Newspaper headlines from around the world - Monday, 7 July 2025
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IOL News
an hour ago
- IOL News
Rand fairly stable after Trump tariff shock in early morning trade Tuesday
US President Donald Trump imposes 30% tariffs on South Africa. Image: White House The rand weakened marginally overnight after US President Donald Trump slapped South Africa with 30% tariffs on goods exported to America, based on an alleged trade imbalance, although there may be more volatility to come. Having reached R17.73 at 5pm South African time on Monday, it dropped 0.7% as Trump made his shocking announcement in the US. However, by 6am Tuesday morning, it had recovered to R17.79, suggesting that markets had mostly priced in a resumption of tariffs ahead of Trump's initial July 9 deadline. South Africa's rand weakened marginally overnight on Tuesday after Trump imposed 30% tariffs. Image: Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Trump, who has vacillated in terms of taxes and trade deals, initially announced a 30% trade duty on South Africa's exports on his so-called 'Liberation Day' on April 2 before walking back his move in response to a massive hit on US markets. Having then decided that import taxes would stay at 10% for 90 days, he has been negotiating trade deals with several countries, although only China, the UK, and Vietnam had inked agreements as of last week. South Africa has failed to sign a deal so far. Trump has taken particular umbrage with countries in the BRICS bloc, having said on his social media platform, Truth Social, that countries 'aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy.' Old Mutual chief economist, Johann Els, said that Trump's decision to impose 30% tariffs on all South African exports to the US, excluding precious metals is 'contrary to expectations after President [Cyril] Ramaphosa's White House visit and comes as a disappointment.'. In a voice note shared at 10pm, Els added that 'even though it will have a negative impact on South Africa's economy in terms of GDP growth, I think to a large extent the impact has been priced in since the April 2 announcement of 'Liberation Day' tariffs.' Els added that less than 8% of South Africa's exports goes to the US. 'I suspect that some of our exporters have already found some alternative export markets. Nevertheless, it is a negative and it will impact negatively on sentiment, even though some of it might have been priced in.' Trump, who has vacillated in terms of taxes and trade deals, initially announced a 30% trade duty on South Africa's exports on his so-called 'Liberation Day' on April 2 before walking back his move in response to a massive hit on US markets. Having then decided that import taxes would stay at 10% for 90 days, he has been negotiating trade deals with several countries, although only China, the UK, and Vietnam had inked agreements as of last week. South Africa has failed to sign a deal so far. Trump has taken particular umbrage with countries in the BRICS bloc, having said on his social media platform, Truth Social, that countries 'aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy.' Old Mutual chief economist, Johann Els, said that Trump's decision to impose 30% tariffs on all South African exports to the US, excluding precious metals is 'is contrary to expectations after President [Cyril] Ramaphosa's White House visit and comes as a disappointment'. In a voice note shared at 10pm, Els added that 'even though it will have a negative impact on South Africa's economy in terms of GDP growth, I think to a large extent the impact has been priced in since the April 2 announcement of 'Liberation Day' tariffs.' Els added that less than 8% of South Africa's exports goes to the US. 'I suspect that some of our exporters have already found some alternative export markets. Nevertheless, it is a negative and it will impact negatively on sentiment, even though some of it might have been priced in.'
