South Africa is actively seeking new trade markets following the imposition of 30% tariffs by the US. President Cyril Ramaphosa made a statement regarding the need to expand export opportunities.
New Trade Opportunities and Support Programs
President Cyril Ramaphosa stated that in the coming months, South Africa will be ramping up its trade missions to new markets both in Africa and beyond. He emphasized that the government plans to strengthen the National Exporter Development Programme to prepare local companies for export opportunities.
Impact of Tariffs on the Country's Economy
The introduction of 30% tariffs has raised concerns from the central bank of South Africa, which warned about potential losses of over 100,000 jobs in the agriculture and automotive industries. The country's main farm lobby also expressed worries about the impact of tariffs on the citrus sector, which is already facing challenges due to coinciding with the harvest season. In particular, Jendamark Automation has lost contracts valued at 750 million rand.
Deterioration of Relations with the US
Relations between the US and South Africa have worsened following President Trump's criticism of Ramaphosa's government actions. Trump claimed that South African authorities are committing human rights abuses and engaging in conflicts regarding the rights of white farmers. These statements followed punitive measures against South Africa, including the suspension of aid.
South Africa faces significant challenges due to the US tariffs, yet the government is taking steps to seek new markets and support local businesses.
