South Africa is facing economic challenges following the imposition of a 30% tariff by the United States on its exports, which is the steepest levy imposed on any sub-Saharan African country. The tariffs have led to substantial contract losses for South African companies, including Jendamark Automation, which lost contracts worth 750 million rand ($41 million). A South African door manufacturer with around 350 export-related employees has indicated that the US market is no longer commercially viable due to these tariffs. The South African government is finalizing a comprehensive support package aimed at shielding businesses from the adverse effects of the US tariffs and is developing strategies to mitigate potential job losses, which could threaten up to 30,000 jobs. Additionally, the government plans to introduce exemptions allowing exporters to collaborate in ways that might currently violate the Competition Act. President Cyril Ramaphosa described the tariffs as a "calamity." Meanwhile, South Africa is seeking new markets to offset the impact of the tariffs while continuing negotiations with Washington for a revised trade agreement. The Department of Trade, Industry and Competition has also launched an export support desk to assist affected businesses.
Thailand Plans To Limit US Pork And Corn Imports Under Tariff Agreement, Potentially Affecting Up To 33% Of US Exports With A 40% Tariff Rate 🐖🌽🇹🇭
Thailand Plans To Limit US Pork And Corn Imports Under Tariff Agreement, Potentially Affecting Up To 33% Of US Exports With A 40% Tariff Rate
South Africa plans to introduce an exemption that will allow exporters affected by US tariffs to collaborate in ways that may currently contravene the Competition Act. | @brederode00 https://t.co/KSU7mje2Co