JOHANNESBURG (Reuters) -South Africa’s government said on Friday that tariffs announced by President Donald Trump this week effectively nullified the benefits African countries enjoy under U.S. trade initiative the African Growth and Opportunity Act (AGOA).
AGOA, which grants qualifying African nations duty-free access to the U.S. market, is due to expire in September. And Trump’s far-reaching tariffs suggest that a renewal of the trade accord enacted in 2000 is now unlikely.
Addressing a press conference, South Africa’s foreign and trade ministers said the government may seek to secure additional exemptions and quota agreements with the U.S. as well as diversify its export markets.
“The sweeping tariff measures will affect several sectors of our economy, including automotive industry, agriculture, processed food and beverage, chemical, metals and other segments of manufacturing, with implications for jobs and growth,” the two ministers said in a joint statement.
“The government will invest strategically in industries impacted by the tariffs, supporting economic growth through modernization and targeted infrastructure development.”
(Reporting by Nqobile Dludla and Bhargav Acharya;Additional reporting by Sfundo Parakozov;Editing by Alexander Winning)
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