<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="407" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/TA2USGDCXBOXJAPYDCXGGP66XA.jpg" alt="" class="wp-image-605598" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/TA2USGDCXBOXJAPYDCXGGP66XA.jpg 640w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/TA2USGDCXBOXJAPYDCXGGP66XA-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/TA2USGDCXBOXJAPYDCXGGP66XA-142x90.jpg 142w" sizes="auto, (max-width: 640px) 100vw, 640px" /><figcaption class="wp-element-caption">A general picture shows the skyline of Tanzania&#8217;s port city of Dar es Salaam, File. REUTERS/Andrew Emmanuel</figcaption></figure>



DAR ES SALAAM, April 4 (Reuters) &#8211; Tanzania&#8217;s central bank on Friday kept its key interest rate TZINTR=ECI unchanged at 6%, saying that while inflation was under control global trade tensions posed a risk.



It was the fourth monetary policy meeting in a row that the rate was maintained.



&#8220;Maintaining the central bank rate will help to minimise negative spillover effects of trade tariffs and geopolitical conflicts on the economy,&#8221; central bank deputy governor Yamungu Kayandabila told a press conference.



This week U.S. President Donald Trump unveiled far-reaching tariffs that have triggered a plunge in world financial markets and drew condemnation from other leaders reckoning with the end of a decades-long era of trade liberalisation.



The Bank of Tanzania targets inflation of 5%, and consumer inflation&nbsp;TZCPIY=ECI&nbsp;has hovered around 3% since it launched its policy rate in January 2024.



The East African country&#8217;s economy is projected to grow about 6% this year,&nbsp;from an estimated 5.4% in 2024, its finance minister and central bank governor said in November.



Kayandabila said the country&#8217;s foreign exchange reserves stood at around $5.6 billion, enough to cover imports for four-and-a-half to five months.



(Reporting by Nuzulack Dausen; Writing by George Obulutsa; Editing by Alexander Winning and Peter Graff)

TA2USGDCXBOXJAPYDCXGGP66XA

Tanzania central bank keeps benchmark interest rate unchanged

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Z7X6TB6JQFNKLOKXREFGQM3DOY.avif" alt="" class="wp-image-605579"/><figcaption class="wp-element-caption">Democratic Republic of Congo&#8217;s President Felix Tshisekedi arrives for the inauguration of Namibia&#8217;s first female President, Netumbo Nandi-Ndaitwah at the State House in Windhoek, Namibia, March 21, 2025. REUTERS/Stringer/File Photo</figcaption></figure>



April 3 (Reuters)&nbsp;&#8211;&nbsp;The United States is in talks to invest billions of dollars in mineral-rich Congo and wants to help end a conflict raging in the country&#8217;s east, President Donald Trump&#8217;s senior adviser for Africa said during a visit on Thursday.



Democratic Republic of Congo, which has vast reserves of cobalt, lithium and uranium among other minerals, has been fighting Rwanda-backed M23 rebels who have seized swathes of its territory this year.



The U.S., which on Wednesday sent shockwaves across the world by announcing a 10% baseline tariff on all imports, said last month that it is open to exploring critical minerals partnerships with Congo after a Congolese senator contacted U.S. officials to pitch a minerals-for-security deal.



&#8220;You have heard about a minerals agreement. We have reviewed the Congo&#8217;s proposal, and &#8230; the president and I have agreed on a path forward for its development,&#8221; U.S. senior adviser Massad Boulos said after meeting Congo President Felix Tshisekedi in Kinshasa.



The details of any potential deal, or Congo&#8217;s proposal, were not made public on Thursday.



Congo&#8217;s minerals, which are used in mobile phones and electric cars, are currently dominated by China and its mining companies.



How the U.S. will operate in Congo is unclear, but Boulos suggested that U.S. companies will be involved.



&#8220;Rest assured, American companies are operating transparently and will stimulate local economies. These are multi-billion-dollar investments,&#8221; he said.



Joseph Bangakya, Congolese parliamentarian and president of a Congo-U.S. friendship parliamentary group, told Reuters that MPs were preparing a bill to promote the Central African country&#8217;s business climate.



&#8220;It is essential for our country to achieve a trade agreement with the United States,&#8221; he said.



Boulos added that the U.S. wants to help forge peace in the east where thousands have been killed and hundreds of thousands forced to flee amid M23&#8217;s advance, which has seen the group take over eastern Congo&#8217;s two largest cities.



&#8220;We want a lasting peace that affirms the territorial integrity and sovereignty of the DRC,&#8221; he said. &#8220;There can be no economic prosperity without security.&#8221;



(Writing by Edward McAllister; editing by Mark Heinrich and Portia Crowe)

Z7X6TB6JQFNKLOKXREFGQM3DOY

After tariffs, US dangles billions of dollars in Congo mineral investment 

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="390" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Z7OUSBHECZMJVEHQT7G2AZVSQU.avif" alt="" class="wp-image-605558"/><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration/File photo</figcaption></figure>



JOHANNESBURG, April 4 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic events, equity and currency market moves may affect South African markets on Friday.



ECONOMIC EVENTS



Inflation-linked bond auction



SOUTH AFRICAN MARKETS



South African assets remained under pressure on Thursday after being hit by a double-whammy of U.S. President Donald Trump&#8217;s announcement of new and higher tariffs and a contentious budget vote that has threatened the ruling coalition&#8217;s future.



