The amount of manufactured goods exported from Africa to the United States is minuscule. But for Lesotho, the impact of a stunning 50 percent tariff is enormous.

After several years of consistent mortgage rate increases and soaring home prices, the prognosis for the 2025 housing market seemed promising at the start of the the year. However, recent economic and political instability has cratered consumer confidence and homebuyer optimism.

President Donald Trump announced the largest increase in tariffs in U.S. history on April 2, unveiling new import duties that he said would revive domestic manufacturing and amount to a national “Declaration of Economic Independence.