<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-820x547.jpg" alt="" class="wp-image-564339" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/GettyImages-1251784454-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The World Bank Group headquarters during the spring meetings of the International Monetary Fund (IMF) and World Bank in Washington, DC, US, on Thursday, April 13, 2023. The IMF trimmed its global-growth projections, warning of high uncertainty and risks as financial-sector stress adds to pressures emanating from tighter monetary policy. Photographer: Samuel Corum/Bloomberg via Getty Images</figcaption></figure>



LUSAKA, April 11 (Reuters)&nbsp;&#8211;&nbsp;Zambia will resume construction of a power line linking it to East Africa, creating one of the largest energy markets in the world, a senior World Bank official said on Friday.



Work on the Zambia–Tanzania Interconnector Project is set to resume this month, with estimated completion in 2028, Achim Fock, country manager for Zambia at the World Bank, said on Friday during a signing ceremony.



The $320 million project to connect Zambia and Tanzania&#8217;s power supplies is being financed by the World Bank, the European Union and Britain.



The cost of the remaining work is $298 million, of which a World Bank grant will cover $245 million, Acting Finance Minister Chipoka Mulenga said, at the same event.



The project was first floated more than a decade ago but has been stalled for various reasons, most recently due to COVID-19 as well as concerns over Zambia&#8217;s debt default in late 2020.



Zambia struck a deal with bondholders last year and is seen as a test case for a debt rework under the Common Framework, a G20 platform to bring together big creditors like China and the group of established creditor nations known as the Paris Club.



Fock said an integrated market connecting the Southern and East African power pools would help lower electricity costs and increase energy security, and create new opportunities for trade and investment in the power sector across Africa.



(Reporting by Chris Mfula; Editing by Tannur Anders and Rachna Uppal)

Spring Meetings Of The International Monetary Fund And World Bank

Zambia to resume work on power line link to Tanzania, World Bank official says

<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 11 (Reuters)&nbsp;&#8211;&nbsp;The South African rand gained ground against a weaker dollar on Friday, but analysts said it remained susceptible to twists in the global trade war and the risk that South Africa&#8217;s coalition government might split.



At 1230 GMT the rand was trading at 19.2025 against the dollar, about 1.3% stronger than Thursday&#8217;s closing level.



Ithas been highly volatile this week, falling to a record low against the dollar on Wednesday before staging a sharp relief rally after U.S. President Donald Trump announced a 90-day pause in higher tariff rates on dozens of trading partners including South Africa.



China increased its tariffs on U.S. imports to 125% on Friday, raising the stakes in a confrontation between the world&#8217;s two largest economies that threatens to upend global supply chains.



The dollar was last trading more than 0.7% weaker against a basket of currencies, helping currencies such as the rand to recover.



Analysts said the rand would&nbsp;also&nbsp;continue to&nbsp;move on news about the&nbsp;future of&nbsp;South Africa&#8217;s generally business-friendly Government of National Unity.



The two biggest parties in the coalition, the African National Congress (ANC) and the pro-business Democratic Alliance (DA), clashed over the budget last week, with the DA voting against it in parliament and challenging it in court.



Isaac Matshego, an economist at Nedbank, said markets were worried about the direction of economic policy if the coalition collapses.



&#8220;A shift towards more populist policies if the ANC partners with the leftist parties in a new GNU would hurt confidence and put the rand under renewed pressure,&#8221; he said.



The ANC and DA are due to meet on Saturday to discuss the budget impasse.



On the Johannesburg Stock Exchange, the blue-chip Top 40 index was up about 0.2%, after a 4.5% rally on Thursday.



The benchmark 2030 government bond was marginally weaker, as the yield rose 2.5 basis points to 9.265%.



(Reporting by Tannur Anders and Sfundo Parakozov;Graphic by Tannur Anders;Editing by Alexander Winning, Gareth Jones and Kevin Liffey)

TPOGIITDYZID5PWPHKLOH2IPDI

South African rand recovers against weaker dollar but risks remain

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="747" height="467" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/stock-market.jpg" alt="" class="wp-image-401907" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/stock-market.jpg 747w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/stock-market-300x188.jpg 300w" sizes="auto, (max-width: 747px) 100vw, 747px" /><figcaption class="wp-element-caption">Trading board is showing a crash in stock exchange market. Selective focus. Horizontal composition with copy space.</figcaption></figure>



April 11 (Reuters)&nbsp;&#8211;&nbsp;Most emerging markets stock indexes were set for weekly declines on Friday after asset classes were thrown into disarray by wavering U.S. trade policies, while a tariff standoff between China and Washington escalated.



Beijing increased its tariffs on U.S. imports to 125% on Friday in response to U.S. President Donald Trump&#8217;s decision to hike duties on Chinese goods to 145%, raising the stakes in a trade war that threatens to upend global supply chains.



The offshore yuan slipped 0.1% and was last trading at 7.3 to the dollar &#8211; not far from a record low it hit earlier in the week.



Analysts expect that growth in the world&#8217;s second largest economy could slow in the first quarter, ramping up expectations of fresh stimulus.



Currencies such as the Indian rupee and South African rand ZA pared initial gains, while the Hungarian forint and the Polish zloty depreciated about 1% each against the euro.



Benchmark stock indexes in India and South Africa also cut gains, while Turkish stocks slipped 0.4% and bourses in Hungary and the Czech Republic fell over 1.7% each.



Chinese equity benchmarks had closed higher by about 0.4% before Beijing&#8217;s retaliation, aided by potential state support. The gains of the heavyweight Chinese stocks helped the broader MSCI EM stocks index register a 1.7% rise.



However, the MSCI index was on track for losses for the third straight week and faced its steepest three-week drop since August 2023. Trump&#8217;s 90-day pause on some U.S. levies on world economies took effect&nbsp;in mid-week&nbsp;as he said that multiple countries were looking to negotiate trade deals with the U.S.



His fluctuating trade policies have stirred uncertainty about global assets that saw even traditional safe-haven U.S. Treasury bonds incur sharp declines as investors priced in the likelihood of a global recession.



