The South African government announced steps to support businesses that will be impacted by the 30% US tariff taking effect this Friday. Measures include setting up an “export support desk” to help firms diversify their markets and offering “fund support” to affected companies, the details of which are still being finalized.
Political backlash against South Africa’s ruling coalition “for botching the tariff negotiations” is growing, reported the Financial Times. The US is South Africa’s third-biggest trading partner after the European Union and China, accounting for 7.5% of its global exports. While neighboring countries such as Lesotho and Eswatini saw reductions in the tariffs Washington first threatened, the one imposed on South Africa, together with those placed on Algeria and Libya, are the highest on the continent to date.
Pretoria said on Monday that it is committed to further negotiations with Washington to forge “a mutually beneficial trade deal,” stressing that South African exports “do not compete with US producers and do not pose a threat to US industry.”