On the Johannesburg stock market, the Top-40&nbsp;.JTOPI&nbsp;index closed 3.3% lower.&nbsp;.JZAR/



GLOBAL MARKETS



Financial markets were gripped by recession fears as stocks extended a punishing global selloff on Friday in the wake of U.S. President Donald Trump&#8217;s sweeping tariffs, helping drive a rally in U.S. Treasuries and supporting gold near a record peak. MKTS/GLOB



WALL STREET



Wall Street benchmarks slumped on Thursday, ending with the largest single-day percentage losses in years, as U.S. President Donald Trump&#8217;s sweeping tariffs ignited fears of an all-out trade war and a global economic recession. .N



GOLD



Gold prices fell on Friday as investors reassessed their risk outlook in the wake of U.S. President Donald Trump&#8217;s tariff measures, which have provided more clarity on market trends but raised concerns over economic slowdown.&nbsp;GOL/



&#8211; &#8211; &#8211; &#8211;



Some of the main stories out in the South African press:



BUSINESS DAY



&#8211; JSE suffers rout on Trump tariffs and coalition fears



FIN 24



&#8211; Inside the ANC-DA exchanges that could destroy the coalition



&#8211; How South Africans will be impacted by Trump&#8217;s tariffs



(Compiled by Sfundo Parakozov)

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South African Markets – Factors to watch on April 4

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="466" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/TPOGIITDYZID5PWPHKLOH2IPDI.avif" alt="" class="wp-image-605310"/><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken November 5, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, April 3 (Reuters) &#8211; South African assets remained under pressure on Thursday after being hit by a double-whammy of U.S. President Donald Trump&#8217;s announcement of new and higher tariffs and a contentious budget vote that has threatened the ruling coalition&#8217;s future.



The risk-sensitive rand&nbsp;ZAR=D3&nbsp;traded at 18.80 against the dollar by 1412 GMT, hovering near a three-month low. 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.



South Africa&#8217;s presidency said it urgently wanted a new trade deal with the United States.



Major South African exports to the U.S. include vehicles and auto parts, precious stones and metals, iron and steel, machinery and aluminium products and citrus.



&#8220;While SA will look to enhance other trading partners, Pretoria’s response also requires long overdue domestic economic policy changes to kickstart growth,&#8221; Daniel Silke, director of the Political Futures Consultancy, said in a post on X.



South Africa&#8217;s parliament passed the budget&#8217;s fiscal framework on Wednesday after weeks of political wrangling, but the second-biggest party in the coalition, the pro-business Democratic Alliance (DA), voted against the measure and on Thursday challenged the outcome in court.



The rand gradually weakened over the course of the day on Wednesday as market fears grew that the alliance may potentially exit the coalition, and went into freefall after the tariff announcement. It slipped as much as 2.6% against the dollar.



On the Johannesburg stock market, the Top-40&nbsp;.JTOPI&nbsp;index was last down about 3.5%.



(Editing by Christian Schmollinger and Tomasz Janowski)

TPOGIITDYZID5PWPHKLOH2IPDI

South African markets hit by double whammy of tariffs and shaky coalition

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="466" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/3WSFZQUN4BJ6PAU7VYVJ5KCG2Y.avif" alt="" class="wp-image-605289"/><figcaption class="wp-element-caption">South African opposition Democratic Alliance leader Helen Zille arrives to cast her vote in Rondebosch, Cape Town, May 7, 2014. REUTERS/Sumaya Hisham/File Photo</figcaption></figure>



JOHANNESBURG, April 3 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s pro-business Democratic Alliance party filed a court case challenging the legality of the budget process on Thursday and sought to block the implementation of a value-added tax increase, widening a rift in the fragile ruling coalition.



South Africa&#8217;s National Assembly narrowly passed the budget&#8217;s fiscal framework and revenue proposals on Wednesday, with the biggest party in the coalition government, the African National Congress, securing support from smaller partners and parties outside the coalition.



The DA, which is the second biggest party in the coalition, voted against the legislation, saying the adoption by a parliamentary committee of a report supporting the fiscal framework was procedurally flawed.



It also opposed a proposal in the budget to raise VAT by 1 percentage point spread over two years, arguing it would hit the poorest hard.



Market fears have grown that the DA may quit the multi-party government, which was formed last year after the ANC lost its parliamentary majority for the first time since the end of apartheid in 1994.



The DA is expected to make a decision on its continued participation in government in the coming days.



Helen Zille, chairperson of the DA&#8217;s federal council, said the party was seeking an interdict to stop South Africa&#8217;s tax service from implementing the 0.5% increase to VAT on May 1.



&#8220;This interdict request is based on our legal challenge to suspend the finance minister&#8217;s announcement of the VAT hike and overturning Parliament&#8217;s adoption of the Fiscal Framework,&#8221; she said.



(Reporting by Sfundo Parakozov; Editing by Bhargav Acharya and Alex Richardson)

3WSFZQUN4BJ6PAU7VYVJ5KCG2Y

South Africa’s DA challenges legality of budget process in court

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/I626AAIJRJP7DJDRYXCYV56KLA.avif" alt="" class="wp-image-605247"/><figcaption class="wp-element-caption">The Hillbrow Tower, an iconic tower used to identify the Johannesburg skyline, is seen as the sun rises, in Johannesburg, South Africa, June 20, 2019. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG/ANTANANARIVO, April 3 (Reuters) &#8211; The U.S. government&#8217;s imposition of steep tariffs on African nations signals the end of the AGOA trade deal that was supposed to help African economies develop through preferential access to U.S. markets, trade experts said on Thursday.