Analysts also suggested that a weakening of the dollar against the Swiss franc and Japanese yen indicated deteriorating confidence in the U.S. economy.



Markets were watching for any signs that global economies were successfully signing new trade deals during the 90-day pause issued by Trump.



&#8220;Nobody knows exactly what the deals with the various countries will look like, how many countries are really willing to make a deal, and within what period of the 90 days this will happen,&#8221; Commerzbank FX analyst Volkmar Baur said in a note.



&#8220;This is not an environment in which I, as a business decision-maker, would want to plan my supply chains for the future.&#8221;



Vietnam&#8217;s main stock index closed 4.6% higher and the dong inched up 0.2%. A report said the Southeast Asian country, which is heavily dependent on export income, is prepared to crack down on Chinese goods being shipped to the United States via its territory.



Taiwan was looking to negotiate an increase in energy imports from the U.S., while Brazil and Argentina were among the latest looking to engage in trade discussions with Washington.



Investors were also monitoring developments around the International Monetary Fund&#8217;s discussions about a fourth review of its $2.9 billion program with Sri Lanka.



The island nation&#8217;s dollar bonds were down over two cents on the dollar and on track for a weekly drop of 13.9% &#8211; their biggest weekly slide in two months.



Papers of frontier economies have witnessed sharp swings throughout the week as markets priced in an increasing likelihood of widespread debt defaults against an uncertain global backdrop.



(Reporting by Johann M Cherian in Bengaluru; editing by Mark Heinrich)

Trading Board Is Showing A Crash In Stok Exchange Market

EMERGING MARKETS-Stocks set for weekly declines as US-China trade war

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130446-17443187092025-04-10t205242z_1564031578_rc28vdaqwvty_rtrmadp_0_usa-trump-tariffs-820x547.jpeg" alt="" class="wp-image-608268" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130446-17443187092025-04-10t205242z_1564031578_rc28vdaqwvty_rtrmadp_0_usa-trump-tariffs-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130446-17443187092025-04-10t205242z_1564031578_rc28vdaqwvty_rtrmadp_0_usa-trump-tariffs-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130446-17443187092025-04-10t205242z_1564031578_rc28vdaqwvty_rtrmadp_0_usa-trump-tariffs-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130446-17443187092025-04-10t205242z_1564031578_rc28vdaqwvty_rtrmadp_0_usa-trump-tariffs-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130446-17443187092025-04-10t205242z_1564031578_rc28vdaqwvty_rtrmadp_0_usa-trump-tariffs-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130446-17443187092025-04-10t205242z_1564031578_rc28vdaqwvty_rtrmadp_0_usa-trump-tariffs-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">U.S. and Chinese flags and a “125% tariffs” label are seen in this illustration taken April 10, 2025.  Dado Ruvic | Reuters</figcaption></figure>



China on Friday retaliated against U.S. President Donald Trump’s reciprocal tariffs by raising its levies on U.S. goods to 125% from 84%, the Chinese finance ministry said.



“Even if the U.S. continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of world economy,” the ministry said in a statement, according to a CNBC translation.



“With tariff rates at the current level, there is no longer a market for U.S. goods imported into China,” the statement noted, adding that “if the U.S. government continues to increase tariffs on China, Beijing will ignore.”



The Trump administration confirmed to CNBC on Thursday that the U.S. tariff rate on Chinese imports now effectively totals 145%. Trump’s latest executive order boosted reciprocal tariffs on Beijing to 125%, stacked on top of a combined 20% fentanyl-related tariff imposed in February and March.



“This is the end of the escalation in terms of bilateral tariff rates. Both China and the US have sent clear messages, there is no point of raising tariffs further,” said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management.



The next step would be to evaluate the damage to economic activities in the U.S. and China, Zhang said, adding that there is no sign that the two governments would start negotiations and avoid major disruption in the global supply chains.



Unlike the previous rounds of retaliatory measures, Beijing has refrained from announcing further export control measures or widening its so-called “unreliable entity list”&nbsp;with the addition of more&nbsp;American firms, which would subject them to further restrictions while operating in China.



Despite the latest escalation, a spokesperson of China’s commerce ministry reiterated in a separate statement Friday that Beijing is open to negotiate with the U.S. on an equal footing.



Hopes for a U.S.-China deal to resolve trade tensions have faded fast as Beijing has been hitting back in the last week with tit-for-tat duties on American goods and wide-ranging restrictions on U.S. businesses.



“It’s unfortunate that the Chinese actually don’t want to come and negotiate, because they are the worst offenders in the international trading system,” U.S. Treasury Secretary Scott Bessent told Fox Business on Wednesday after China’s raised tariffs to 84%.



“They have the most imbalanced economy in the history of the modern world, and I can tell you that this escalation is a loser for them,” Bessent said.



Goldman Sachs on Thursday cut its China GDP forecast to 4% given the drag from U.S. trade tensions and slower global growth.



While Chinese exports to the U.S. only account for about 3 percentage points of China’s total GDP, there’s still a significant impact on employment, Goldman Sachs analysts said. They estimate around 10 million to 20 million workers in China are involved with U.S.-bound export businesses.



China on Friday reiterated that it will continue to “resolutely counter-attack and fight to the end” if the U.S. continues to infringe on China’s interests.



In a&nbsp;<a href="https://www.fmprc.gov.cn/zyxw/202504/t20250411_11592994.shtml" target="_blank" rel="noreferrer noopener">meeting</a>&nbsp;with Spanish Prime Minister Pedro Sánchez on Friday, Chinese President Xi Jinping said “there is no winner in a tariff war and going against the world will only isolate itself,” according to a CNBC-translated government readout. The two leaders pledged to deepen ties in areas including trade, investment and technological innovation.



The White House did not immediately respond to CNBC’s request for comment.



— CNBC’s Lim Hui Jie and Evelyn Cheng contributed to this report.

