South Africa faces 30% US tariffs and will seek new markets in Africa and Asia

AFP, Johannesburg, 4th - South Africa is facing upcoming US tariffs of 30%, with official estimates indicating that about 30,000 jobs could be affected. President Ramaphosa said today that while continuing negotiations with the US, South Africa is also seeking new markets in Africa and Asia.

The new US tariffs affecting multiple countries will take effect on the 7th, with a 30% rate being the highest among sub-Saharan African countries. South Africa has already had strained diplomatic relations with the US due to a series of domestic and international policies.

The US is South Africa's second-largest trading partner after China. Although 35% of South Africa's exports to the US are exempt from the new tariffs, including copper, medicines, semiconductors, wood, and some key minerals; however, South African officials pointed out that agriculture, automotive industry, and textile industry would be particularly affected.

Hamilton, Director General of the Department of Trade, Industry and Competition (DTIC), told journalists today that an estimated 30,000 people in employment may be affected.

South African Foreign Minister Ramola said in a statement that the new tariffs could reduce South Africa's economic growth by 0.2 percentage points. South Africa's first-quarter economic growth was only about 0.1% this year.

Ramaphosa said in his weekly message today: "Our top priority is to protect our export industries. We will continue to negotiate with the US to maintain market access for our products, and we must accelerate diversifying our export markets, especially deepening trade relations within Africa."

RAMAPHOSA also said that the South African government has set up a support window to help exporters and manufacturers explore alternative markets in Africa, Asia, and the Middle East; additionally, the South African government will promote plans to form a free trade area across the African continent.

Original article: https://www.toutiao.com/article/1839548843839819/

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