<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>



NAIROBI, April 14 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.



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



Wall Street share futures rallied in Asia on Monday after the White House exempted smartphones and computers from &#8220;reciprocal&#8221; U.S. tariffs, though gains were limited as President Donald Trump warned levies were still likely at some point.



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



Oil prices fell on Monday on concerns the escalating trade war between the United States and China would weaken global economic growth and dent fuel demand.



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



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.



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



The Kenyan shilling weakened slightly on Friday as foreign exchange demand rose in response to uncertainty over U.S. President Donald Trump&#8217;s tariffs, traders said.



<h2 class="wp-block-heading" id="h-kenya-highway-construction">KENYA HIGHWAY CONSTRUCTION</h2>



Kenya will terminate a 1.3-billion euro highway expansion deal with a consortium led by France&#8217;s Vinci SA with the project expected to go to a Chinese contractor instead, government officials and sources said.



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



Brice Oligui Nguema, who led a coup in Gabon in August 2023, won Saturday&#8217;s presidential election with 90.35% of votes cast, according to provisional results, the Central African country&#8217;s interior minister said on Sunday.



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



Tanzania&#8217;s main opposition party CHADEMA has been disqualified from elections due later this year, a senior election commission official said on Saturday, days after the party&#8217;s leader was charged with treason for allegedly seeking to disrupt the vote.



<h2 class="wp-block-heading" id="h-nigeria-pension">NIGERIA PENSION</h2>



Nigeria&#8217;s pension fund regulator wants to diversify investments with more focus on infrastructure and private equity, a spokesperson said on Friday, a move that could unlock a major new source of capital in Africa&#8217;s most populous nation.



<h2 class="wp-block-heading" id="h-zambia-electricity">ZAMBIA ELECTRICITY</h2>



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.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on April 14

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/ZGWQ5NVZQJPYVNZ6MYTGC7URE4-820x573.jpg" alt="" class="wp-image-609274" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/ZGWQ5NVZQJPYVNZ6MYTGC7URE4-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/ZGWQ5NVZQJPYVNZ6MYTGC7URE4-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/ZGWQ5NVZQJPYVNZ6MYTGC7URE4-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/ZGWQ5NVZQJPYVNZ6MYTGC7URE4-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/ZGWQ5NVZQJPYVNZ6MYTGC7URE4-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/ZGWQ5NVZQJPYVNZ6MYTGC7URE4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">South African President Cyril Ramaphosa answers lawmakers&#8217; questions at the parliament in Cape Town, South Africa, March 11, 2025. REUTERS/Esa Alexander South African President Cyril Ramaphosa answers lawmakers&#8217; questions at the parliament in Cape Town, South Africa, March 11, 2025. REUTERS/Esa Alexander</figcaption></figure>



JOHANNESBURG, April 14 (Reuters)&nbsp;&#8211;&nbsp;For South African beverage company owner, Ndumiso Madlala, the impending value-added tax hike could spell trouble for his small-scale business that makes alcoholic ginger beer and non-alcoholic drinks.



The National Treasury plans to raise VAT by 1-percentage-point over two years from May 1, as part of measures to bolster government revenue. Currently, VAT is set at 15%.



For Madlala, the increase could force him to raise prices or lower margins, both undesirable options for a business like his in a tough economic environment.



&#8220;For us as small guys, you first hit a problem of being competitive on price,&#8221; Madlala told Reuters. &#8220;Big companies can just switch prices at any time, they can reduce their price to drive the volume up. For us, that&#8217;s something that we can&#8217;t do.&#8221;



The VAT increase comes as the South African economy faces several headwinds including a slow recovery following years of unstable electricity supply, domestic political tensions and global trade wars.



Until recently, power cuts had been a drag on South Africa&#8217;s economic growth for more than a decade, escalating costs for businesses as they resorted to alternative energy sources like diesel-run generators.



On top of that, businesses and households are grappling with other rising costs, such as increases in electricity and water tariffs.



While the treasury intends to expand the basket of zero-rated VAT items to shield low-income households from the full impact, some economists argue this may not be enough as the wider population &#8211; including the middle class &#8211; feels the pinch of rising costs.



&#8220;VAT (hikes) are never a good idea… the ones that are going to be hard hit by any increases in VAT are the middle class to the poor,&#8221; said economist Nomahlubi Jakuja.



