Can SMEs Survive Tariffs?

Here is what small businesses can expect from next month.

- Tshehla Cornelius Koteli

There is still hope that the government trade negotiation teams will be able to strike a deal before the 30% US tariffs come into effect tomorrow.

It is about to be a bumpy road for small and medium enterprises (SMEs) in South Africa from tomorrow due to the 30% US import tariffs. There may be hikes in electricity and petrol prices and the uncertainty surrounding the interest rate.

Miguel da Silva, group executive for Business Banking at TymeBank, says it is essential for SMEs to prepare for the impact of a 30% US import tariff.

Da Silva says the tariff hike is bad news for businesses that currently export to the US, especially those involved in the agricultural, automotive, and mining sectors.