Government will offer support to companies hit by US tariffs: Ramaphosa

The Herald

3 days ago

Government will set up a package to support companies vulnerable to the 30% tariff imposed by the US on South African products.
The package will consist of 'a number of measures' to assist companies, producers and workers affected by the tariffs on SA exports to the US, with details to be announced in due course, said President Cyril Ramaphosa.
The tariff comes into effect within seven days after August 1, he said.
'All applicable exceptions published in the previous US executive order are set to remain in force and the exceptions covered products such as copper, pharmaceuticals, semiconductors, lumber articles, certain critical minerals, stainless steel scrap and energy and energy products.
'All channels of communication remain open to engage with the US and our negotiators are ready, pending an invitation from the US.
'South Africa will continue to pursue all diplomatic efforts to safeguard its national interests. It is important we keep our people at work and our companies producing some of the high-quality products destined for many parts of the world. To this end, government will intensify its diversification strategy to create resilience in our economy and is working with export councils, industry associations and top exporters to the US with a view to assist with alternative markets.'
Ramaphosa announced the establishment of an export support desk to provide updates on development and provide advisory services to exporters. The details will be published by the department of trade, industry and competition on its website.
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