South Africa President Ramaphosa call for negotiation after US 30% tariff hit
Wia dis foto come from, Getty Images
Global trade and businesses dey face new tariffs rate on goods wey wan enta into US.
President Donald Trump set new policies of global baseline tariff of 10% on all goods wey go enta US, and as high as 50% on exports from Lesotho, one small kontri in Africa.
Sake of dis, South Africa President Cyril Ramaphosa don call for new bilateral and mutually beneficial trade agreement between US and SA to secure long-term trade certainty.
South Africa dey face 30 percent tariff under di new US trade tariff, afta President Donald Trump announce di universal tariff on all di goods wey go enta US from oda kontris.
Vincent Magwenya, tok-tok pesin for di president of South Africa tok say di US tariff dey serve as barrier to trade and posterity for both kontris.
"Di presidency don note wit concern di newly imposed tariffs on South African exports to di United States of America," di statement tok.
"While South Africa remain committed to mutually beneficial trade relationship wit di United States, unilaterally imposed and punitive tariffs na concern and e dey serve as barrier to trade and shared prosperity."
Di 10% universal tariff go take effect on 5 April while di custom tariff go take effect on 9 April.
End of Di one wey oda users dey read well well
Trump impose tariff rate on Africa kontris, including 50% on Lesotho, 47% on Madagascar, 40% on Mauritius, 37% on Botswana, 30% on South Africa, 14% on Nigeria, 10% on Kenya, 10% on Ghana, 10% on Ethiopia, 10% on Tanzania, 10% on Uganda, 10% on Senegal and 10% on Liberia.
Meanwhile, Minerals Council South Africa say South African mineral exports to di US dey excluded from damaging tariffs but iron ore and diamonds dey subjected to di 30% reciprocal tariff on imports from South Africa.
Di Minerals Council for South Africa dey concerned about di potential damage to global economic growth and di result of lower demand for S.A minerals becos of US tariffs on imports from foreign kontris.
Di council dey concerned on di impact on S.A businesses as Trump administration don already increase automobile tariff to 25% and dis don already slow down demand for cars for US.
But as rand dey weaker dan US dollar, e still fit increase di competitiveness of South African mineral and oda exports.
Why US impose 50% tariff on Lesotho?
US na di second largest export kontri for Lesotho afta South Africa. Both kontris dey trade in diamond and gold and di trade dey amount to more dan 10% of Lesotho annual national income.
According to di U.S. administration, Lesotho dey charge 99% tariff on American goods for di kontri while dia products dey enjoy duty free access to di US.
US impose 50% tariff on products coming from Lesotho as "reciprocal tariff" to counter di trade imbalance US goods dey face for Lesotho.
Lesotho goment neva react to di latest economic development but di kontri make $237.3m in 2024 from dia trade wit US while US make $2.8m from Lesotho.
US stocks drop afta Trump tariff announcement
Afta di opening of di US stock market on Wall Street, di Dow Jones don fall to 2.8%, S&P 500 drop by 3.3% lower, and Nasdaq drop by 4.4%.
Traders wey dey work on di floor for New York Stock Exchange indicate say US stock don drop by 2-3%. Di hit affect tech, sportswear, auto mobile and oda stocks.
Reacting to di drop in US stocks, White House tok-tok pesin, Karoline Leavitt tok say, "to anyone on Wall Street dis morning, I go tok say trust in President Trump."
Leavitt tell CNN say di tariffs no dey negotiable.
"E dey always willing to pick up di phone to answer calls, but e don already tok yesterday why we dey do dis."