TimesLIVE
an hour ago
- TimesLIVE
‘Accelerate negotiations': 'Unfair' US 30% tariff on SA spurs Ramaphosa
President Cyril Ramaphosa hopes diplomacy coupled with diversification efforts can counter the unilateral imposition of a 30% trade tariff against South Africa by US President Donald Trump. South Africa is one of a number of countries to receive the communication on Monday. The negotiating deadline has been extended to August 1. "The 30% tariff is based on a particular interpretation of the balance of trade between South Africa and the USs," the presidency said in a statement. "The contested interpretation forms part of the issues under consideration by the negotiating teams from SA and the US. Accordingly, South Africa maintains the 30% reciprocal tariff is not an accurate representation of available trade data. "In our interpretation of the available trade data, the average tariff on imported goods entering South Africa stands at 7.6%. Importantly, 56% of goods enter South Africa at the 0% most favoured nation tariff, with 77% of US goods entering the South African market under the 0% duty. "South Africa will continue with its diplomatic efforts towards a more balanced and mutually beneficial trade relationship with the US. We welcome the commitment by the US government that the 30% tariff is subject to modification at the back of the conclusion of our negotiations with the US." Ramaphosa said his administration has continued to engage with the US, most recently at a meeting held on the sidelines of the US-Africa Summit on June 23 in Luanda. "It was at this meeting where South Africa learned of a template with which the US wishes to engage sub-Saharan Africa on matters of trade. The South African negotiating team awaits the template. However, President Ramaphosa has instructed the team to urgently engage with the US on the basis of the framework deal South Africa submitted to the US on May 20. The framework deal addresses the issues initially raised by the US, including South Africa's supposed trade surplus, unfair trade practices and lack of reciprocity from the US." The presidency said Ramaphosa urged the government trade negotiations teams and local companies to accelerate their diversification efforts to promote better resilience in global supply chains and the South African economy.
IOL News
2 hours ago
- IOL News
"Accelerate diversification": Ramaphosa issues code red amidst Trump's 30% tariffs
US President Donald Trump hands papers to President Cyril Ramaphosa during a meeting in the Oval Office of the White House in Washington. Image: AFP President Cyril Ramaphosa has urged the government trade negotiations teams and South African companies to accelerate their diversification efforts after the United States slapped South Africa with 30% tariffs on all its exports to the United States from August 1. The sweeping tariffs will apply to 'any and all South African products sent into the United States,' and are being imposed outside of any sectoral trade deals. In a letter dated July 7, US President Donald Trump said the move was 'necessary to correct the many years of South Africa's Tariff, and Non Tariff, Policies and Trade Barriers,' blaming Pretoria for what he called 'unsustainable Trade Deficits against the United States.' In response in the early hours on Tuesday, Ramaphosa said he had noted the correspondence from Trump on the unilateral imposition of a 30% trade tariff against South Africa. Through the Presidency spokesperson Vincent Magwenya, Ramaphosa said he had further noted that South Africa was one of a number of countries to have received this communication on 7 July 2025. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad Loading 'This 30% tariff is based on a particular interpretation of the balance of trade between South Africa and the United States. This contested interpretation forms part of the issues under consideration by the negotiating teams from South Africa and the United States,' said the Presidency. 'Accordingly, South Africa maintains that the 30% reciprocal tariff is not an accurate representation of available trade data. In our interpretation of the available trade data, the average tariff imported goods entering South Africa stands at 7.6%. Importantly, 56% of goods enter South Africa at 0% most favoured nation tariff, with 77% of US goods entering the South African market under the 0% duty.' In June 2023, the US ranked second largest destination for South Africa's exports after China and followed by the UK. Major South African exports to the U.S. include: Precious stones and metals, motor vehicles, parts and accessories; iron and steel, machinery; aluminium products, ores , organic chemicals, edible fruit, chemical products and nickel products. According to the Office of the US Trade Representative, US goods exports to South Africa in 2024 were $5.8 billion, down 18.3% from 2023 while US goods imports from South Africa were up 4.9% to $14.7bn during the same period. As a result, the US goods trade deficit with South Africa was $8.8bn in 2024, a 29% increase from $2bn over 2023. Trump said the US' relationship with South Africa has been 'unfortunately, far from reciprocal'. 'Starting on August 1, 2025, we will charge South Africa a Tariff of only 30%... Goods transshipped to evade a higher Tariff will be subject to that higher Tariff.' Trump also warned that if South Africa were to retaliate by raising its own tariffs, those would be matched and added to by Washington. 'Whatever the number you choose to raise them by, will be added onto the 30% that we charge,' he wrote. 'This Deficit is a major threat to our Economy and, indeed, our National Security!' Meanwhile, the Presidency said South Africa will continue with its diplomatic efforts towards a more balanced and mutually beneficial trade relationship with the US. It said Ramaphosa has instructed the country's negotiating team to urgently engage with the US on the basis of the Framework Deal that South Africa submitted to the US on 20 May 2025.
