Markets are reeling in shock, following global tariffs on trade announced by Donald Trump, US President, on Thursday.
The reciprocal tariffs were imposed by the US on a significant number of its trade partners.
South Africa is among the hardest hit with 30%, Algeria (30%), Bosnia Herzegovina (30%), Iraq (35%), Laos (40%), Libya (30%), Myanmar (40%), Serbia (35%), Switzerland (39%) and Syria (41%).
At least 21 African countries are on the list published by the White House on Thursday.
South Africa said it would continue negotiating with the US regarding the 30 percent tariff, effective on the 1 August 2025.
All applicable exceptions published in the previous US Executive Order, are set to remain in force except certain products, including copper, pharmaceuticals, semiconductors, lumber articles, certain critical minerals, stainless steel scrap and energy and energy products.
The European Union struck a deal with Trump to drop an announced tariff of 30% to 15%. This was through the agreement to purchase $750 billion of U.S. energy and make new investments of $600 billion in the United States, all by 2028.
Japan has agreed to invest $550 billion in the United States to rebuild and expand core American industries, as well as to further open its own market to U.S. exports.
Some Asian countries, including Indonesia, the Philippines, South Korea, Vietnam, and others,agreed to protect US industries, open foreign markets and encourage foreign investment in American industries.