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SOUTH AFRICA: S. Africa Pushes Back Against Trump's Threats

SOUTH AFRICA
EM BulletBulletEmerging Market News
  • Several South African political parties rallied behind the government after US President Donald Trump threatened to cut all aid to the country over the recently adopted Expropriation Act. Democratic Alliance (DA) leader John Steenhuisen, whose previous opposition to the bill fuelled a flare-up in tensions between ruling coalition partners, said that Trump's threats were based on a "misconception" about how the legislation works. On the other end of the political spectrum, Economic Freedom Fighters (EFF) leader Julius Malema denounced Trump's comments, adding that his party was on the "doorstep" of the Government of National Unity (GNU), waiting to enter as soon as the African National Congress (ANC) kicks out the DA.
  • With Trump's combative comments doing the rounds, Mineral and Petroleum Resources Minister Gwede Mantashe said that South Africa should withhold the exports of minerals to the US if Trump delivers on his threats. Presidency spokesperson Vincent Magwenya quickly clarified that these comments should be "taken in jest" and the government was not considering any such measures, with President Cyril Ramaphosa hoping to hold talks with Trump, although "not with a begging bowl".
  • Ramaphosa is expected to attend a joint summit of the Southern African Development Community (SADC) and the East African Community (EAC) this Saturday to discuss the ongoing security crisis in the Democratic Republic of the Congo (DRC). South African peacekeepers remain stranded in the DRC with rapidly depleting resources as Rwandan-backed M23 rebels continue to advance. Rwandan President Paul Kagame is also expected to attend the summit.
  • The National Treasury will today sell ZAR1.25bn of 8.25% 2032 bonds, ZAR1.25bn of 8.50% 2037 bonds and ZAR1.25bn of 8.75% 2048 bonds.
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  • Several South African political parties rallied behind the government after US President Donald Trump threatened to cut all aid to the country over the recently adopted Expropriation Act. Democratic Alliance (DA) leader John Steenhuisen, whose previous opposition to the bill fuelled a flare-up in tensions between ruling coalition partners, said that Trump's threats were based on a "misconception" about how the legislation works. On the other end of the political spectrum, Economic Freedom Fighters (EFF) leader Julius Malema denounced Trump's comments, adding that his party was on the "doorstep" of the Government of National Unity (GNU), waiting to enter as soon as the African National Congress (ANC) kicks out the DA.
  • With Trump's combative comments doing the rounds, Mineral and Petroleum Resources Minister Gwede Mantashe said that South Africa should withhold the exports of minerals to the US if Trump delivers on his threats. Presidency spokesperson Vincent Magwenya quickly clarified that these comments should be "taken in jest" and the government was not considering any such measures, with President Cyril Ramaphosa hoping to hold talks with Trump, although "not with a begging bowl".
  • Ramaphosa is expected to attend a joint summit of the Southern African Development Community (SADC) and the East African Community (EAC) this Saturday to discuss the ongoing security crisis in the Democratic Republic of the Congo (DRC). South African peacekeepers remain stranded in the DRC with rapidly depleting resources as Rwandan-backed M23 rebels continue to advance. Rwandan President Paul Kagame is also expected to attend the summit.
  • The National Treasury will today sell ZAR1.25bn of 8.25% 2032 bonds, ZAR1.25bn of 8.50% 2037 bonds and ZAR1.25bn of 8.75% 2048 bonds.