President Cyril Zuma said he has noted with concern the 30% reciprocal tariffs imposed by the United States on South African products.
The 30% reciprocal tariffs will go into effect after seven days, while countries discuss new tariff arrangements with Washington.
“All applicable exceptions published in the previous US Executive Order are set to remain in force and these exceptions covered products such as copper, pharmaceuticals, semiconductors, lumber articles, certain critical minerals, stainless steel scrap and energy and energy products.
The government has been engaging the United States and has submitted a Framework Deal that aims to enhance mutually beneficial trade and investment relations.
All channels of communication remain open to engage with the US, and our negotiators are ready pending invitation from the US,” said Ramaphosa in a statement.
Furthermore, Ramaphosa said in the meantime, the government is finalizing a package to support companies that are vulnerable to the reciprocal tariffs.
“The package consists of several measures to assist companies, producers and workers affected by the tariffs on SA exports to the US.
The details of the measures will be announced in due course,” explained the statement.
According to the president, both South Africa and US trade relations are complementary in nature and South African exports do not pose a threat to US industry.
He emphasized that South Africa’s exports to the US contain inputs from the African Continent and contribute to intra-Africa trade.
Ramaphosa assured the nation that South Africa will continue to pursue all diplomatic efforts to safeguard its national interests.
“It is important that as a country we keep our people at work and our companies producing some of the high-quality products destined for many parts of the world.
To this end, the government will intensify its diversification strategy to create resilience of our economy and is working with export councils and industry associations, as well as top exporters to the US with a view to assist with alternative markets.
In this regard, an Export Support Desk to provide updates on development and provide advisory services to exporters has been established,” remarked Ramaphosa.
The president highlighted that the details will be published by the Department of Trade, Industry and Competition on its website.