&#8220;South Africa already has high levels of unemployment&#8230; and then adding an additional tax on daily goods, it decreases the purchasing power of ordinary South Africans,&#8221; she added.



The VAT hike, part of revenue measures in the 2025 budget, has also deepened the schism between the African National Congress and the Democratic Alliance &#8211; partners in government &#8211; threatening to sink South Africa&#8217;s first attempt at coalition rule in its 30-year democratic era.



The pro-business DA, the junior partner in the coalition, voted against the budget and went to court to try to block it.



Despite the uncertainty, Madlala remains optimistic, banking on his business&#8217;s reputation and his popular ginger products.



&#8220;My comfort is the brand that I own, which is Dragonfire Ginger. It&#8217;s one of its kind,&#8221; he said. &#8220;So we find that our loyal base of customers comes back for our products all the time.&#8221;



(Additional reporting by Shafiek Tassiem in Cape Town; Editing by Olivia Kumwenda-Mtambo and Ros Russell)

South African President Cyril Ramaphosa answers lawmakers’ questions at the parliament, in Cape Town

South African businesses on edge as VAT hike looms

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="487" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1.jpg" alt="" class="wp-image-568119" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, File. REUTERS/Siphiwe Sibeko</figcaption></figure>



JOHANNESBURG, April 14 (Reuters)&nbsp;&#8211;&nbsp;The South African rand strengthened on Monday, boosted by a news report that the country&#8217;s biggest political party may back down on a plan to raise value-added tax (VAT) and dollar weakness on global markets.



At 0845 GMT, the rand traded at 18.9150 against the dollar, about 1.2% firmer than Friday&#8217;s closing level.



The Sunday Times newspaper reported that the African National Congress (ANC) was likely to drop its insistence on a VAT hike in this year&#8217;s budget after indications that none of the parties it has been talking to would support it.



The ANC has clashed with its main coalition partner, the Democratic Alliance (DA) over the budget&#8217;s proposal to raise VAT by 0.5 percentage points on May 1 and another 0.5 points next year.



The pro-business DA voted against the budget&#8217;s fiscal framework in parliament and is challenging the VAT hike in court, raising investor concern it could quit or be forced from the coalition Government of National Unity (GNU).



Andre Cilliers, currency strategist at TreasuryONE, said scrapping the VAT increase would keep the GNU intact and that prospect was supporting the rand.



The ANC and DA met on Saturday to discuss the impasse. Neither party gave a detailed readout of their talks, but both described them as constructive.



The rand was volatile last week on U.S. President Donald Trump&#8217;s changing tariff policies and local political news.



Trump&#8217;s tariffs have escalated tensions between the U.S. and China, South Africa&#8217;s biggest trading partner.



The dollar last traded down about 0.4% against a basket of currencies.



&#8220;The markets were spooked and confused last week. This is set to continue this week,&#8221; said Adam Phillips, treasury specialist at Umkhulu Treasury.



Shares on the Johannesburg Stock Exchange&#8217;s blue-chip Top-40 index also rose on Monday, trading about 1.6% up.



South Africa&#8217;s benchmark 2030 government bond gained, as the yield fell 9 basis points to 9.215%.



(Reporting by Tannur Anders; Editing by Alexander Winning and Bernadette Baum)

rand2 (1)

South Africa’s rand gains on report ANC may scrap VAT hike

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="405" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130695-17443731112025-04-10t210317z_1230912817_rc28vdaw0pbf_rtrmadp_0_usa-trump-tariffs.jpeg" alt="" class="wp-image-609254" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130695-17443731112025-04-10t210317z_1230912817_rc28vdaw0pbf_rtrmadp_0_usa-trump-tariffs.jpeg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130695-17443731112025-04-10t210317z_1230912817_rc28vdaw0pbf_rtrmadp_0_usa-trump-tariffs-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130695-17443731112025-04-10t210317z_1230912817_rc28vdaw0pbf_rtrmadp_0_usa-trump-tariffs-160x90.jpeg 160w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Dado Ruvic | Reuters</figcaption></figure>



China’s Commerce Ministry called the U.S. tariff exemptions a “small step” and urged U.S. President Donald Trump to “completely abolish” the reciprocal tariffs, which include a 145% duty on imports from China.



