Tariffs announced by US President Donald Trump this week effectively nullified the benefits African countries enjoy under US trade initiative the African Growth and Opportunity Act (Agoa), the government said on Friday.
Agoa, which grants qualifying African nations duty-free access to the US market, is due to expire in September. And Trump’s far-reaching tariffs suggest that a renewal of the trade accord enacted in 2000 is now unlikely.
Foreign minister Ronald Lamola and trade minister Parks Tau told a press conference that the government may seek to secure additional exemptions and quota agreements with the US, as well as diversifying its export markets.
“The sweeping tariff measures will affect several sectors of our economy, including the automotive industry, agriculture, processed food and beverage, chemical, metals and other segments of manufacturing, with implications for jobs and growth,” the two ministers said in a joint statement.
“The government will invest strategically in industries affected by the tariffs, supporting economic growth through modernisation and targeted infrastructure development.”
Reuters
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