Market News
South African rand weakens on Trump's new tariff threats - REUTERS
JOHANNESBURG, Feb 10 (Reuters) - South Africa's rand weakened early on Monday in the wake of U.S. President Donald Trump announcing fresh tariff plans, adding to worries over a global trade war.
At 0748 GMT, the rand traded at 18.4775 against the dollar , about 0.3% weaker than its previous close.
The dollar was little changed, after Trump said on Sunday he would introduce new 25% tariffs on all steel and aluminium imports into the U.S., on top of existing metals duties.
Analysts said South Africa may face further risks after Trump signed an executive order cutting U.S. financial assistance to South Africa on Friday citing disapproval of its land policy and of its genocide case at the International Court of Justice against Washington's ally Israel.
"SA needs to forge a path without US assistance, which this government must’ve foreseen as a real possibility given its geopolitical position towards Russia, BRICS and Israel/Palestine," said ETM Analytics in a research note.
