Trade experts sent out warnings last Thursday about new Trump tariffs. These 30 percent taxes hit South African exports hard. Many parts of the economy face damage from these fees. Experts say these charges harm several business areas across South Africa. The effects spread through many parts of the country's trade system.
Experts tell South Africa to sell goods to different countries. They point mostly toward BRICS group members as new buyers. Economist Duma Gqubule spoke to Xinhua by phone about this need. He pushed for quick changes to how South Africa runs its economy. The country must act fast to find other trade partners.
Parks Tau, who leads Trade and Industry, agrees with finding new markets. At a money meeting in Johannesburg, he discussed countries' selfish trade rules. Tau said these one-sided taxes break WTO rules and hurt South Africa badly. He stressed the need to create links with more countries for selling goods. These new paths must happen right away to save jobs.
Farms, car makers, and factories will feel the worst pain from these taxes. People who study money matters say these fees kill the African Growth and Opportunity Act. AGOA, started in 2002, lets African countries sell things to America without paying extra costs. Gqubule said AGOA died when these new charges came. The trade deal stopped working that night, he claimed.
Matthew Parks from the worker group warned about job losses from these taxes. He said a 50 percent tax makes selling to America impossible for companies, forcing them to look elsewhere for buyers. Parks warned against starting fightback taxes with other countries. Such moves could harm Africa, China, Brazil, and India if everyone adds fees to traded goods.
Money expert Bonke Dumisa called the tax news expected and pointed at South Africa as a clear target. The South African government plans talks with Washington but has little power to change things. Dumisa explained that the taxes hit cars and car parts hard. This creates problems since some cars made in South Africa carry American brand names but cost less to build there.
Cars head the list of troubled goods since 37 percent of South Africa's vehicles go to America. Farms also face big troubles as 70 percent of what they grow travels to American markets. Chemical makers, jewelry crafters, and other makers will lose money from these taxes. Parks asked countries to use the World Trade group to solve these problems rather than adding more taxes to each other's products.
Experts tell South Africa to sell goods to different countries. They point mostly toward BRICS group members as new buyers. Economist Duma Gqubule spoke to Xinhua by phone about this need. He pushed for quick changes to how South Africa runs its economy. The country must act fast to find other trade partners.
Parks Tau, who leads Trade and Industry, agrees with finding new markets. At a money meeting in Johannesburg, he discussed countries' selfish trade rules. Tau said these one-sided taxes break WTO rules and hurt South Africa badly. He stressed the need to create links with more countries for selling goods. These new paths must happen right away to save jobs.
Farms, car makers, and factories will feel the worst pain from these taxes. People who study money matters say these fees kill the African Growth and Opportunity Act. AGOA, started in 2002, lets African countries sell things to America without paying extra costs. Gqubule said AGOA died when these new charges came. The trade deal stopped working that night, he claimed.
Matthew Parks from the worker group warned about job losses from these taxes. He said a 50 percent tax makes selling to America impossible for companies, forcing them to look elsewhere for buyers. Parks warned against starting fightback taxes with other countries. Such moves could harm Africa, China, Brazil, and India if everyone adds fees to traded goods.
Money expert Bonke Dumisa called the tax news expected and pointed at South Africa as a clear target. The South African government plans talks with Washington but has little power to change things. Dumisa explained that the taxes hit cars and car parts hard. This creates problems since some cars made in South Africa carry American brand names but cost less to build there.
Cars head the list of troubled goods since 37 percent of South Africa's vehicles go to America. Farms also face big troubles as 70 percent of what they grow travels to American markets. Chemical makers, jewelry crafters, and other makers will lose money from these taxes. Parks asked countries to use the World Trade group to solve these problems rather than adding more taxes to each other's products.
