinforced that message, dismissing allegations that the president panicked under pressure from Wall Street or banking institutions like JPMorgan Chase and Goldman Sachs, which warned the new trade policy could tip the U.S. into recession.
“Many of you in the media clearly missed the art of the deal,” she said.
However, not everyone is convinced by the White House’s narrative. Some view the tariff maneuvering as fundamentally anti-China from the beginning.
A message from the White House posted Wednesday read bluntly: “DO NOT RETALIATE AND YOU WILL BE REWARDED,” signaling to countries other than China that restraint would be met with favorable treatment — namely the new 10% baseline tariff.
Beijing, however, chose to strike back.
Just hours after Trump’s announcement, China’s Ministry of Commerce said it would restrict exports of dual-use items, goods with both civilian and military applications, to a dozen U.S. firms. The retaliatory list includes: American Photonics, Novotech Inc., Echodyne, and Teledyne Brown Engineering. Other firms on the blacklist include Kratos Unmanned Aerial Systems, BRINC Drones, and Domo Tactical Communications. Ongoing shipments to these firms are to be terminated immediately.
“From 12:01 p.m. on April 10, the export of dual-use items to these 12 firms will be prohibited, while any ongoing related export activities must be stopped immediately,” the Chinese Commerce Ministry said.
Some experts believe China will find ways to skirt the penalties, especially now that the U.S. has lowered tariffs on other countries to 10%.
Spencer Hakimian, founder of Tolou Capital Management, said China could simply reroute its goods through countries like Vietnam or Mexico.
“By the way, now that we’re back to 10% tariffs on Vietnam, Bangladesh, Cambodia, Mexico, etc., isn’t China just going to continue dumping into the U.S. via those middle countries and undercutting American manufacturers yet again?” Hakimian asked.
The loophole he’s referring to, known in trade circles as transshipment, is a long-running concern, and critics argue it renders U.S. tariff policy ineffective unless coordinated multilaterally.
However, Peter Schiff, Chief Economist at Euro Pacific Capital, dismissed the White House’s spin, arguing that Trump’s move amounted to a quiet retreat.
“It looks like Trump has already surrendered in what may go down as the shortest global trade war in history,” Schiff said. “I guess once he saw how badly the U.S. was losing, he needed to find a graceful way to save face.”
Still, Schiff warned that the economic consequences of even a brief tariff war are long-lasting. “Damage is already done. Confidence has been shaken. Global partners will remember this.”
For now, investors are celebrating — but the truce may be short-lived.
If China escalates further or if the EU proceeds with its planned retaliatory measures, the White House may be forced to revise its pause. Trump has not said whether countries like the European Union, Canada, or India will continue to enjoy the 10% baseline or if they risk returning to the earlier, much steeper levels.
With China targeting defense-linked companies and dual-use technologies, it’s clear that this economic dispute is no longer confined to trade. It has now moved into national security territory, and that could complicate future negotiations. With the global chessboard shifting by the hour, the next move and market shock may not be far away.
Stitch, a unified commerce solution that manages online and in-person payments, has secured $55 million in a new funding round led by existing backers.
Among the investors include Raba Partners, a venture capital firm that invests in seed to early-stage companies, which invested $4.2 million. The recent fund secured by Stitch brings the company’s total funding to $101 million since it began operation.
The funding round builds on a period of aggressive growth for Stitch. Recall that the company last month, partnered with Standard Bank’s Shyft, the global money app, to enable instant top-ups on the Shyft wallet via card for customers of any bank in South Africa.
Today, the Shyft team trusts Stitch to manage their payments, leveraging its reliable card payments platform for instant top-ups. Before Stitch, customers used manual transfer to top up and needed to wait 2-3 days for funds to appear in their wallet. Now they can start moving money instantly, without the need to worry about liquidity.
Also, in January this year, Stitch acquired In-person payments provider ExiPay, expanding its enterprise payments offering to encompass both online and In-person payments through a single, unified platform. With this expansion, Stitch now supports multi-lane retail and omnichannel commerce businesses with a truly unified and reliable platform.
Stitch aggressive expansion reflects a wider trend across the African fintech landscape, where firms are broadening their offerings to solidify market share.
This latest $55 million investment, marks a continued show of confidence from investors. It follows Stitch’s $25 million Series A extension in October 2023, led by Ribbit Capital with backing from PayPal Ventures and CRE Ventures.
Notably, the fundraising comes at a time when global venture capital investment has cooled, placing pressure on startups across the continent. Nevertheless, fintech remains Africa’s most funded startup sector, drawing nearly 50% of total investments in 2023. Stitch’s ability to attract capital despite a tougher funding climate highlights both investor confidence and the pressing need to solve Africa’s payment interoperability challenges.
Still, the road ahead isn’t without obstacles. Stitch operates in a complex, regulation-heavy environment where open banking frameworks vary widely across African markets. Meanwhile, dominant players like Flutterwave have already built expansive footprints across the continent. Industry analysts note that Stitch’s long-term success will depend on execution particularly its ability to scale technology solutions while navigating diverse compliance demands.
Stitch emerged from stealth in February 2021, to enable better, easier, and more efficient access to the financial system for businesses and the customers they serve.
In a short amount of time, the company has grown from a data-focused player to a payments provider with Pay by bank as its first offering, into a full PSP, payments orchestration system, in-person payments solution, and much more bolstered by a talented team that has also grown to support our ambitions. The payments platform consistently looks for more ways to support the clients we work with and solve more challenges in South Africa’s payments ecosystem.
Over the last few years, Stitch has developed and launched a host of payment methods and innovations at lightning speed, including 24/7, 365 payouts to better meet the needs of its customers. Today, Stitch is an end-to-end provider serving clients with industry-leading customer support and help from its technical solutions team each step of the way.
The company has developed solutions that address challenges from fraud, to data evaluation, to payment orchestration and more, with a platform designed to offer industry-leading reliability and redundancies to ensure the highest level of transaction success. Currently, Stitch is focused on solidifying its presence in South Africa and selectively entering other high-growth African markets. CEO Kiaan Pillay emphasized the company’s broader vision in a recent statement: “The goal is to build the rails that power Africa’s digital economy.”
Continued backing from investors like Stitch’s latest round not only reinforces its market position but also raises expectations. As it scales, the fintech’s challenge will be to transform Africa’s fragmented payment landscape into a more seamless, interoperable system one transaction at a time.