Facing high Trump tariffs, Africa's leading economy closes in on a trade agreement with China [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
South Africa's Ministry of Trade and Industry said the agreement would start negotiations over a deal that would give some South African goods, such as fruit, duty-free access to the Chinese market. The ministry said it expected the trade deal to be finalized by the end of March. In return, the trade ministry said China will get enhanced investment opportunities in South Africa, where its car sales have seen rapid growth. The U.S. slapped 30% duties on some South African goods under President Donald Trump's reciprocal tariffs policy — one of the higher rates applied across the world. South Africa has said it is still negotiating with the U.S. for a better deal. The China-South Africa deal follows others looking for alternatives to U.S. partnership in the face of Trump's aggressive trade policies. China is already South Africa's largest trade partner for both imports and exports, while Chinese economic influence across the African continent continues to grow and it dominates i
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