New United States (US) tariff rates have taken effect for dozens of countries, including South Africa.
The countries have not yet reached a trade deal with the US.
The rates have been set at 30% for South Africa.
Meanwhile the Trade, Industry and Competition Minister, Parks Tau, says his department is working around the clock to make a counteroffer to the US.
He says trade officials in President Donald Trump’s administration only responded to his department’s export tariff proposals on Wednesday night after contacting them two weeks ago.
“We haven’t heard confirmation as to what their stance is so far. The last time they engaged with us, which is formally now two weeks ago, was to say – look we need an agreement that allows negotiations to start. We signed on our part but we did not get a signature on the part of the US. They said after you get our signature, we’ll also send you a template that you’ll be able to fill in or work around to be able to make a submission.”
Tau elaborates in the video below:
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