Several African countries were hit by some of the highest tariffs announced by U.S. President Donald Trump on Wednesday, including levies of 50% on goods from Lesotho, 47% for Madagascar, 40% for Mauritius, 37% for Botswana and 30% for South Africa, the continent&#8217;s biggest exporter to the U.S.



Many of the hardest-hit countries are already struggling with very high levels of poverty and debt as well as, in some cases, other severe challenges such as food shortages or cyclones in Madagascar, and one of the world&#8217;s highest rates of HIV/AIDS infections in Lesotho.



The tariffs also compound the pain for Africa after Trump&#8217;s administration dismantled USAID, the government agency that was a major supplier of aid to the continent, and specifically cut bilateral aid to South Africa.



The AGOA trade accord is due to expire in September, and the raft of tariffs suggests that a renewal of the deal, a major part of U.S. policy towards the continent since the 1990s era of President Bill Clinton, is extremely unlikely.



&#8220;The reciprocal trade announcement policy will pull the AGOA rug from under our feet. That will be gone. It will replace AGOA, you don&#8217;t have to wait for September. It&#8217;ll be gone before then,&#8221; said economist Adrian Saville, a professor at South Africa&#8217;s Gordon Institute of Business Science.



It was unclear whether AGOA tariff exemptions on certain goods would continue to be applied between now and September in the wake of Trump&#8217;s tariff barrage.



&#8220;There is no indication that imports under AGOA are exempt from the 10% tariffs, so it appears that effectively immediately AGOA imports that previously were duty-free are now subject to a 10% duty,&#8221; the Washington-based African Coalition for Trade said&nbsp;in a memo to members on Thursday.



&#8220;This is obviously not a positive sign for the outlook for renewal of AGOA.&#8221;



However, the permanent secretary at Kenya&#8217;s foreign ministry, Korir Sing&#8217;Oei, said his understanding was that tariff exemptions under AGOA would remain valid until the act&#8217;s expiry.



FRESH BLOW FOR SOUTH AFRICA



In South Africa, whose second largest trading partner is the U.S., after China, the government struck a hopeful note despite the blow.



&#8220;The tariffs affirm the urgency to negotiate a new bilateral and mutually beneficial trade agreement with the U.S., as an essential step to secure long-term trade certainty,&#8221; the presidency said in a statement.



But a new trade deal with Washington looks like a mountain to climb for Pretoria.



Trump has repeatedly lambasted South Africa, the country that overcame apartheid, over what he described as discriminatory policies against white people.



U.S.-South African relations have soured since Trump cut U.S. financial aid to the country, citing disapproval of its land policy and its genocide case at the International Court of Justice against Washington&#8217;s ally Israel.



Trump&#8217;s latest tariffs are in addition to the 25% imposed on all vehicles and car parts imported into the U.S., which will kick in from Thursday.



South Africa&#8217;s exports of vehicles and parts into the U.S. are estimated at over $2 billion and could be hit hard by the levies.



Speaking at an investment conference in Johannesburg, South African Trade Minister Parks Tau said the current global economic uncertainty was affecting demand for South Africa&#8217;s products and its ability to create jobs.



&#8220;If there is one message that we must convey today, it is that diversifying trade relationships is absolutely critical.&#8221;



In 2024, U.S. imports from South Africa totalled $14.7 billion, up 4.9% from 2023, according to the Office of the United States Trade Representative.



Major South African exports to the U.S. include precious stones and metals, motor vehicle parts and accessories, iron and steel, machinery and aluminium products.



Lesotho, a tiny landlocked country surrounded by South Africa, is the second largest exporter of textiles and garments to the U.S. under AGOA. In 2024 it exported goods worth $237 million into the U.S., a 4.7% increase over 2023.



(Reporting by Nqobile Dludla, Olivia Kumwenda-Mtambo and Catherine Schenck in Johannesburg, Aaron Ross in Nairobi and Lovasoa Rabary in Antananarivo; Writing by Bhargav Acharya and Estelle Shirbon; Editing by Mark Heinrich)

I626AAIJRJP7DJDRYXCYV56KLA

Steep US tariffs on Africa signal end of trade deal meant to boost development

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/W6G6MVOXZ5MAPCA7IMBJFSHWMM.avif" alt="" class="wp-image-585151"/><figcaption class="wp-element-caption">U.S. President Donald Trump holds a joint press conference with Japanese Prime Minister Shigeru Ishiba in the East Room at the White House in Washington, U.S., February 7, 2025. REUTERS/Kent Nishimura/File Photo</figcaption></figure>



ORANIA, South Africa, April 3 (Reuters)&nbsp;&#8211;&nbsp;A group of white Afrikaners was so opposed to majority Black rule when apartheid ended some three decades ago that they carved out a separatist enclave, the only town in South Africa where all residents, including menial workers, are white.



Now, the residents of Orania &#8211; population, 3,000 &#8211; in the semi-arid Karoo region want U.S. President Donald Trump to help them become a state.



Last week, community leaders from Orania visited the United States seeking recognition as an autonomous entity. South African authorities acknowledge it as a town that can raise local taxes and deliver services.