108130446-17443187092025-04-10t205242z_1564031578_rc28vdaqwvty_rtrmadp_0_usa-trump-tariffs

China strikes back with 125% tariffs on U.S. goods as trade war intensifies

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/5KGMLDAKZZPMZBFLD6IPJ2HQA4-820x547.jpg" alt="" class="wp-image-608265" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/5KGMLDAKZZPMZBFLD6IPJ2HQA4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/5KGMLDAKZZPMZBFLD6IPJ2HQA4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/5KGMLDAKZZPMZBFLD6IPJ2HQA4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/5KGMLDAKZZPMZBFLD6IPJ2HQA4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/5KGMLDAKZZPMZBFLD6IPJ2HQA4.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A cargo ship sits outside of the Port of Elizabeth marine terminal seen from Bayonne, New Jersey, U.S., April 9 2025. REUTERS/Shannon Stapleton/File Photo</figcaption></figure>



GENEVA, April 11 (Reuters) &#8211; Sweeping tariffs on imports imposed by U.S. President Donald Trump and countermeasures could have a &#8220;catastrophic&#8221; impact on developing countries, hitting even harder than foreign aid cuts, the director of the United Nations trade agency said on Friday.



Global trade could shrink by 3-7% and global gross domestic product by 0.7%, with developing countries the worst affected, the International Trade Centre said.



&#8220;It is huge,&#8221; Pamela Coke-Hamilton, executive director of the International Trade Centre, told Reuters. &#8220;If this escalation between China and the U.S. continues it will result in an 80% reduction in trade between the countries, and the ripple effect of that across the board can be catastrophic.&#8221;



Global markets remained in turmoil on Friday. Trump this week announced a 90-day tariff pause on dozens of countries but hiked the duties on Chinese goods to an effective rate of 145%. On Friday, Beijing increased its tariffs on U.S. imports to 125% in a trade war that threatens to up-end global supply chains.



&#8220;Tariffs could have a much more harmful impact than the removal of foreign aid,&#8221; Coke-Hamilton said, warning that developing economies risk sliding back on the economic gains they made in recent years.



Some of the world&#8217;s least developed countries, including Lesotho, Cambodia, Laos, Madagascar and Myanmar, may look to improve regional trade relations to absorb the loss of some of the U.S. market for their exports, the ITC&nbsp;said.



Bangladesh, the world’s second largest apparel exporter, could lose $3.3 billion in annual exports to the U.S. by 2029 if the U.S. tariff of 37% stays after the pause, ITC data found. It may look to European markets as an alternative as they still hold growth potential, Coke-Hamilton suggested.



The projections by the International Trade Centre, the joint agency of the World Trade Organization and the United Nations, which seeks to help countries develop through exports, are based on data it gathered before Trump&#8217;s 90-day pause and subsequent hikes on duties on Chinese imports.



(Reporting by Olivia Le Poidevin; Editing by Friederike Heine, Ludwig Burger and Frances Kerry)

5KGMLDAKZZPMZBFLD6IPJ2HQA4

Impact of tariffs on developing countries could be ‘catastrophic’, says UN trade agency

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



April 11 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Global stocks slumped and the dollar sank further on Friday, while a manic bond selloff took hold in a brutal end to the week of tit-for-tat worldwide tariffs that have fed fears of a deep recession and shaken investor confidence in U.S. assets.



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



Oil prices fell on Friday and were set to drop for a second week on concerns prolonged trade war between the United States and China, the world&#8217;s largest economies, will crush crude consumption as their dispute curtails economic growth.



<h2 class="wp-block-heading" id="h-africa-markets">AFRICA MARKETS</h2>



The Nigerian and Ghanaian currencies are expected to be broadly stable in the next week to Thursday thanks to central bank support, while the Ugandan and Zambian currencies could fall, traders said.



<h2 class="wp-block-heading" id="h-south-africa-markets">SOUTH AFRICA MARKETS</h2>



South Africa&#8217;s rand stumbled on Thursday on global market jitters while stocks jumped, as investors digested U.S. President Donald Trump&#8217;s announcement of an immediate 90-day tariff pause for many countries.



<h2 class="wp-block-heading" id="h-kenya-markets">KENYA MARKETS</h2>



Kenya&#8217;s shilling gained ground against the dollar on Thursday, after U.S. President Donald Trump&#8217;s unexpected decision to temporarily suspend most of his recently imposed tariffs, traders said.



<h2 class="wp-block-heading" id="h-sudan-genocide">SUDAN GENOCIDE</h2>



Sudan told the International Court of Justice on Thursday that the United Arab Emirates was violating the Genocide Convention by supporting paramilitary forces in Darfur, but the UAE argued the case should be thrown out as the court lacked jurisdiction.



<h2 class="wp-block-heading" id="h-us-aid">US AID</h2>



President Donald Trump&#8217;s administration wants the U.N. World Food Programme to modify operations backed by the U.S. in six countries, a State Department spokesperson said on Wednesday, after Washington terminated and then reinstated the assistance.



<h2 class="wp-block-heading" id="h-tanzania-politics">TANZANIA POLITICS</h2>



Tanzanian opposition party leader Tundu Lissu was on Thursday charged with treason, a capital offence, for comments he made last week that prosecutors said called on the public to launch a rebellion and disrupt an election due this year.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on April 11

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4092" height="2493" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Z7OUSBHECZMJVEHQT7G2AZVSQU-1.avif" alt="" class="wp-image-593738"/><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 11 (Reuters)&nbsp;&#8211;&nbsp;The rand gained in early trade on Friday, making a cautious recovery after this week&#8217;s global tariff turmoil, but worries lingered over U.S. President Donald Trump&#8217;s next trade move and over whether South Africa&#8217;s coalition government might split.



At 0720 GMT the rand traded at 19.3675 against the dollar, roughly 0.5% stronger than Thursday&#8217;s closing level.



The risk-sensitive currency has been highly volatile this week.



It fell steeply on Monday and Tuesday and hit a record low against the dollar on Wednesday, before staging a sharp relief rally after Trump announced a 90-day pause in higher tariff rates on dozens of trading partners including South Africa.



Analysts said the rand would continue to move on global developments in Trump&#8217;s tariff war, as well as local headlines on the future of the market-friendly coalition government.



