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The South African rand slipped in early trading on Monday after U.S. President Donald Trump threatened to slap additional tariffs on countries aligned with BRICS.
In a post on Truth Social on Sunday, Trump declared, “anti-American policies” of BRICS will be charged an additional 10% tariff,” stressing that “there will be no exceptions to this policy.”
South Africa, a member of the BRICS bloc, is among the nations racing to secure a trade deal with the U.S. before Trump’s July 9 deadline.
Back in April, Trump had already imposed a 31% tariff on imports from South Africa under his broader global tariffs agenda. The country has since requested more time to negotiate beyond the looming deadline.
Meanwhile, South Africa’s benchmark 2035 government bond weakened in early trade, with its yield climbing nine basis points to 9.83%
