South African President Cyril Ramaphosa has said the country will continue with diplomatic efforts to get a more balanced and mutually beneficial trade relationship with the United States, in response to Washington’s “unilateral imposition of a 30 percent trade tariff against South Africa.”
JOHANNESBURG, July 9 (Xinhua) — South African President Cyril Ramaphosa has said the country will continue with diplomatic efforts to get a more balanced and mutually beneficial trade relationship with the United States, in response to Washington’s “unilateral imposition of a 30 percent trade tariff against South Africa.”
“This 30 percent tariff is based on a particular interpretation of the balance of trade between South Africa and the United States. South Africa maintains that the 30 percent reciprocal tariff is not an accurate representation of available trade data,” the South African Presidency said in a statement Monday night.
“In our interpretation of the available trade data, the average tariff on imported goods entering South Africa stands at 7.6 percent. Importantly, 56 percent of goods enter South Africa at zero percent most favored nation tariff, with 77 percent of US goods entering the South African market under the zero percent duty,” the statement said.
“South Africa will continue with its diplomatic efforts towards a more balanced and mutually beneficial trade relationship with the United States,” it said. “We welcome the commitment by the U.S. government that the 30 percent tariff is subject to modification at the back of the conclusion of our negotiations with the United States.”
Ramaphosa urges government trade negotiations teams and South African companies “to accelerate their diversification efforts in order to promote better resilience in both global supply chains and the South African economy,” the statement said.■
South Africa seeks more balanced, mutually beneficial trade with U.S.: Ramaphosa