The two biggest parties in the coalition, the African National Congress (ANC) and the pro-business Democratic Alliance (DA), clashed over the budget last week, with the DA voting against it in parliament and challenging it in court.



The ANC and DA are due to meet on Saturday to discuss the budget impasse.



The benchmark 2030 government bond was marginally weaker in early deals, as the yield rose 1 basis point to 9.25%.



(Reporting by Sfundo Parakozov; Editing by Alexander Winning and Gareth Jones)

Z7OUSBHECZMJVEHQT7G2AZVSQU (1)

South African rand stages cautious recovery, tariff and coalition worries linger

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4987" height="3325" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AVUKD6NDQRNW5H4WASP4IO5AFM.avif" alt="" class="wp-image-608214"/><figcaption class="wp-element-caption">Chinese Commerce Minister Wang Wentao attends a meeting with global business leaders at the Great Hall of the People in Beijing, China, March 28, 2025. REUTERS/Florence Lo/File Photo</figcaption></figure>



BEIJING, April 11 (Reuters)&nbsp;&#8211;&nbsp;China&#8217;s Commerce Minister Wang Wentao had discussions with his Saudi Arabian and South African counterparts to exchange views on responding to the United States&#8217; &#8220;reciprocal tariffs&#8221;, the Chinese ministry said on Friday.



The conversations took place over separate video calls on Thursday in which China discussed strengthening bilateral economic and trade cooperation with Saudi Arabia and South Africa.



Wang also spoke to Saudi Arabia&#8217;s Commerce Minister Majid bin Abdullah al-Qasabi about enhancing cooperation with countries within the Gulf Cooperation Council, while G20 and BRICS&#8217; roles were brought up in his conversation with South Africa&#8217;s Parks Tau.



The Chinese commerce ministry&#8217;s statements did not elaborate on the discussions.



(Reporting by Liz Lee, Yukun Zhang and Shanghai newsroom; Editing by Jacqueline Wong)

AVUKD6NDQRNW5H4WASP4IO5AFM

China speaks with Saudi Arabia, South Africa about response to US tariffs

How Trump’s China Tariffs Could Shutter Amazon Sellers In The U.S.

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="593" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/GMDZRSA6BRKDPKJ2BPS5RJ25YA-820x593.jpg" alt="" class="wp-image-607969" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/GMDZRSA6BRKDPKJ2BPS5RJ25YA-820x593.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/GMDZRSA6BRKDPKJ2BPS5RJ25YA-300x217.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/GMDZRSA6BRKDPKJ2BPS5RJ25YA-124x90.jpg 124w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/GMDZRSA6BRKDPKJ2BPS5RJ25YA-768x556.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/GMDZRSA6BRKDPKJ2BPS5RJ25YA-1536x1111.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/GMDZRSA6BRKDPKJ2BPS5RJ25YA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause</figcaption></figure>



JOHANNESBURG, April 10 (Reuters)&nbsp;&#8211;&nbsp;Pressure from U.S. aid freezes and global trade tension is unlikely to result in widescale credit downgrades in Africa, Fitch Ratings said on Thursday.



The impact of tariffs on Africa is limited, Fitch said, due to the region&#8217;s export composition and weaker integration into global supply chains compared to a region such as Asia.



But Sub-Saharan Africa has been one of the largest recipients of funds disbursed by the United States Agency for International Development (USAID) which was frozen by executive order of U.S. President Donald Trump.



Nonetheless, South Africa, Namibia and Ivory Coast remain relatively shielded from recent events, Paul Gamble, head of Middle East/Africa in Fitch’s Sovereign Ratings Group, said.



And Nigeria and the Seychelles both hold positive credit outlooks from Fitch Ratings &#8211; an indication that a rating is expected to be raised in the future &#8211; thanks to ongoing reforms, he told a webinar.



&#8220;The reforms that we&#8217;ve seen really put the region in a better position to absorb some of these shocks,&#8221; Gamble.



&#8220;The impact for the ratings looks manageable.&#8221;



However, the freeze on U.S. foreign aid was not without negative consequences, Fitch said.



Some of the poorest nations were at risk for having projects come to an abrupt end and would see fiscal stability come under pressure. Ethiopia received U.S. assistance worth around 80% of its foreign exchange reserves, with Mozambique, Uganda, and Lesotho also seen at risk.



&#8220;African-owned multilateral banks might become more important institutions in this shifting landscape,&#8221; Arnaud Louis, senior director at Fitch, said on the webinar.



Gamble also pointed to Washington&#8217;s pivot to strategic investments in minerals in Africa as potentially becoming a new sphere for the trade tensions as it could intensify competition on the continent with China.



&#8220;Africa will be a playing field for U.S.-China tensions,&#8221; said Gamble. The U.S. interest is becoming &#8220;more opportunistic, transactional&#8221; focusing on access to minerals and rare earths rather than broad-based development, he said.



The Trump administration has said it wants to invest billions of dollars in the Democratic Republic of Congo. Congo&#8217;s minerals, which are used in mobile phones and electric cars, are currently dominated by China and its mining companies.



(Reporting by Colleen Goko; Editing by Alison Williams)

The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London

African credit ratings can absorb aid cuts and trade strains, Fitch says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108127404-1744022846334-gettyimages-968561798-_DSC2829-820x461.jpeg" alt="" class="wp-image-607937" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108127404-1744022846334-gettyimages-968561798-_DSC2829-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108127404-1744022846334-gettyimages-968561798-_DSC2829-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108127404-1744022846334-gettyimages-968561798-_DSC2829-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108127404-1744022846334-gettyimages-968561798-_DSC2829-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108127404-1744022846334-gettyimages-968561798-_DSC2829-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108127404-1744022846334-gettyimages-968561798-_DSC2829.jpeg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">In this photo illustration, a double exposure images shows U.S. President Donald Trump against the EU flag. Sopa Images | Lightrocket | Getty Images</figcaption></figure>



The European Union will pause the adoption of its retaliatory tariffs on a swathe of U.S. goods for 90 days, European Commission President Ursula von der Leyen said, a day after the White House issued a reprieve on most of its own levies.



On Wednesday, EU members voted in favor of the package, which was designed in response to the U.S. 25% tariffs on steel and aluminum launched last month. The duties were due to be finalized in the coming days, with an initial tranche set to come into effect on April 15. The full list of targeted items has not yet been published, though a draft document seen by CNBC in March listed products spanning clothing, poultry, grains, machinery and more.



“We took note of the announcement by President Trump. We want to give negotiations a chance,” von der Leyen said on Thursday.



“If negotiations are not satisfactory, our countermeasures will kick in. Preparatory work on further countermeasures continues. As I have said before, all options remain on the table.”



As well as Trump’s 25% duties on steel, aluminum and autos, the EU was hit with a 20% U.S. tariff rate on almost all goods as part of the sweeping duties announced last week.



Trump on Wednesday jolted markets when he revealed the reduction of new tariff rates on imports from most U.S. trade partners to 10% for 90 days to allow for trade negotiations.



U.S. stock markets soared on the news, while Asia-Pacific and Europe joined the rally on Thursday. The euro was 1.2% higher against the U.S. dollar at midday London time on Thursday, trading at $1.1079.



In a statement earlier Thursday, von der Leyen said she welcomed the pause of Trump’s full “reciprocal tariff” plan, calling it an “important step towards stabilizing the global economy.”



“Tariffs are taxes that only hurt businesses and consumers. That’s why I’ve consistently advocated for a zero-for-zero tariff agreement between the European Union and the United States,” she said.



As well as negotiating with the U.S. and forming countermeasures, the EU says it is also strengthening and diversifying its other trade relationships and reducing friction in its single market in response to Trump’s actions.



EU relations with the U.S. have soured significantly this year. Trump has repeatedly accused the 27-nation bloc of treating the U.S. “very unfairly” due to the imbalance in their trade in goods.



Across goods, services and investment, trade between the two economies is roughly equal, leading to questions over whether the EU could resort to targeting U.S. services including technology in its response.

108127404-1744022846334-gettyimages-968561798-_DSC2829

European Union to put countermeasures to U.S. tariffs on hold for 90 days

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/A6RAHQABDRIGTJNVXZ2UH7TGEQ-scaled.jpg" alt="" class="wp-image-451705" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/A6RAHQABDRIGTJNVXZ2UH7TGEQ-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/A6RAHQABDRIGTJNVXZ2UH7TGEQ-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/A6RAHQABDRIGTJNVXZ2UH7TGEQ-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/A6RAHQABDRIGTJNVXZ2UH7TGEQ-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/A6RAHQABDRIGTJNVXZ2UH7TGEQ-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/A6RAHQABDRIGTJNVXZ2UH7TGEQ-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">The headquarters of the African Development Bank (AfDB) are pictured in Abidjan, Ivory Coast, January 30, 2020.REUTERS/Luc Gnago</figcaption></figure>



The United Kingdom says it looks forward to the election of a new leader at the African Development Bank (AfDB) as Akinwumi Adesina’s 10-year tenure ends.



However a spokesperson didn’t say if the country had a particular preference for any of the five candidates vying to lead the Abidjan, Cote D’Ivoire headquartered AfDB, Africa’s biggest development finance bank.



“The selection of the President is important to the Bank’s success and therefore is of key interest to the UK,’’ a spokesperson said in an emailed response to CNBC Africa. “Ultimately, we&nbsp;believe that the selection of this role is a decision for the African region to make collectively. We look forward to continuing to work with the Bank and the next President when their tenure starts next September.”



Ex-World Bank senior official Samuel Maimbo of Zambia is taking on Senegal’s Amadou Hott, ex-special envoy of the bank’s Alliance for Green Infrastructure in Africa, South Africa’s Swazi Tshabalala, a former Vice President, Mauritania’s Sidi Ould Tah, former Director General of the Arab Bank for Economic Development in Africa and Chad’s former Finance Minister Mahamat Tolli.



To win the presidency, a candidate must get a majority of votes from both the African shareholders who own 60 percent of the bank, and non-African shareholders, who are referred to as non-regional members, who control 40%.



Adesina, a former Nigerian agriculture minister, championed Africa’s agriculture as a unique investment opportunity during his term. He also focussed on providing power to the more than 600 million Africans still without electricity, launching an $8 billion project together with the World Bank in January.



The AfDB, the only African financial institution rated triple A by Moody’s, Standard &amp; Poor’s and Fitch, will select the new leader next month.



Its top five shareholders are Nigeria with 8.2%, followed by the United States at 6.6%, Egypt has 5.6% while Japan owns 5.5% and South Africa holds 5.1%.

The headquarters of the African Development Bank (AfDB) are pictured in Abidjan, Ivory Coast

United Kingdom Looks Forward to Working with Next AfDB President

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="410" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFREXIMBANK-HQ-scaled-1-820x410.webp" alt="" class="wp-image-536730" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFREXIMBANK-HQ-scaled-1-820x410.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFREXIMBANK-HQ-scaled-1-300x150.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFREXIMBANK-HQ-scaled-1-160x80.webp 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFREXIMBANK-HQ-scaled-1-768x384.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/AFREXIMBANK-HQ-scaled-1.webp 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Photo: via Flickr</figcaption></figure>



This Thursday, Nigeria will witness the opening of the first Afreximbank African Trade Centre (AATC), a state-of-the-art twin nine-storey office and business hotel complex.



Putting sustainability first, this world-class facility designed to transform Africa’s trade and investment landscape incorporates the very best of green-certified architecture, aligning with global environmental standards.



They say that perception matters. The Abuja AATC offers a new perspective to creating clusters that will help cement business opportunities, change mindset and elevate the business environment across our continent.



Why does this commercial development matter? It does because as the first of many across Africa, it will create new benchmarks in real estate and in corporate workspaces.



The development has an office tower and a 148-bed bespoke four-star business hotel. Boasting top-tier business and trade facilities, it will provide dedicated spaces for trade exhibitions, SME incubation, and conference and business amenities.



Our bank’s model of developing integrated trade services hubs is unique, and one that will be replicated at scale across Africa because the continent needs models that are scalable and replicable.



Our institution was created to provide counter-cyclical support and to drive the transformation of our continent through, amongst others, greater trade.



Our forefathers have been calling for economic self-reliance. These trade centres are going to be hubs for business, fostering innovation and empowering small businesses as well as enhancing global trade participation.



The journey to the launch of the Abuja AATC began in 2018 when the idea of creating trade facilitation hubs in key commercial capitals across Africa was first mooted.&nbsp; Nine leading commercial cities were selected to host the network of AATCs across Africa and the Caribbean. They include Abuja (Nigeria), Harare (Zimbabwe), Kampala (Uganda), Cairo (Egypt), Abidjan (Cote d’Ivoire), Yaoundé (Cameroon), Kigali (Rwanda), Tunis (Tunisia) and Bridgetown (Barbados).



Having received land from Nigeria and Zimbabwe respectively, the projects were launched in November 2021 and September 2022 in Abuja and Harare respectively. Four years later, the Abuja AATC is changing the Abuja cityscape and in August this year, the Harare-AATC will be formally opened too. Construction of the Kampala AATC commenced in November 2024, while the Cairo AATC is planned for September 2025.



These are examples of successful Public-Private Partnerships, working with government, investors and a multilateral development bank. These developments also help us deliver on the vision of our founders to provide bespoke financing solutions and advisory services for the expansion, diversification, promotion and development of Intra- and extra-African trade.&nbsp;



But why the Caribbean you will ask? The Barbados AATC will serve as an authentic beacon of trade by embodying the ambition, resilience, and influence of leading commercial cities in Africa and the Caribbean as well as a dynamic focal point for commerce by fostering regional and global trade connections between Africa and the greater CARICOM region, that comprises 20 countries.



To echo our president, Prof Benedict Oramah, the Barbados AATC will serve as the gateway for Afri-Caribbean trade and investments, creating opportunities for doing business with the Caribbean and for Caribbeans doing business in Africa. Something we have termed the Global Africa narrative.



In an increasingly fragmented world, building bridges is important because the last few years have shown that self-reliance is not only a solution, but an imperative.



This $180 million investment is expected to be completed in 2028. It will create 300 permanent jobs, boost the supply of hotel rooms in Barbados, a country dependent on tourism income and it will also host our CARICOM headquarters. Other facilities include a conference centre, a Small and Medium Enterprises (SME) incubator, a Digital Trade Gateway, a trade and exhibition centre.



Actions matter. Our role is to catalyse investment, trade and development and clusters have proven effective means of catalysing ideas and business opportunities.



The Abuja AATC will be seen as a test case for the viability of the idea and dream of business clusters as catalysts for growth and employment and empowerment.

AFREXIMBANK-HQ-scaled-1

Afreximbank African Trade Centres, catalysing business across Africa and the Caribbean

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



April 10 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.



<h2 class="wp-block-heading" id="h-events">EVENTS:</h2>



Rwanda&#8217;s statistics office releases consumer inflation data for March.



Mozambique statistics office releases consumer inflation data for March.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Asian shares climbed and a manic bond selloff stabilised on Thursday after U.S. President Donald Trump said he would temporarily lower the hefty duties he had just imposed on dozens of countries.



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



Oil prices retreated on Thursday as U.S. President Donald Trump ramped up a trade war with China, even as he announced a 90-day pause on tariffs aimed at other countries.



<h2 class="wp-block-heading" id="h-south-africa-markets">SOUTH AFRICA MARKETS</h2>



The rand struck an all-time low in jittery trade on Wednesday, as U.S. President Donald Trump&#8217;s trade war and the risk that South Africa&#8217;s market-friendly coalition government could split unnerved investors.



<h2 class="wp-block-heading" id="h-kenya-markets">KENYA MARKETS</h2>



Kenya&#8217;s shilling was broadly stable against the dollar on Wednesday, data from the London Stock Exchange Group showed.



<h2 class="wp-block-heading" id="h-central-africa-oil">CENTRAL AFRICA OIL</h2>



U.S. lawmakers have introduced legislation that could block International Monetary Fund support for some Central African countries, in an effort to guard billions of dollars that oil companies must set aside for environmental restoration.



<h2 class="wp-block-heading" id="h-us-aid">US AID</h2>



President Donald Trump&#8217;s administration wants the U.N. World Food Programme to modify operations backed by the U.S. in six countries, a State Department spokesperson said on Wednesday, after Washington terminated and then reinstated the assistance.



<h2 class="wp-block-heading" id="h-congo-coup">CONGO COUP</h2>



The U.S. Department of Justice has charged four Americans for their role in an attempted coup in the Democratic Republic of Congo after three of the men were returned to U.S. custody this week, according to a criminal complaint unsealed on Wednesday.



<h2 class="wp-block-heading" id="h-nigeria-cenbank">NIGERIA CENBANK</h2>



Nigeria recorded a balance of payments surplus of $6.83 billion in 2024, driven by the impact of reforms, a stronger trade performance and renewed investor confidence in the economy, the Central Bank of Nigeria said on Monday.



<h2 class="wp-block-heading" id="h-gabon-election">GABON ELECTION</h2>



The top opposition candidate in Gabon&#8217;s presidential election challenged the eligibility of Brice Oligui Nguema in an interview with Reuters, saying the putschist-turned-frontrunner posed a threat to democracy.



((Compiled by Nairobi Newsroom))

African Markets – Factors to watch on April 10

<h2 class="wp-block-heading">Tariff suspension ‘the first right step,’ Polish finance minister says</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108129777-1744272485007-gettyimages-2203945300-BELGIUM_ECOFIN.jpeg?v=1744272514&amp;w=1858&amp;h=1045&amp;vtcrop=y" alt="Andrzej Domanski, Poland's finance minster, during a news conference at the Economic and Financial Affairs Council (ECOFIN) meeting at the European Council headquarters in Brussels, Belgium, on Tuesday, March 11, 2025. EU policymakers are scrambling to ramp up the bloc's defense funding and support for Ukraine after Donald Trump halted aid to Kyiv. Photographer: Simon Wohlfahrt/Bloomberg via Getty Images"/><figcaption class="wp-element-caption">Andrzej Domanski, Poland’s finance minster, during a news conference at the Economic and Financial Affairs Council (ECOFIN) meeting at the European Council headquarters in Brussels, Belgium, on Tuesday, March 11, 2025.  Bloomberg | Bloomberg | Getty Images</figcaption></figure>



Polish Finance Minister Andrzej Domanski welcomed the U.S. temporary suspension of most reciprocal tariffs.



“The first right step towards de-escalation. Less emotion, more focus on economic growth,” he said in a Google-translated social media post.



Poland has historically been a stalwart U.S. ally in Europe, especially in matters of regional security. As a member of the European Union, Poland was struck with 20% reciprocal tariffs under the White House’s April 2 announcement.



—&nbsp;Ruxandra Iordache



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<h2 class="wp-block-heading" id="h-european-markets-soar-at-market-open">European markets soar at market open</h2>



European stocks soared at the Thursday market open, with the Stoxx 600 index up by 7.25% by 8:21 a.m. London time.



All sectors were in the green at the start of the session, with banks, autos and health care logging some of the highest hikes, higher by 9.95%, 7.43% and 7.41%, respectively.



—&nbsp;Ruxandra Iordache



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<h2 class="wp-block-heading" id="h-asean-group-vows-no-trade-retaliation-against-the-u-s">ASEAN group vows no trade retaliation against the U.S.</h2>



The 10-member ASEAN group pledged not to impose any retaliatory measures in response to White House tariffs and to “engage in a frank and constructive dialogue” with Washington on trade relations.



“We regard the U.S. as a longstanding and valued economic partner of ASEAN,” the group said in a statement, adding, “We remain committed to safeguarding ASEAN’s economic interests as well as maintaining strong and mutually beneficial trade relations with the U.S.”



The ASEAN group comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.&nbsp;



—&nbsp;Ruxandra Iordache



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<h2 class="wp-block-heading" id="h-european-union-welcomes-trump-tariff-reprieve-von-der-leyen">European Union welcomes Trump tariff reprieve: von der Leyen</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108129025-17442032332025-04-09t121419z_1722448607_rc2cudaj8nz6_rtrmadp_0_usa-trump-tariffs-eu.jpeg?v=1744266672&amp;w=1858&amp;h=1045&amp;vtcrop=y" alt="European Commission President Ursula von der Leyen reacts as she meets with Iceland's Prime Minister Kristrun Frostadottir (not pictured), in Brussels, Belgium April 9, 2025. REUTERS/Yves Herman"/><figcaption class="wp-element-caption">European Commission President Ursula von der Leyen looks on as she meets with Iceland’s Prime Minister Kristrun Frostadottir (not pictured), in Brussels, Belgium, on April 9, 2025. Yves Herman | Reuters</figcaption></figure>



European Commission President Ursula von der Leyen welcomed Trump’s decision to pause “reciprocal” tariffs against several nations, adding the bloc “remains committed to constructive negotiations” with the White House.



“It’s an important step towards stabilizing the global economy. Clear, predictable conditions are essential for trade and supply chains to function,” she said in a social media post.



“Tariffs are taxes that only hurt businesses and consumers. That’s why I’ve consistently advocated for a zero-for-zero tariff agreement between the European Union and the United States.”



At the same time, the EU, which on Wednesday voted to approve its first set of retaliatory steps to counter U.S. tariffs on steel and aluminum, is focusing on diversifying its trade partnerships, von der Leyen said.



—&nbsp;Ruxandra Iordache



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<h2 class="wp-block-heading" id="h-trump-unlikely-to-revamp-extreme-tariff-policies-but-the-damage-has-been-done-deutsche-bank">Trump unlikely to revamp extreme tariff policies, but ‘the damage has been done’: Deutsche Bank</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108129447-17442258192025-04-09t190936z_1050014360_rc2judaqjkne_rtrmadp_0_usa-trump.jpeg?v=1744225839&amp;w=1858&amp;h=1045&amp;vtcrop=y" alt="U.S. President Donald Trump speaks during an event with the racing champions from NASCAR Cup Series, NTT IndyCar Series, and IMSA WeatherTech SportsCar Championship, at the White House in Washington, D.C., U.S., April 9, 2025. REUTERS/Nathan Howard"/><figcaption class="wp-element-caption">U.S. President Donald Trump speaks during an event with the racing champions from NASCAR Cup Series, NTT IndyCar Series, and IMSA WeatherTech SportsCar Championship, at the White House in Washington, D.C., U.S., April 9, 2025. Nathan Howard | Reuters </figcaption></figure>



In a note to clients on Wednesday evening, Deutsche Bank Research’s George Saravelos noted that U.S. President Donald Trump had mentioned the bond market during his press conference at the White House that day.



“The administration is finally signalling responsiveness to the very extreme market conditions we highlighted in the morning. At the margin, this should reduce the probability that such an extreme policy mix returns,” Saravelos said.



Stocks on Wall Street surged on Wednesday after Trump announced a 90-day pause on country-specific tariffs, with the exception of new duties on China.



Despite the market response, Saravelos warned that “the damage has been done” by Trump’s reciprocal tariffs policy.



“Even if the tariffs are permanently suspended, damage has been done to the economy via a permanent sense of unpredictability in policy,” Saravelos explained. “The events of the last few weeks will resonate amongst global economic partners during the upcoming negotiations on trade and indeed for many years to come. The desire to build greater strategic independence from the US across all fronts will be here to stay.”



—&nbsp;Chloe Taylor

108125394-17436300732025-04-02t213006z_108917810_rc2rpda0y80v_rtrmadp_0_usa-trump-tariffs

Trump tariffs: World reacts as White House issues temporary tariff reprieve; China’s duties kick in

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="640" height="463" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/2PLENK7UEVP6LHO27XU5VACMUU.avif" alt="" class="wp-image-590509"/><figcaption class="wp-element-caption">South African Rand coins are seen in this illustration picture taken October 30, 2020. REUTERS/Mike Hutchings/Illustration/File Photo</figcaption></figure>



JOHANNESBURG, April 10 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand firmed in early trade on Thursday, recouping some of its recent loss as investors took a breather after U.S. President Donald Trump announced an immediate 90-day tariff pause for many countries.



At 0631 GMT, the rand traded at 19.25 against the U.S. dollar, about 0.4% stronger than its previous close.



The local currency hit a record low of 19.9325 on Wednesday, the day Trump&#8217;s country-specific import tariffs kicked in.



Trump said he would temporarily lower tariffs imposed on dozens of countries including South Africa but kept a 10% blanket duty on almost all U.S. imports.



In addition to Trump&#8217;s tariffs, local politics have also weighed on the risk-sensitive rand, after a contentious budget vote last week threatened the future of the ruling coalition.



The second-biggest party in the coalition, the pro-business Democratic Alliance, voted against key legislation in the budget and challenged the budget process in court.



South Africa-focused investors on Thursday will look out for February domestic manufacturing data due at 1100 GMT for clues on the health of the economy.



Benchmark 2030 government bonds were stronger in early deals, with the yield down 15.5 basis points at 9.15%.



(Reporting by Sfundo Parakozov; Editing by Bhargav Acharya and Christopher Cushing)

2PLENK7UEVP6LHO27XU5VACMUU

South African rand regains some ground after US pauses tariffs

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108129074-1744205767394-gettyimages-2208184612-_s019698_miuhqrg1-820x461.jpeg" alt="" class="wp-image-607852" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108129074-1744205767394-gettyimages-2208184612-_s019698_miuhqrg1-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108129074-1744205767394-gettyimages-2208184612-_s019698_miuhqrg1-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108129074-1744205767394-gettyimages-2208184612-_s019698_miuhqrg1-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108129074-1744205767394-gettyimages-2208184612-_s019698_miuhqrg1-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108129074-1744205767394-gettyimages-2208184612-_s019698_miuhqrg1-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108129074-1744205767394-gettyimages-2208184612-_s019698_miuhqrg1.jpeg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption"> U.S. President Donald Trump holds up a chart while speaking during a “Make America Wealthy Again” trade announcement on April 2, 2025 in Washington, DC. Chip Somodevilla | Getty Images News | Getty Images</figcaption></figure>



President Donald Trump on Wednesday dropped new tariff rates on imports from most U.S. trade partners to 10% for 90 days to allow trade negotiations with those countries.



Trump announced the pause hours after goods from nearly 90 nations became subject to stiffer, so-called reciprocal tariffs imposed by the United States.



The president also said in a social media post that he was raising the tariffs imposed on imports from China to 125% “effective immediately” due to the “lack of respect that China has shown to the World’s Markets.”



China, which is the U.S.’s third-largest trading partner, earlier Wednesday said it would increase its tariff rate for imports from the U.S. to 84%.



Trump said “more than 75 Countries” contacted U.S. officials to negotiate after he unveiled his new tariffs last week.



Stock market indices rocketed sharply higher Wednesday on Trump’s announcement, reversing four days of losses. The benchmark S&amp;P 500 index leapt by 7%, which puts it on track for its largest single-day gain in five years.



When asked later about the reason for his decision, Trump told reporters, “Well, I thought that people were jumping a little bit out of line.”



“They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid,” Trump said at the White House.



Treasury Secretary Scott Bessett claimed to reporters that Trump had always intended to put the brakes on the wide-ranging tariffs the president announced last week.



“This was his strategy all along,” Bessent said at the White House, where officials, including him, had denied for days that the tariffs would be suspended.



On April 2, Trump had said he would impose a baseline rate of 10% for tariffs on imports from more than 180 countries.



A subset of 90 countries’ imports would be subject to reciprocal tariffs that took effect Wednesday. Those enhanced levies ranged from a low of 11% to a high of 50%.



Financial markets have been in turmoil since Trump announced with plan, with U.S. stock markets suffering four straight days of declines as of Tuesday.



Senate Minority Leader Chuck Schumer, D-NY, criticized Trump on Wednesday,, saying the president “is feeling the heat from Democrats and across America about how bad these tariffs are.”



“He is reeling, he is retreating, and that is a good thing,” said Schumer.



“This is government by chaos,”&nbsp;Schumer said,&nbsp;“He keeps changing things from day to day. His advisers are fighting among themselves, calling each other names, and you cannot run a country with such chaos, with such unpredictability, with such lack of understanding of what’s going on in the world and the facts.



Commerce Secretary Howard Lutnick, in a tweet, said that he and Treasury Secretary Scott Bessent sat with Trump while he wrote out the announcement on Truth Social, “one of the most extraordinary Truth posts of his Presidency.”



“The world is ready to work with President Trump to fix global trade, and China has chosen the opposite direction,” Lutnick wrote.

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Zambia to resume work on power line link to Tanzania, World Bank official says

South African rand recovers against weaker dollar but risks remain

EMERGING MARKETS-Stocks set for weekly declines as US-China trade war

China strikes back with 125% tariffs on U.S. goods as trade war intensifies

Impact of tariffs on developing countries could be ‘catastrophic’, says UN trade agency

African Markets – Factors to watch on April 11

South African rand stages cautious recovery, tariff and coalition worries linger

China speaks with Saudi Arabia, South Africa about response to US tariffs

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African credit ratings can absorb aid cuts and trade strains, Fitch says

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United Kingdom Looks Forward to Working with Next AfDB President

Afreximbank African Trade Centres, catalysing business across Africa and the Caribbean

African Markets – Factors to watch on April 10

Trump tariffs: World reacts as White House issues temporary tariff reprieve; China’s duties kick in

South African rand regains some ground after US pauses tariffs

Trump temporarily drops tariffs to 10% for most countries, hits China harder with 125%

News Tips

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