Bitcoin Boom! World's largest cryptocurrency surges past $123,000
The world's largest cryptocurrency has surged by more than 30% this year, and more than 60% since Donald Trump's reelection as U.S president in November 2024.
On Monday the cryptocurrency worth jumped 3%, also recording a weekly gain of more than 12%.
Speaking to Stephen Grootes on The Money Show, Farzam Ehsani, founder of VALR says Bitcoin has surged in popularity in recent years as more people begin to better understand cryptocurrencies.
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IOL News
15 hours ago
- IOL News
Anger mounts as Trump's tariffs set to bite
Demonstrators burn a US flag and a picture of US President Donald Trump during a protest in defence of national sovereignty following the US government trade taxes and sanctions on Brazil, near the US consulate, in Sao Paulo, Brazil, on August 1, 2025. Thabo Makwakwa Analysts warn that the path ahead is fraught with challenges, including potential irreversible damage to sectors already under pressure following the recent imposition of a 30% tariff by the United States on key South African exports. They raised concerns about long-term economic stability, job security, and export revenue. Effective August 1, 2025, the new tariffs target key industries, including citrus, macadamia nuts, automotive components, steel, and aluminum. South Africa's citrus industry, which supports over 35,000 jobs and contributes more than R38 billion annually, faces disproportionate risk. Speaking to Sunday Independent on Friday, Dr. Iraj Abedian, Chief Economist at Pan-African Investments Research Services, highlighted the severity of the situation. "The tariffs will have a dire impact on our automotive and citrus industries. We're looking at an initial loss of around 100,000 jobs, especially in motor manufacturing, which feeds into a broader supply chain of tire, component, and leather producers." Abedian further explained that the Western Cape's citrus sector is uniquely vulnerable due to its climatic resilience against certain citrus diseases like black spot, which restricts exports to the US. Other regions lacking this advantage could see prices plummet, affecting the entire supply chain. "When the Western Cape exports are constrained, it affects prices and volumes in other markets like the Middle East, Europe, China, and Russia, creating a ripple effect across the industry." Beyond immediate impacts, industry experts warn of potentially permanent damage. Wandile Sihlobo, Chief Economist, emphasized that the tariffs threaten the fabric of South Africa's manufacturing sector, particularly those producing vehicles tailored for the US market. "When factories close due to these tariffs, they don't reopen easily, even years later. The investment required to establish a foothold in the US market is extensive, and once lost, it's nearly impossible to regain." He pointed out that industries such as automotive manufacturing, which produce both right- and left-hand drive vehicles for export, face the risk of shuttering facilities entirely. The consequences extend beyond jobs, impacting revenue streams and the country's long-term industrial capacity. Sihlobo also highlighted the broader implications for South Africa's trade relations. The US's move increases the vulnerability of South African agricultural exports, such as ostrich products, table grapes, nuts, and wines, to competitors from nations like Peru and Chile, which face lower tariffs. "South Africa now faces a significant disadvantage, as our exports are taxed at around 30%, while Peru and Chile enjoy tariffs closer to 10%. This disparity undermines our competitiveness." He noted ongoing negotiations between South Africa and US officials, with the government actively seeking more favorable terms. However, Sihlobo cautioned that such talks are complex and protracted, especially given the US's recent trade tensions with other major partners like the European Union and Japan. "The negotiations are challenging, and the current environment of global uncertainty makes it difficult to predict outcomes. Still, we continue to support our government's efforts to advocate for our industries," he said. With the US accounting for approximately 8% of South Africa's total exports, particularly in vehicles (17%) and agriculture (5%), the impact of these tariffs could be profound. Higher costs for US buyers are expected to reduce demand, threaten supply chains, and diminish South Africa's export earnings. Economic analysts warn that the tariffs could accelerate job losses, depress public revenues, and deepen existing economic vulnerabilities. "This is not just a short-term setback. The damage could be long-lasting, and reversing it will require years of concerted effort and strategic investment, said Abedien. The experts warned that South Africa's industries must brace for a challenging period ahead. The Federation of Unions of South Africa (Fedusa) said that while it did not subscribe to alarmist projections of a 'jobs bloodbath,' it was mindful that implementing such measures could profoundly impact South Africa's export-led industries, particularly the automotive sector. 'The proposed tariff would render South African automotive and manufactured goods significantly more expensive and less competitive in a vital export market. 'A contraction in demand would almost certainly force firms to scale down production, with downstream effects that include shift reductions, deferred investments, and potential job losses over time,' Fedusa said. The president of the General Industries Workers Union of South Africa, Mametlwe Sebei, said the country risks losing access to the US market due to unmet requirements influenced by shifting global politics and policies. 'When you look at AGOA, the US Congress has specific requirements for Africa, and many US Congress members have pointed out that South Africa is not meeting these. This has been an ongoing issue, even in the past. 'Secondly, given policies on Israel-Palestine, and the current focus on China and Russia as a bloc, the global economy is shifting, and it's unlikely that South Africa will maintain the privileged access it currently enjoys to the US market,' said Sebei. He argued that if South Africa wants to transition toward manufacturing vehicles, it must mobilize resources and industry capacity to meet the country's transport and manufacturing needs. However, he expressed skepticism about current ambitions and the capacity to achieve these goals. Meanwhile, President Cyril Ramaphosa has announced that negotiations with the United States will continue over the next week. Ramaphosa said that ongoing communications between South Africa and US officials continued on Friday, adding that the government has submitted a Framework Deal to enhance mutually beneficial trade and investment relations.
eNCA
a day ago
- eNCA
Tackling 2026 poll strategy, economic challenges
JOHANNESBURG - The ANC National Executive Committee is meeting in Johannesburg until Monday. The four-day meeting of the party's highest decision-making body is the first in four months. On the agenda is the 2026 local government election strategy and economic resilience. It comes as US President Donald Trump's 30 percent tariffs on South African goods comes into effect.
IOL News
a day ago
- IOL News
FW de Klerk Foundation urges South Africa to diversify trade amid US tariffs
Former apartheid-era president F.W. de Klerk's foundation has called for South Africa to find alternative markets for its export as US President Donald Trump forges ahead with his 30% tariff against the country's industries. Image: Henk Kruger/African News Agency(ANA) Apartheid's last president, FW De Klerk's foundation has added its voice in calling for South Africa to stop being overly reliant on America and look elsewhere for trade deals amid concerns over President Donald Trump's 30% tariffs on exports. In what could be seen as the country's population bending together against the economic squeezing tariffs, the foundation echoed DA leader John Steenhuisen in calling for the country to spread its wings wider, looking for alternative markets across the world. Steenhuisen, in his capacity as Agriculture minister, said recently that the country is strengthening its trade alliances with the likes of Chile, Peru, and New Zealand 'to jointly lobby for fair and stable trade treatment of fresh produce' through the Southern Hemisphere Association of Fresh Fruit Exporters. He also said the state had finalised new phytosanitary protocols for the export of avocados to China, table grapes to Vietnam and the Philippines, and maize to India. FW de Klerk Foundation's Ismail Joosub called for the strengthening of trading ties 'with our BRICS partners and Africa'. The foundation was concerned about the South African Reserve Bank warning that the tariffs could cost the country around 100,000 jobs, 'hitting our agriculture and automotive sectors the hardest.' Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading South Africa is a member of BRICS, which the US sees as a threat to its global economic and political dominance. 'China's vast market, for instance, can buy more of our minerals, wine, and fruits. 'India, Brazil, and others present growing export destinations if we proactively pursue them,' Joosub said in a statement. He issued the statement on Friday, the same day Trump implemented the tariffs, which he said would be effective on August 7. According to, Charles A. Ray, a chairperson of the US-based Foreign Policy Research Institute's African Program and former US ambassador to Cambodia and Zimbabwe, US was unhappy with South Africa's proximity to China and Russia and its membership with BRICS. He said it 'has since become an alternate political forum to the US-led West, seeking to shift the global order more to the advantage of China and to move away from the US dollar's domination of the global economy'. According to one of Trump's Executive Orders, South Africa was undermining the US's foreign policy and posed threats to the US and its allies' security and interests. 'Our government is already working with industry to find alternative markets for our goods and support affected sectors with contingency plans. 'We should build on this by ramping up trade promotion in Asia, the Middle East and across Africa. 'In short, if one door closes, we must be ready to open many others,' said Joosub. He said another step to protect and grow the economy was to invest in youth, skilling young people by taking advantage of an initiative that China has established through its Luban Workshops, which are vocational training centres in nearly 20 countries. 'South Africa should welcome such initiatives and even expand them here at home, [as] at last year's BRICS summit in Johannesburg, a BRICS Skills Challenge showcased how collaboration in fields like robotics, data science and aerospace can help our youth develop critical skills. 'Millions of talented South African youth remain on the margins, [so] we need to harness their potential through education, training and entrepreneurship support,' he said. Joosub also called for the country to look at technical exchange programs, scholarships, and joint research with programmes with China, India and others to help the country cultivate much-needed skills in engineering, artisans and the innovation sectors. 'By equipping young South Africans with world-class skills, we not only reduce unemployment but also make our economy more competitive globally. 'Our Constitution's preamble enjoins us to 'free the potential of each person, ' and there is no greater potential waiting to be freed than that of our youth,' he said. The foundation was concerned that unemployment was already at 32,9% and youth unemployment exceeded 46%. 'We cannot afford further blows. It's a stark reminder that nearly half of young South Africans struggle to find work,' he said. He said the US was punishing South Africa for its domestic policies, including affirmative action and Black Economic Empowerment, and the country's diplomatic stance on the Russia-Ukraine war and a genocide case against Israel, which he said the US views as creating barriers or running counter to its interests.
