US tariffs causing modest damage to growth - Lesetja Kganyago

However, 30 000 jobs could be lost

- By Mpho Sibanyoni

South African Reserve Bank (SARB) governor Lesetja Kganyago has allayed fears regarding the negative consequences of US President Donald Trump's 30% reciprocal import tariffs on South African goods.

Kganyago said though “the US was a large trading partner for South Africa, it is not as important as Europe, China or the Southern African Development Community”.

The governor said this after Trump's tariffs kicked in on Thursday.

“Our exports to the US mostly consist of commodities, some of which are exempted, and manufactured products such as cars. Some parts of the agricultural sector are exposed, but total agricultural exports are only about 3% of our total exports to the US,” said Kganyago while delivering a speech at the 105th annual ordinary general meeting of SARB shareholders.

Last month, Kganyago told a commercial radio station that Trump’s tariffs could result in about 100000 job losses. This week, the Department of Trade, Industry and Competition said up to 30000 jobs could be lost.