&#8220;We wanted to&#8230; gain recognition, with the American focus on South Africa now,&#8221; Orania Movement leader Joost Strydom told Reuters, on a hill strewn with bronzes of past Afrikaner leaders, including from the era of&nbsp;racist white minority rule that was ended by internal resistance and international outrage.



The 8,000-hectare settlement is riding an unprecedented wave of support from right-wing Americans for Afrikaner nationalists, who irrevocably lost power when apartheid ended in 1994 and Nelson Mandela became South Africa&#8217;s first Black president.



In New York and Washington the Orania leaders met influencers, think-tanks and low-ranking Republican politicians.



&#8220;We told them South Africa is such a &#8230; diverse country that it&#8217;s not a good idea to try and manage it centrally,&#8221; said Strydom.



Three senior Orania officials interviewed by Reuters were vague about the help they sought in the U.S. They said they were not seeking handouts but wanted investment to build houses to keep up with its 15% population growth, infrastructure and energy independence that it has almost half-achieved with solar.



Strydom declined to say whether his delegation had contact with the Trump administration. The U.S. State Department did not immediately respond to a request for comment.



South African foreign ministry spokesperson Chrispin Phiri told Reuters: &#8220;(Orania&#8217;s) not&#8230; a country. They are subject to the laws of South Africa and &#8230; our constitution.&#8221;



Other Afrikaner nationalist groups have also visited the U.S. to build alliances with overwhelmingly white, Republican audiences, prompting accusations back home that such trips stoke racial tensions.



The leftist Economic Freedom Fighters (EFF) last week accused Orania&#8217;s leaders of &#8220;destroying the unity of this country&#8221;, a charge they reject.



<h2 class="wp-block-heading" id="h-start-of-something">&#8216;START OF SOMETHING&#8217;</h2>



Afrikaners are descendants of Dutch settlers who began arriving in the 1600s. They resisted the British Empire in South Africa,&nbsp;but once in charge of the country, they hardened racial segregation using discriminatory laws.



&#8220;There were 17,000 laws on land alone,&#8221; foreign ministry spokesperson Phiri said.&#8221;We had&#8230; to reconstruct South Africa into a country that represents all those who live in it.&#8221;



In 1991, as the end of apartheid neared, a group of about 300 Afrikaners acquired Orania, previously an abandoned water project on the muddy Orange River, to create a homeland exclusively for white Afrikaners.



&#8220;It&#8217;s the start of something,&#8221; former Orania Movement leader Carel Boshoff, said of his community, comparing its desire for independence &#8211; Orania even uses its own informal currency &#8211; to that of Israel, established after World War Two despite&nbsp;stiff resistance from Arabs living in that territory.



Boshoff, whose father founded the town and whose grandfather, Hendrick Verwoerd,&nbsp;is widely viewed as the architect of apartheid, dreams of a territory stretching to the west coast nearly 1,000 miles away.



Orania&#8217;s activities are funded through local taxes and donations from supporters and residents.



Its leaders were dismayed to find the only solution that anyone in the United States was interested in discussing was U.S. residency, after Trump offered in February to resettle white South African farmers and their families as refugees.



&#8220;We can&#8217;t be exporting our people,&#8221; Boshoff told Reuters beside a framed photo of his late grandfather. &#8220;We told them &#8230; &#8216;help us here&#8217;,&#8221; he said.



Some U.S. right-wingers have sought to make common cause with Afrikaners in their opposition to diversity policies that aim to empower historically unjustly-treated non-white groups. South Africa&#8217;s Black empowerment laws have been ridiculed by Trump&#8217;s South African-born adviser, Elon Musk.



Those laws were the reason Hanlie Pieters moved to Orania eight months ago, after 25 years of living in Johannesburg, to become head of marketing for the town&#8217;s technical college.



&#8220;Our children &#8230; what opportunities&nbsp;will&nbsp;they have?&#8221; Pieters said, bemoaning quotas for Black workers, while trainee plumbers and electricians honed their skills in a shed nearby.



A third of all South Africans are out of work, most of them poor Blacks.



One such unemployed man, 49-year-old Bongani Zitha, said he thought &#8220;people in Orania&#8230; are doing very well&#8221; compared to many South Africans. &#8220;So many people looking for opportunities. It&#8217;s a struggle,&#8221; he sighed.



Zitha, who has lived in a corrugated shanty town in Soweto with no piped water or sewage since 1995, said at least the people of Orania have &#8220;rights to health, education, everything&#8221;.



And unlike himself under white minority rule, he added, Orania residents are free to live wherever they want.



(Reporting by Tim Cocks; Editing by Gareth Jones)

W6G6MVOXZ5MAPCA7IMBJFSHWMM

South Africa’s white Afrikaner separatists want Trump’s help to become state

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs-820x462.png" alt="" class="wp-image-605140" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs-820x462.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs-300x169.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs-160x90.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs-768x432.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs.png 1480w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">U.S. President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., on April 2, 2025. Leah Millis | Reuters</figcaption></figure>



President Donald Trump on Wednesday laid out the U.S. “reciprocal tariff” rates that more than 180 countries and territories, including European Union members, will face under his sweeping new trade policy.



Trump and the White House shared a series of charts on social media detailing the tariff rates they say other countries impose on the U.S. Those purported rates include the countries’ “Currency Manipulation and Trade Barriers.”



An adjacent column shows the new U.S. tariff rates on each country, as well as the European Union.



Those rates are, in most cases, roughly half of what the Trump administration claims each country has “charged” the U.S.



The reciprocal rates are not necessarily the only U.S. tariffs these countries will face.



The White House told CNBC’s Eamon Javers on Wednesday that the new reciprocal rate on China will be added to existing tariffs totaling 20%, meaning the true tariff rate on Beijing&nbsp;under this Trump term&nbsp;is 54%.



Trump said his plan will set a 10% baseline tariff across the board. But as his charts make clear, many countries are set to face significantly higher rates.



“We will charge them approximately half of what they are and have been charging us,” Trump said in an announcement in the Rose Garden at the White House.



“So, the tariffs will be not a full reciprocal,” he said.



But that halved figure includes “the combined rate of all their tariffs, nonmonetary barriers and other forms of cheating,” he said.



See all the new rates here:



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108125354-1743628618479-image.png?v=1743628691&amp;vtcrop=y" alt="Chart of reciprocal tariffs. "/></figure>



Chart of reciprocal tariffs.



Courtesy: Donald Trump via Truth Social



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108125386-1743629783277-b4fc0291ac1ed15f.jpg?v=1743629815&amp;vtcrop=y" alt="Chart of reciprocal tariffs. "/></figure>



Chart of reciprocal tariffs.



Courtesy: U.S. President Donald Trump via Truth Social



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108125388-1743629845642-c474871a0394e761.jpg?v=1743629853&amp;vtcrop=y" alt="Chart of reciprocal tariffs. "/></figure>



Chart of reciprocal tariffs.



Courtesy: U.S. President Donald Trump via Truth Social



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108125381-1743629674285-9b3146f9401db67a.jpg?v=1743629766&amp;vtcrop=y" alt="Chart of reciprocal tariffs. "/></figure>



Chart of reciprocal tariffs.



Courtesy: U.S. President Donald Trump via Truth Social



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108125420-1743631430241-GnjytNRWsAE7uF5.jpg?v=1743631805&amp;vtcrop=y" alt="Chart of reciprocal tariffs. "/></figure>



Chart of reciprocal tariffs.



Courtesy: The White House



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108125421-1743631489523-image_720.png?v=1743631794&amp;vtcrop=y" alt="Chart of reciprocal tariffs. "/></figure>



Chart of reciprocal tariffs.



Courtesy: The White House

108125360-17436290092025-04-02t210742z_1005580332_rc2rpdao7slw_rtrmadp_0_usa-trump-tariffs

See Trump’s list: More than 180 countries and territories facing reciprocal tariffs

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1800" height="1200" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/11/VFKU2JNBTBIDVNPMOMLDRAUIO4.avif" alt="" class="wp-image-560171"/><figcaption class="wp-element-caption">Pedestrians walk in front of Ghana&#8217;s central bank building in Accra, Ghana, November 16, 2015. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, April 2 (Reuters)&nbsp;&#8211;&nbsp;Two of the five&nbsp;members of the Ghana&nbsp;central bank&#8217;s&nbsp;Monetary Policy&nbsp;Committee (MPC)&nbsp;voted for its prime interest rate to be kept at 27% during the last meeting, at which the bank hiked the rate by 100 basis points to 28%, minutes showed on Wednesday.



The split decision highlights diverging views within the Bank of Ghana&#8217;s MPC over how aggressively to tackle inflation.



Announcing the surprise rate hike on Friday, governor Johnson Asiama said the tight monetary policy stance was needed to lower inflation.



Ghana&#8217;s annual consumer inflation slowed for a third straight month to 22.4% in March from 23.1% the previous month, the country&#8217;s statistics agency said earlier on Wednesday.



Asiama had previously warned that consumer inflation in the gold, oil and cocoa-producing West African nation remains &#8220;uncomfortably high&#8221; and above the bank&#8217;s target of 8% with a margin of error of 2 percentage points either side.



(Reporting by Christian Akorlie; Writing by Bate Felix; Editing by Chizu Nomiyama)

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Ghana central bank’s MPC split over rate decision, minutes show

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3101" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/BLHFUL2OK5O2NCFHI7QKTQ3YKA.avif" alt="" class="wp-image-604858"/><figcaption class="wp-element-caption">Kenya&#8217;s Finance Minister John Mbadi gestures during an interview with Reuters where he says Kenya has started talks with IMF for a new program, in Nairobi, Kenya, February 5, 2025. REUTERS/Monicah Mwangi/File Photo</figcaption></figure>



NAIROBI, April 2 (Reuters)&nbsp;&#8211;&nbsp;Kenya denied on Wednesday it had discussed debt restructuring with China&#8217;s finance minister after amending a reference in a social media post released in the wake of a meeting between the two country&#8217;s top finance officials.



China&#8217;s Finance Minister Lan Foan and his Kenyan counterpart John Mbadi had held talks in Beijing, aimed at securing stronger trade and investment ties between the East African nation and the world&#8217;s second largest economy.



&#8220;He (China&#8217;s finance minister) also expressed China&#8217;s willingness to facilitate discussions on debt restructuring and concessional financing to support Kenya&#8217;s economic stability,&#8221; the finance ministry said in a post on X on Wednesday morning.



The post was then deleted and later reposted without the reference to restructuring or concessional financing.



Kenya, which is struggling with a heavy debt load and the accompanying high debt service costs, caught investor attention last month when it ditched the final review of its programme with the International Monetary Fund, sending its dollar bonds lower.



Asked for more details, the Kenyan finance ministry said there had been no discussions on restructuring debt at the meeting in Beijing. China&#8217;s finance ministry did not immediately respond to a request for comment.



China has become Kenya&#8217;s biggest bilateral lender after Nairobi took a spate of loans to finance infrastructure construction projects, including a modern railway line from the port of Mombasa into the hinterland.



Kenyan officials have been engaging with their Chinese counterparts to secure funds for more projects, including the extension of that railway line to the border with Uganda.



&#8220;Kenya and China have reaffirmed their commitment to deepening economic cooperation, with a focus on trade, infrastructure investment, and financial collaboration,&#8221; the Kenyan ministry said in a summary of a meeting.



Kenyan President William Ruto, who took over in September 2022, has vowed that his government will not default on its external debt, pledging to cut waste and boost revenue to tackle the challenge.



But his efforts have been met with stiff resistance, including last year&#8217;s youth-led anti-tax hike protests, in which dozens of people were killed.



Ruto has also been seeking to diversify sources of financing, including striking a deal for a privately placed bond with the United Arab Emirates for $1.5 billion.



(Reporting by Duncan Miriri; Additional reporting by Ethan Wang in Beijing; editing by Karin Strohecker and Ros Russell)

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Kenya retracts comment on China debt talks, sowing confusion

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="427" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/01/AXGKYDH4PFJ6TDMBPUR33LNVXM.avif" alt="" class="wp-image-573364"/><figcaption class="wp-element-caption">A general view of the Makola market, one of the country&#8217;s largest trading centres in Accra, Ghana March 26, 2022. Picture taken March 26, 2022. REUTERS/Francis Kokoroko/File Photo</figcaption></figure>



ACCRA, April 2 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s annual consumer inflation slowed for a third straight month to 22.4% in March from 23.1% the previous month, as food price pressures eased, the statistics agency said on Wednesday.



The easing of inflationary pressures is likely to be welcomed by Ghana&#8217;s central bank, which last week surprised the market with a 100-basis-point interest rate hike to 28%, saying a tight monetary policy stance was needed to lower inflation.



&#8220;The rate of 22.4% is the lowest in the last four months,&#8221; government statistician Samuel Kobina Annim told a press conference.



&#8220;In the month of March 2025, we recorded a much sharper decline in food inflation and a marginal decline in non-food inflation.&#8221;



Ghana&#8217;s central bank governor Johnson Asiama has warned that consumer inflation in the gold, oil and cocoa-producing West African nation remains &#8220;uncomfortably high&#8221;and above its target of 8% with a margin of error of 2 percentage points either side.



Finance Minister Cassiel Ato Forson said during his budget speech in March that steep spending cuts would allow Ghana to drive down inflation to 11.9% by the end of the year.



(Reporting by Christian Akorlie and Emmanuel Bruce; Editing by Bate Felix and Joe Bavier)

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Ghana consumer inflation eases to 22.4% in March

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7-820x461.jpeg" alt="" class="wp-image-604771" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Traders work on the floor of the New York Stock Exchange during morning trading on April 01, 2025 in New York City.  Michael M. Santiago | Getty Images</figcaption></figure>



Stock futures slipped early Wednesday as Wall Street braced for the expected rollout of President Donald Trump’s tariffs.



Futures tied to the S&amp;P 500 lost 0.16%, while Nasdaq-100 futures were 0.15% lower. Futures tied to the Dow Jones Industrial Average were down 63 points, or 0.15%.



The moves come ahead of the implementation of a raft of Trump’s “reciprocal tariffs” that will “start with all countries.” The White House revealed Tuesday that the tariffs “will be effective immediately.”



Treasury Secretary Scott Bessent told lawmakers on Tuesday that Wednesday’s tariffs will essentially serve as a “cap,” where the tariffs that are announced will be the highest amount set, Rep. Kevin Hern (R-OK) revealed to CNBC’s Emily Wilkins. That will give countries the opportunity to take steps to bring the tariff amount down.



According to The Washington Post, which cited three sources familiar with the matter, the Trump administration is also considering imposing tariffs of roughly 20% on most imports coming into the country. However, the report said that advisors cautioned that several options are still on the table.



During Tuesday’s session, the S&amp;P 500 finished about 0.4% higher, seesawing between gains and losses throughout the chaotic trading day. The Nasdaq Composite also ended the day roughly 0.9% higher, while the Dow Jones Industrial Average closed marginally lower.



Stocks have come under pressure as uncertainty around Trump’s tariffs has spurred recent market volatility, with the broad market index down five out of the past six weeks. However, some investors think the sell-off is overdone.



“I think we’re overpriced to the downside here,” Jeff Kilburg, founder and CEO at KKM Financial, said on CNBC’s “Power Lunch” Tuesday. “I think the market has the ability to have a little bit of a 2% to 4% rally to really reprieve everyone’s anxiety.”



In addition to the tariffs, traders are looking ahead to the ADP employment report for March, which is scheduled for release on Wednesday morning. Economists polled by Dow Jones are expecting that private companies added 120,000 jobs last month, up from the 77,000 jobs added in February.



The Bureau of Labor Statistics reported Tuesday that job openings dropped more than expected in February, with available positions falling to 7.57 million for the month. That’s just below the Dow Jones estimate of 7.6 million.

108124228-1743518085226-gettyimages-2207954605-mms12372_hfsh2vp7

Stock futures slip ahead of Trump tariffs

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/2CZKYYGDZZIGXBFDISQYFIWIUQ.avif" alt="" class="wp-image-604762"/><figcaption class="wp-element-caption">Drivers wait in line to refuel their vehicles at a Nigerian National Petroleum Corporation (NNPC) station in Abuja, Nigeria, September 2, 2024. REUTERS/Marvellous Durowaiye/File Photo</figcaption></figure>



ABUJA, April 2 (Reuters)&nbsp;&#8211;&nbsp;Nigerian President Bola Ahmed Tinubu has appointed Bayo Ojulari, a former Shell executive, to head the state-owned oil firm NNPC Ltd as the country seeks to raise oil production and revitalise its refining capacity, the presidency said on Wednesday.



After ending costly subsidies and twice devaluing the naira currency in his first year in office, Tinubu has shifted his focus to overhauling the state oil firm to maximise its contribution to the country&#8217;s revenue.



Ojulari replaces Mele Kyari, with the appointment effective immediately, presidential spokesman Bayo Onanuga said in a statement.



Ojulari was most recently chief operating officer at Nigerian consortium Renaissance Africa Energy Co., which owns Shell&#8217;s former onshore subsidiary in the country. Prior to that, he was head of Shell Nigeria&#8217;s exploration unit.



Tinubu also replaced the board of NNPC, appointing an 11-member team to drive reforms and boost efficiency in the oil sector.



Nigeria, Africa&#8217;s biggest oil producer with output of 1.8 million barrels per day, relies on the commodity for around half of government earnings.



Nigeria under Tinubu aims to boost its oil and gas output, targeting 2 million barrels per day of oil and 8 billion standard cubic feet per day of gas by 2027, with further ambitions to reach 3 million barrels per day and 10 billion standard cubic feet per day by 2030.



Tinubu has also tasked the new NNPC leadership board with raising the company&#8217;s oil refining output to 200,000 barrels per day by 2027, and 500,000 barrels per day by 2030, despite its four 445,000 barrels per day capacity refineries being idle due to maintenance.



(Reporting by Ope Adetayo; Writing by Elisha Bala-Gbogbo; Editing by Peter Graff and Barbara Lewis)

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Nigeria names ex-Shell executive to lead state oil firm NNPC

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3334" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/2L22EPIT25NB3M5STX2UUF5ICY.avif" alt="" class="wp-image-604710"/><figcaption class="wp-element-caption">Members of parliament stand in a makeshift dome after South Africa&#8217;s Finance Minister Enoch Godongwana&#8217;s 2025 budget speech was postponed, in Cape Town, South Africa, February 19, 2025. REUTERS/Esa Alexander/File Photo</figcaption></figure>



JOHANNESBURG, April 2 (Reuters)&nbsp;&#8211;&nbsp;South African opposition party the Economic Freedom Fighters has written to the speaker of parliament seeking to block lawmakers from meeting on Wednesday to vote on the next stage of the budget process.



The EFF said in a letter to National Assembly Speaker Thoko Didiza that Tuesday&#8217;s proceedings at a key parliamentary committee, which supported the fiscal framework despite reservations about some budget revenue-generating measures, were &#8220;procedurally defective and vulnerable to legal challenge&#8221;.



It asked for the committee&#8217;s report supporting the fiscal framework to be withdrawn and for a Wednesday afternoon sitting of parliament to consider and vote on the report to be rescheduled.



&#8220;Should this not occur, the EFF &#8230; will consider urgent legal steps, including the possibility of an interdict, to prevent the tabling and processing of a report adopted in violation of the law,&#8221; the letter said.



The biggest political party in the ruling coalition, the African National Congress, relied on the small party outside the coalition, ActionSA, to get the support it needed on Tuesday in parliament&#8217;s Standing Committee on Finance.



The ANC&#8217;s main coalition partner, the Democratic Alliance has accused it of crossing a &#8220;line in the sand&#8221; by using a party outside the coalition to get the fiscal framework approved.



The country&#8217;s biggest trade union group COSATU, a longstanding ANC ally, said it would be a &#8220;travesty&#8221; if parliament&#8217;s reservations about raising value-added tax (VAT) and not adjusting personal income tax (PIT) brackets for inflation were ignored.



It said in a statement: &#8220;That will be a calamity and breach of trust that politicians heading into the 2026 local elections dare not play with.&#8221;



(Reporting by Alexander Winning; Editing by Michael Perry)

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South African opposition party seeks to block parliament budget vote

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="480" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_4LL3SONEEFM2JCCE6N2Y5SCJEE.jpg" alt="" class="wp-image-604447" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_4LL3SONEEFM2JCCE6N2Y5SCJEE.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_4LL3SONEEFM2JCCE6N2Y5SCJEE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/https___cloudfront-us-east-2.images.arcpublishing.com_reuters_4LL3SONEEFM2JCCE6N2Y5SCJEE-135x90.jpg 135w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">The Cape Town headquarters of the South African Revenue Service (SARS) is seen in this picture, File. REUTERS/Mike Hutchings</figcaption></figure>



JOHANNESBURG, April 1 (Reuters)&nbsp;&#8211;&nbsp;South Africa collected a net 1.855 trillion rand ($101.02 billion) of tax in the fiscal year that ended on March 31, more than 6% higher than the previous year, preliminary figures showed on Tuesday.



The South African Revenue Service (SARS) said collections were robust from the finance, community, wholesale and construction sectors.



There were also healthy gains from personal income tax, helped partly by withdrawals under the &#8220;two pot&#8221; pension reform, SARS said in a statement.



The reform implemented last year allowed fund members to make partial withdrawals from their pension funds before retirement to help those members in financial distress.



($1 = 18.3636 rand)



(Reporting by Sfundo Parakozov; Editing by Alexander Winning, Aidan Lewis)

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South Africa’s tax take rises over 6% in 2024/25 fiscal year

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4450" height="2821" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/A7SIENHHFZJPXGXH6CVMW2PNXQ.avif" alt="" class="wp-image-604368"/><figcaption class="wp-element-caption">A general view shows the Tetra Pak factory floor in Durban, South Africa, April 4, 2024. REUTERS/Rogan Ward/File Photo</figcaption></figure>



JOHANNESBURG, April 1 (Reuters)&nbsp;&#8211;&nbsp;A South African purchasing managers&#8217; index (PMI) survey showed that conditions in the manufacturing sector remained depressed in March, but there was a slight improvement in sentiment thanks to better demand.



The seasonally-adjusted PMI sponsored by South African bank Absa rose to 48.7 points in March from 44.7 in February, but it remained below the 50-point mark that separates expansion from contraction.



&#8220;While the headline PMI remained in contractionary territory for a fifth consecutive month, this is the highest reading since the 52.6 points recorded in October,&#8221; Absa said in a statement.



There was an improvement in the business activity sub-index as export sales helped demand recover.



But Absa said scheduled power cuts and strained South Africa-U.S. relations were likely putting a dampener on the mood.



President Donald Trump has cut U.S. financial assistance to South Africa, citing disapproval of the country&#8217;s approach to land reform and its genocide case against Washington&#8217;s close ally Israel at the World Court.



Businesses also fear South Africa&#8217;s preferential trade status under the U.S. African Growth and Opportunity Act could be under threat with Trump in the White House.



(Reporting by Sfundo Parakozov; Editing by Alexander Winning)

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South African manufacturing conditions still depressed, Absa PMI shows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3496" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/YPYZLCVLKZMVJOWUT7HMSPRWEE.avif" alt="" class="wp-image-596933"/><figcaption class="wp-element-caption">A woman walks past a Standard Bank logo at the Investing in African Mining Indaba 2024 conference in Cape Town, South Africa February 7, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



Standard Bank Group, Africa’s largest lender by assets, has hiked its sustainable finance targets by 80 percent to R450 billion in the next three years as part of a broader effort to help decarbonise the continent’s economies while mitigating the impact of climate change.



The target will be reached by 2028 and builds on the R177 billion achieved since 2022 and R74.3 billion financed last year, Johannesburg-based Standard Bank said in a statement. It had initially targeted raising R250 billion by 2026.



‘’The revised targets emphasise Standard Bank’s commitment to leading energy and infrastructure development on the continent,’’ the bank said. ‘’Standard Bank’s purpose is to drive Africa’s growth by ensuring that its business activities address the continent’s challenges and deliver improved prosperity for its people.’’



Africa has been affected the most by the change in climate even though it contributes the least in greenhouse gases that scientists blame for the shifts in temperatures and weather patterns afflicting the globe. The African Development Bank estimates the continent needs $2.7 trillion in financing by 2030 to reach its climate change goals.



So far, only South Africa and Senegal have approved just energy transition programmes, with the South African programme taking a hit with the United States’ withdrawal of $1.5 billion from country’s $8.5 billion programme.&nbsp;



Standard Bank said its programme on the continent is focussed on driving financial health and inclusion, business growth and job creation, climate change mitigation and adaptation, and infrastructure development. It said it will continue to finance new oil and gas projects with environmental and social safeguards. ‘’This balanced approach includes limiting upstream oil and gas exposure to less than 30% of the energy portfolio and less than 3% of the bank’s total loans and advances, with a goal of reducing the physical intensity of the portfolio by 10% by 2030,’’ it said.

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featured

Tanzania central bank keeps benchmark interest rate unchanged

After tariffs, US dangles billions of dollars in Congo mineral investment

South African Markets – Factors to watch on April 4

South African markets hit by double whammy of tariffs and shaky coalition

South Africa’s DA challenges legality of budget process in court

Steep US tariffs on Africa signal end of trade deal meant to boost development

South Africa’s white Afrikaner separatists want Trump’s help to become state

See Trump’s list: More than 180 countries and territories facing reciprocal tariffs

Ghana central bank’s MPC split over rate decision, minutes show

Kenya retracts comment on China debt talks, sowing confusion

Ghana consumer inflation eases to 22.4% in March

Stock futures slip ahead of Trump tariffs

Nigeria names ex-Shell executive to lead state oil firm NNPC

South African opposition party seeks to block parliament budget vote

South Africa’s tax take rises over 6% in 2024/25 fiscal year

South African manufacturing conditions still depressed, Absa PMI shows

Standard Bank almost doubles sustainable finance commitments to R450 billion

News Tips

Advertise With Us

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