By Bhargav Acharya and Sfundo Parakozov
South African assets remained under pressure on Thursday after being hit by a double-whammy of U.S. President Donald Trump’s announcement of new and higher tariffs and a contentious budget vote that has threatened the ruling coalition’s future.
The risk-sensitive rand traded at 18.76 against the dollar by 1511 GMT. It hit 19.0150 per dollar earlier in the day, its weakest level since mid-January.
On Wednesday, Trump announced a 10% baseline tariff on all imports to the United States, and higher duties on dozens of countries, including South Africa, which was hit with a 31% rate.
Trump said the tariffs were a response to duties and other non-tariff barriers put on U.S. goods.
On the Johannesburg stock market, the Top-40 index closed 3.3% lower.
The cost of insuring South Africa’s debt against default rose to its highest since late April last year, up 16 basis points from Wednesday’s close to reach 254 basis points, according
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