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Business Insider
an hour ago
- Business Insider
Africa's richest country to boost continental trade ties after U.S. 30% tariff hit
South Africa is strategising to tap into alternative markets to mitigate the impact of the United States' 30% tariffs on its exports. South Africa is pursuing alternative markets to mitigate impacts of newly imposed US tariffs. President Cyril Ramaphosa plans to scale up trade missions and enhance export programs. The tariffs threaten over 100,000 jobs in export-driven industries within South Africa. South Africa is strategising to tap into alternative markets to mitigate the impact of the United States' 30% tariffs on its exports. 'In the coming months, we will be scaling up our trade missions into new markets in Africa and beyond,' President Cyril Ramaphosa said. The government also plans to expand its National Exporter Development Programme, which aims to increase the number of export-ready businesses, according to Bloomberg. Pretoria had been negotiating for months to avert the tariff hike, proposing to buy U.S. liquefied natural gas and pledging $3.3 billion in investments into American industries. But those overtures fell short. On Thursday, President Donald Trump slapped a 30% tariff on imports from South Africa, the steepest in sub-Saharan Africa, as part of a broader wave of new levies under his revamped global trade agenda. Economic impact South African Trade Minister Parks Tau called the tariff escalation a direct threat to the country's export-driven sectors, particularly automotive manufacturing, agro-processing, steel, and chemicals. Last month, Central Bank Governor Lesetja Kganyago cautioned that tariffs could endanger over 100,000 jobs in South Africa's automotive and agricultural industries. Already burdened with one of the world's highest unemployment rates and sluggish economic growth, South Africa's fragile economy now faces an added threat from the newly imposed tariffs. The United States stands as South Africa's second-largest bilateral trading partner, trailing only China, with trade between the two nations totalling $8.8 billion last year, according to data from the South African Revenue Service. According to South African officials, trade negotiations were entangled with political frictions, most notably Washington's disapproval of South Africa's affirmative action policies, its land reform agenda, and its decision to bring a genocide case against Israel, a close U.S. ally, before the International Court of Justice.
The Hill
an hour ago
- The Hill
American Eagle stock jumps after Trump praises Sweeney ad campaign
American Eagle Outfitters Inc. stock soared Monday after President Trump voiced support for actress Sydney Sweeney's controversial 'great jeans' ad campaign. The stock was up more than 17 percent by midday Monday. At last week's close, shared were down 36 percent this year, Bloomberg reported. 'Sydney Sweeney, a registered Republican, has the 'HOTTEST' ad out there. It's for American Eagle, and the jeans are 'flying off the shelves.' Go get 'em Sydney!' Trump said on Truth Social on Monday. The president compared Sweeney to megastar Taylor Swift, who backed former Vice President Harris's 2024 campaign and who the president said is 'no longer hot.' 'Or just look at Woke singer Taylor Swift. Ever since I alerted the world as to what she was by saying on TRUTH that I can't stand her (HATE!),' Trump said. 'She was booed out of the Super Bowl and became, NO LONGER HOT.' 'The tide has seriously turned — Being WOKE is for losers, being Republican is what you want to be,' Trump added. The ad featuring Sweeney has caused backlash online, with critics claiming there are racist undertones surrounding the message that Sweeney 'has great jeans,' a riff on 'good genes.' American Eagle has defended the ad, saying it's only about 'jeans,' Bloomberg reported, and the company's shares rose when it was first released in July. The president on Sunday said, 'If Sydney Sweeney is a registered Republican, I think her ad is fantastic,' after BuzzFeed reported over the weekend that Sweeney has been registered to the Republican Party of Florida since June 2024.
The Hill
2 hours ago
- The Hill
Trump wades into controversial ad campaigns: ‘Being WOKE is for losers'
President Trump on Monday weighed in on the recent controversial ad campaign with actor Sydney Sweeney for American Eagle, arguing that the success of it is a sign that being 'woke is for losers.' 'Sydney Sweeney, a registered Republican, has the 'HOTTEST' ad out there. It's for American Eagle, and the jeans are 'flying off the shelves.' Go get 'em Sydney!' Trump said on Truth Social. The ad featuring Sweeney has caused backlash online, with critics claiming there are racist undertones surrounding the message that Sweeney 'has great jeans,' a riff on the idea of 'good genes.' American Eagle has defended the ad, saying it's only about 'jeans,' Bloomberg reported, and the company's shares rose when it was first released in July. The president on Sunday said, 'If Sydney Sweeney is a registered Republican, I think her ad is fantastic,' after BuzzFeed reported over the weekend that Sweeney has been registered to the Republican Party of Florida since June 2024. After his first mention on Sweeney, American Eagle stock climbed 14 percent. Trump, in his Truth Social post on Monday, added that Jaguar had a 'stupid' and 'seriously WOKE' ad from a year ago, pointing out the company's leader resigned after it. The British car company's CEO Adrian Mardell is set to resign, Reuters reported, and Jaguar ran an advertisement in 2024 that sparked criticism for being 'woke,' Fox Business Network reported. 'Who wants to buy a Jaguar after looking at that disgraceful ad. Shouldn't they have learned a lesson from Bud Lite, which went Woke and essentially destroyed, in a short campaign, the Company. The market cap destruction has been unprecedented, with BILLIONS OF DOLLARS SO FOOLISHLY LOST.' Trump said. And, he compared megastar Taylor Swift, who endorsed former Vice President Harris in last year's election, to Sweeney and said she is 'no longer hot.' 'Or just look at Woke singer Taylor Swift. Ever since I alerted the world as to what she was by saying on TRUTH that I can't stand her (HATE!),' Trump said. 'She was booed out of the Super Bowl and became, NO LONGER HOT. The tide has seriously turned — Being WOKE is for losers, being Republican is what you want to be.' The president has taken previous swipes at Swift, saying in May, 'Has anyone noticed that, since I said 'I HATE TAYLOR SWIFT,' she's no longer 'HOT?'' After the Sweeney advertisement, White House communications director Steven Cheung pointed to the backlash as an example of 'cancel culture run amok.' Vice President Vance also mocked critics in a recent interview, blaming Democrats for those who argue the commercial promotes eugenics.
