South Africa looks to enhance global cooperation in face of sweeping US tariffs
South African economists are urging enhanced global cooperation, stressing the urgent need to counter American trade policies that have severely disrupted exports and could exacerbate job losses in an already struggling economy.
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00:00Barely two weeks into the new U.S. tariff regime and South Africa's economic outlook has taken a hit.
00:08Facing tariffs of 30% from its second largest trade partner, the growth forecast for this year and next have both been reduced.
00:17These tariffs will have a severe impact on South African exports, especially vehicle exports, and also on agricultural exports.
00:27And unfortunately, people will lose their jobs that will not easily get new employment because of the huge unemployment problem we have in South Africa.
00:39Now the country's economists are urging stronger ties with the rest of the world.
00:45Up to two-thirds of South Africa's export basket is comprised of mining sector output, as well as manufacturing items, and most notably automotive products.
00:58So these are directly in the crosshairs, given the very substantial 30% tariff.
01:05America is deeply concerned that it, as an empire, is in decline, and it wants to arrest its decline, but at the same time, stymie the ascendancy of other nations.
01:19It's about international competition and where there is a weaponization of trade and industrial policy.
01:26If we're locked out of the United States, we will continue to work to enhance relationships with, let's call it the global north, excluding the United States, and the global south.
01:38South Africa is also hoping that China, which accounts for 20% of its exports, will help cushion the blow from the U.S. tariffs.
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