financetom
Business
financetom
/
Business
/
South Africa's president says trade is being used as a 'weapon'
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
South Africa's president says trade is being used as a 'weapon'
Sep 23, 2025 4:11 PM

NEW YORK (Reuters) -South African President Cyril Ramaphosa said on Tuesday his country is in talks with a U.S. trade representative to reduce tariffs levied by U.S. President Donald Trump after telling world leaders that "trade is now being used as a weapon."

The U.S. is South Africa's second-biggest trading partner. Trump in August imposed a 30% tariff on imports from South Africa after Ramaphosa's government made several unsuccessful attempts to secure a trade agreement.

"We want tariffs that President Trump is seeking to levy on us and has already started, to be reduced," Ramaphosa told the Council on Foreign Relations in New York. 

Ramaphosa likened trade to a weapon earlier in the day, in remarks delivered at the U.N. General Assembly.

"Geopolitical shocks and unprecedented trade policy volatility are destabilizing the global economy and jeopardizing a critical source of development finance," he said. "In fact, trade is now being used as a weapon against a number of countries in the world."

Ramaphosa also said the African Growth Opportunity Act (AGOA) treaty should continue, a preferential trade deal, offering duty-free quota-free access for thousands of products for 32 African nations. Last year, AGOA did not get a vote in Congress.

Trump's return to the White House in January has further cast doubt on an extension, due to his tariff-driven trade stance.

South Africa, the continent's most industrialized economy, enjoyed the lion's share of the benefit. 

(Doyinsola Oladipo in New York; Editing by Chris Reese and David Gregorio)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
GFG Resources Closes C$3 Million Financing With Strategic Investment from Alamos Gold
GFG Resources Closes C$3 Million Financing With Strategic Investment from Alamos Gold
May 26, 2025
04:25 PM EDT, 05/02/2025 (MT Newswires) -- GFG Resources ( GFGSF ) said shortly before the close of trade Friday that it has completed a private placement for gross proceeds of C$3 million, with Alamos Gold Inc. ( AGI ) purchasing securities that sees it continue to hold an interest in the company. Shares in GFG edged up $0.005 to...
Copley Acquisition Closes $172.5 Million IPO
Copley Acquisition Closes $172.5 Million IPO
May 26, 2025
04:27 PM EDT, 05/02/2025 (MT Newswires) -- Copley Acquisition (COPLU) said Friday it closed its initial public offering of 17.25 million units, including 2.25 million units after the underwriters exercised an over-allotment option in full, at $10 per unit, for gross proceeds of $172.5 million. The units started trading on the New York Stock Exchange on Thursday under the ticker...
Doximity Insider Sold Shares Worth $5,575,235, According to a Recent SEC Filing
Doximity Insider Sold Shares Worth $5,575,235, According to a Recent SEC Filing
May 26, 2025
04:24 PM EDT, 05/02/2025 (MT Newswires) -- Anna Bryson, Chief Financial Officer, on May 01, 2025, sold 95,000 shares in Doximity ( DOCS ) for $5,575,235. Following the Form 4 filing with the SEC, Bryson has control over a total of 357,165 Class A common shares of the company, with 357,165 shares held directly. SEC Filing: https://www.sec.gov/Archives/edgar/data/1516513/000151651325000040/xslF345X05/wk-form4_1746217141.xml ...
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved