Latest news with #2025NationalTradeEstimatesReport
IOL News
3 days ago
- Business
- IOL News
South Africa presents revised trade offer to the US amid tariff concerns
Minister of Trade Industry and Competition (the dtic), Parks Tau, speaking during a joint media briefing on Tuesday about South Africa's trade negotiations with the United States. Image: GCIS Banele Ginidza South Africa on Tuesday submitted a revised offer to the trade negotiations with the United States (US), which it described as broad, ambitious and likely to meet the demands of that country as it looks for means of allaying the 30% tariffs imposed last week. In a joint presentation, Minister of Trade Industry and Competition (the dtic), Parks Tau, alongside Minister of Agriculture John Steenhuisen said the new offer substantively responds to the issues the US has raised in the 2025 National Trade Estimates Report and builds on the previous offer submitted in May. "This is a broad, generous and open offer that I think meets the ambition criteria, if you are to look at the trade and tariff perspective it represents something that will be good for the US and also for SA," Steenhuisen said. "We hope it will be received this way in the US, obviously, the demands both in meetings with the Trade Representative and at the White House the focus was on the trade and tariffs not on domestic policy issues outside." The ministers said South Africa has already addressed sanitary and phytosanitary measures in compliance with the bio-security protocols affecting poultry, blueberries and pork with the first shipment of meat products expected in South Africa shortly from the US. They said the measures will ensure that the US is able to leverage the Tariff Rate Quota of 72 000 tons already agreed in 2016. They also said a high-level negotiation team, including both the dtic and the agriculture department has been identified and was ready to engage the US towards a mutually beneficial agreement. "Our goal is to demonstrate that South African exports do not pose a threat to US industries and that our trade relationship is, in fact, complementary," the ministers said. "While the US is our 3rd largest trading partner after the EU and China, South Africa is the 43rd export destination for the United States and accounts for 0.25% of total US imports and is therefore not a threat to US production." 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 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. Next Stay Close ✕ They said as the US market accounted for about 4% of South Africa's total agriculture exports, or R9.8 billion of total agricultural exports, an increase of 104% from 2018. "The government is going to do everything possible to keep the American market open for our goods. We will at the same time accelerate our efforts to diversify markets and build on the efforts we have put in place to ensure predictability in trade and leverage all our existing partnerships to secure markets for our products," they said. Another significant request from the US was that South Africa consider reducing tariffs as a way to address the deficit and tariff disparity with the European Union due to the SADC-EU Economic Partnership Agreement." Tau also announced that consultations were under way with industry and members of the Southern African Customs Union (SACU) regarding ways to respond to a request from the US for South Africa to consider reducing tariffs as a way to address the deficit and tariff disparity with the EU due to the SADC-EU Economic Partnership Agreement. Tau said South Africa has accelerated its diversification efforts of export markets and enhanced competitiveness to mitigate the economic impact of losing preferential trade access. The diversification is a strategic imperative to ensure better resilience of our economy to economic shocks. "This is not a plan B; it is a plan A for long term resilience and competitiveness. We are committed to strengthening our relationships, particularly under the AfCFTA, to build regional resilience," Tau said. "We will also continue the work we have started with our European partners towards enhancing our trade and investment relations in a manner that unlocks sustainable growth and development and entrenches South Africa in new supply-chains. We are looking at Asia, including Japan, Vietnam and Thailand, the Middle East and India."
The Citizen
4 days ago
- Business
- The Citizen
South Africa to submit revised trade offer to United States
The South African government will today submit a new trade offer to the United States (US) government as part of the bid to convince President Donald Trump's administration to reconsider its decision to impose a 30% import tariff on South African goods. Addressing the media today in a joint press briefing with his agriculture counterpart, minister John Steenhuisen, Trade, Industry and Competition Minister Parks Tau said the new trade offer to the US addressed most of the US's concerns. The Witness reports that Cabinet has approved that South Africa submit a revised offer as a basis for negotiations with the US. The new offer builds on the previous offer submitted in May. 'The new offer substantively responds to the issues the US has raised in the 2025 National Trade Estimates Report,' he said. Issues raised by the US during trade negotiations with South Africa included those around import restrictions, which South Africa has imposed on US poultry and blueberries imports. Tau said the new offer to the US addresses the US import concerns. 'Consequently, the USA-Africa Trade Desk has informed us that it will be shipping containers of poultry and pork to South Africa in two weeks' time, which is testimony that these issues have been resolved. 'The shipments will come from the states of Georgia, Mississippi, South Carolina, North Carolina and Alabama through the Ports of New Orleans in Louisiana, Savanna in Georgia and Norfolk in Virginia,' he said. The US had also raised concerns about the agreement between SA and the European Union (EU) under the SADC Economic Partnership deal, allowing some EU goods to be exported to SA and the SADC region at lower tariffs. According to the US, the agreement made some US exports to SA uncompetitive. 'South Africa continues consultations with industry and, in this regard, in consultation with other members of the Southern African Customs Union, will identify specific lines to respond to this request,' he said. Apart from keeping talks with the US open, the SA government is also working on opening other markets for South African industries, particularly the agriculture and the motor manufacturing sectors, which were the hardest hit by the US export tariffs. Further, the South African government is also launching a financial facility to bail out firms struggling to cope with the US tariffs. Steenhuisen, who said SA's Agricultural Department is working with the agricultural sector to find new markets, denied that US negotiators had flagged South Africa's black empowerment as a barrier to trade. 'The focus [during the negotiations] was on trade and tariffs. The issue of South Africa's policies was not formally raised with us,' he said. While there were fears that the US tariffs will put 35 000 to 100 000 South African jobs at risks, Econometrix Chief Economist Dr Azar Jammine was of the view that the impact of the US tariffs on SA was being overstated, saying the duties will affect only a small fraction of SA's global exports. The fact that the bulk of SA's competitors were not spared the US tariffs – with some countries facing even higher US tariffs than South Africa, Jammine said, meant that some SA exports to the US will remain competitive despite the 30% tariffs. 'We are by no means the worst off in terms of these tariffs,' he said. Breaking news at your fingertips… Follow Caxton Network News on Facebook and join our WhatsApp channel. Nuus wat saakmaak. Volg Caxton Netwerk-nuus op Facebook en sluit aan by ons WhatsApp-kanaal. Read original story on
Yahoo
05-05-2025
- Business
- Yahoo
Malaysia making early headway in US tariff talks, Anwar confirms
KUALA LUMPUR, May 5 — Malaysia is among 18 nations that have managed to have early discussions with the US government on its 'reciprocal' tariffs, Prime Minister Datuk Seri Anwar Ibrahim disclosed today. He said Minister of Investment, Trade and Industry (Miti) Datuk Seri Tengku Zafrul Abdul Aziz met with officials in Washington DC during a visit from April 22 to 24 to discuss the matters, with encouraging results. 'The visit was to explore opportunities for cooperation, to identify what Malaysia could offer them, and to appeal for the US to consider exempting Malaysia from the retaliatory tariffs,' Anwar said during today's special parliamentary sitting to address the US tariffs. 'So far, Malaysia has offered to address several non-tariff barriers listed in the United States' 2025 National Trade Estimates Report,' he added. Anwar also said meetings with Ambassador Jamieson Greer, the United States Trade Representative, and Howard Lutnick, the US Secretary of Commerce, were constructive. 'Following those meetings, the Cabinet and the National Geoeconomic Coordination Centre (NGCC) have agreed to allow Miti to begin formal negotiations with the United States,' he said. Apart from that, the Special Asean Economic Ministers' Meeting that Malaysia hosted o April 10 also resulted in key agreements on how the bloc will respond as a collective. 'We have a strong economy backed by 640 million people, hitting US$4 trillion dollars in 2024. Any stance on American tariffs must be made as a collective Asean bloc. 'Despite these negotiations being in the early stages, there is a possibility that the retaliatory tariffs imposed could be reduced,' said Anwar. He added, 'Once again, I must stress that this process is still at an early stage, and no agreement has been finalised by either side.' In April 2025, the Trump administration imposed a 24 per cent 'reciprocal' tariff on Malaysian imports to the United States, as part of a broader 'Liberation Day' trade policy that also included a universal 10 per cent tariff on most imports from other countries. This is currently on a 90-day pause, with the universal rate being imposed.
Malay Mail
05-05-2025
- Business
- Malay Mail
Malaysia making early headway in US tariff talks, Anwar confirms
KUALA LUMPUR, May 5 — Malaysia is among 18 nations that have managed to have early discussions with the US government on its 'reciprocal' tariffs, Prime Minister Datuk Seri Anwar Ibrahim disclosed today. He said Minister of Investment, Trade and Industry (Miti) Datuk Seri Tengku Zafrul Abdul Aziz met with officials in Washington DC during a visit from April 22 to 24 to discuss the matters, with encouraging results. 'The visit was to explore opportunities for cooperation, to identify what Malaysia could offer them, and to appeal for the US to consider exempting Malaysia from the retaliatory tariffs,' Anwar said during today's special parliamentary sitting to address the US tariffs. 'So far, Malaysia has offered to address several non-tariff barriers listed in the United States' 2025 National Trade Estimates Report,' he added. Anwar also said meetings with Ambassador Jamieson Greer, the United States Trade Representative, and Howard Lutnick, the US Secretary of Commerce, were constructive. 'Following those meetings, the Cabinet and the National Geoeconomic Coordination Centre (NGCC) have agreed to allow Miti to begin formal negotiations with the United States,' he said. Apart from that, the Special Asean Economic Ministers' Meeting that Malaysia hosted o April 10 also resulted in key agreements on how the bloc will respond as a collective. 'We have a strong economy backed by 640 million people, hitting US$4 trillion dollars in 2024. Any stance on American tariffs must be made as a collective Asean bloc. 'Despite these negotiations being in the early stages, there is a possibility that the retaliatory tariffs imposed could be reduced,' said Anwar. He added, 'Once again, I must stress that this process is still at an early stage, and no agreement has been finalised by either side.' In April 2025, the Trump administration imposed a 24 per cent 'reciprocal' tariff on Malaysian imports to the United States, as part of a broader 'Liberation Day' trade policy that also included a universal 10 per cent tariff on most imports from other countries. This is currently on a 90-day pause, with the universal rate being imposed.
