Lamola: SA committed to securing better US trade deal
International Relations Minister Ronald Lamola says the government will keep negotiating to secure a better trade deal with the US.
Last week, the government launched its support desk to assist South African exporters affected by Washington's 30% tariff hikes.
The new duties will affect dozens of trade partners when they take effect on Friday.
There are fears the tariffs could cost jobs and put more pressure on the economy.
READ: Ramaphosa: SA open to negotiations as US tariff deadline looms
"South Africa's minimal 0.25% share of total US imports makes the 30% tariff on our country are inscrutable, especially when these same tariffs have been applied indiscriminately to all US trading partners globally,” Lamola told a media briefing on Monday.
"Moreover, South Africa poses no trade threat to the US economy nor its national security. The calculation of US-SA 'trade deficit' ignores the substantial US trade surplus in services, as well as the complementary nature of the bilateral trade and investment relations between the two countries."
The US is South Africa’s
third-largest trading partner, after the European Union and China.
Lamola said that government is also working to strengthen ties with other
global markets.
"These efforts are bearing fruits, targeting markets across Africa, as well as in Asia, Europe, Middle East, and Americas. While facing global trade challenges, South Africa is proactively building a more resilient agricultural sector.
"We have made significant progress in opening up vast new markets like China and Thailand, securing vital protocols for products like citrus and others. With China alone being a $200 billion market."
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