More
    HomeAsian economyTrump tariffs LIVE: Stock markets in Asia sink as US-China trade war...

    Trump tariffs LIVE: Stock markets in Asia sink as US-China trade war continues

    Published on

    Despite U.S. tariffs pause, southern African economies under threat

    Washington’s 90-day pause on higher tariffs is of little comfort to southern African economies facing the collapse of a preferential trade deal and a 25% hike on car imports, analysts say.

    The African Growth and Opportunity Act (AGOA) — which provided duty-free access to the US market for some African products — had enabled certain sectors to flourish, for example allowing seven large automakers in South Africa to export tax-free to the United States.

    The region’s citrus industry and textiles manufacturers, notably Lesotho’s jeans factories, were also beneficiaries.

    They all expect to suffer under the 10% tariffs applied on imports to the United States by President Donald Trump, even though he announced a pause Wednesday of higher hikes announced for several countries.

    “Mauritius, Madagascar, Lesotho, South Africa in particular will be impacted,” director of the Africa programme at the Chatham House think-tank, Alex Vines, told AFP.

    “Textile exports will be massively hurt and the 25% tariff on car exports is very problematic for South Africa,” he said.

    -AFP

    Source link

    Latest articles

    Tariffs live: Asian markets tumble after Trump admits concerns over ‘costs and problems’

    Asian markets tumble after Trump acknowledges ‘transition cost and problems’Asian markets are mostly trading...

    China to ‘reduce’ Hollywood movie releases in response to Trump’s tariffs | Trade War News

    China’s National Film Administration says US movies will be less popular after Washington imposed...

    Asian markets slump on US-China trade war worries; Japan’s Nikkei cracks over 5%, Hang Seng set for lower open

    Asian markets traded lower on Friday, following overnight sell-off on Wall Street as trade...

    More like this

    Tariffs live: Asian markets tumble after Trump admits concerns over ‘costs and problems’

    Asian markets tumble after Trump acknowledges ‘transition cost and problems’Asian markets are mostly trading...

    Asian markets slump on US-China trade war worries; Japan’s Nikkei cracks over 5%, Hang Seng set for lower open

    Asian markets traded lower on Friday, following overnight sell-off on Wall Street as trade...

    Trump Tariffs Live Updates: Markets Rise After Trump Pauses Most Tariffs

    Stocks in Asia and Europe rallied after President Trump paused punishing global levies. But...