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Investing.com -- After facing punitive tariffs from the United States, the South African government has declared that it would be unwise and counterproductive to hastily impose reciprocal tariffs on US imports. The announcement came from Parks Tau, South Africa’s trade minister, who cautioned against knee-jerk reactions to the recent tariff imposition by the US.
Tau, speaking to reporters on Friday, emphasized the risks involved in hastily deciding to impose reciprocal tariffs, referring to such a move as a "race to the bottom." He stressed that it would not be in South Africa’s economic interest to target US companies, especially considering the presence of over 600 American firms in the country.
International Relations Minister Ronald Lamola also expressed concern at the briefing on Friday. He stated that while South Africa remains committed to a mutually beneficial trade relationship with the United States, the punitive tariffs pose a barrier to trade.
Both ministers underscored the importance of maintaining a positive trade relationship with the US and avoiding counterproductive measures that could harm the country’s economy. The South African government’s stance appears to be focused on maintaining open communication and negotiation with the US, rather than rushing into retaliatory actions that could potentially escalate the situation.
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