“We urge the U.S. to heed the rational voices of the international community and domestic parties, take a big stride in correcting its mistakes, completely abolish the wrongful action of ‘reciprocal tariffs,’ and return to the correct path of resolving differences through equal dialogue based on mutual respect,” the ministry said in an online statement, according to a CNBC translation.



The ministry also said China is “evaluating the relevant impact” of the tariff exemptions on some tech products announced late Friday.



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



U.S. Trade Representative Jamieson Greer said Sunday that “right now,” there are not any plans for Trump and Chinese President Xi Jinping to speak.



“This issue is truly at the leaders level,” he said on CBS News’ Face the Nation.



The response in China to U.S. tariffs can be seen in both state media and social media. The recent exemptions are being presented domestically as Trump is backing down and further evidence that Chinese supply chains are not easily replaceable by U.S. companies.



“Public opinion widely views this as another retreat by the U.S. government on its tariff policies,” the official Beijing Daily wrote.



On China’s popular social media platform Weibo, the hashtag “Trump administration retreats again” ranked No. 2 on the hot search list.



The Trump administration late Friday exempted some widely used tech devices and components, including smartphones, computers, semiconductors, solar cells and flash drives, from reciprocal tariffs, according to guidance from U.S. Customs and Border Protection.



The move was viewed as a major win for tech giants, including Apple, which manufacture many products in China. But the long-lasting effects on the U.S. economy and small businesses from the China tariffs may be irreversible, CNBC previously reported.



A 20% tariff on all Chinese products still remains in effect, despite the tariff exemption announcement.



—&nbsp;CNBC’s Eunice Yoon contributed to this report

108130695-17443731112025-04-10t210317z_1230912817_rc28vdaw0pbf_rtrmadp_0_usa-trump-tariffs

China urges Trump to correct mistakes and heed ‘rational voices’ on reciprocal tariffs

How The IRS Layoffs Will Impact Your Taxes And Refunds

Why Trump Slapped High Tariffs On Countries Like Vietnam

Why iPhones May Get More Expensive Amid Trump Tariffs

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3035" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/02/CXYS7WC5YRPUPNY2HNXRUOQOYQ.avif" alt="" class="wp-image-582750"/><figcaption class="wp-element-caption">An aerial view shows the skyline of downtown in Nairobi, Kenya October 8, 2024. Picture taken on October 8, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, April 11 (Reuters) &#8211; Kenya will terminate a 1.3-billion euro highway expansion deal with a consortium led by France&#8217;s Vinci SA with the project expected to go to a Chinese contractor instead, government officials and sources said.



The deal to turn 140 km (87 miles) of single-lane road into a multilane highway linking the capital Nairobi to the Rift Valley city of Nakuru was signed in Paris in 2020 during a visit by then-President Uhuru Kenyatta.



Kenya&#8217;s decision to end the contract comes after government authorities had sought to revisit the terms of the agreement, which the Kenya National Highways Authority (KeNHA) said put the risk from insufficient traffic demand onto the government.



&#8220;KeNHA requested a restructuring of the contract&#8230; but the proposal was considered unbankable thus creating a stalemate,&#8221; the agency told Reuters.



This led to KeNHA issuing a notice of termination to end the public-private partnership contract, it said.



Highway construction for the project had not yet begun.



French private equity group Meridiam SAS and Vinci Concessions &#8211; also a part of the French infrastructure group &#8211; are members of the consortium that is led by Vinci Highways.



Vinci declined to comment on the contract&#8217;s termination. Meridiam did not immediately respond to a request for comment.



Meanwhile, two sources with direct knowledge of the government&#8217;s plan said the contract would be going to a Chinese company, which has not yet been disclosed.



The sources asked not to be named as they were not authorised to speak to media.



Kenya&#8217;s Finance Minister John Mbadi led a team of officials to Beijing this month, where they met senior officials. Domestic media have reported that President William Ruto will be heading to China for a state visit later this month.



(Reporting by Duncan Miriri; Additional reporting by Liz Lee in Beijing; Editing by Karin Strohecker and Joe Bavier)

CXYS7WC5YRPUPNY2HNXRUOQOYQ

Kenya pivots to China, away from France for 1.3-billion euro highway deal

<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))

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

home

African Markets – Factors to watch on April 14

South African businesses on edge as VAT hike looms

South Africa’s rand gains on report ANC may scrap VAT hike

China urges Trump to correct mistakes and heed ‘rational voices’ on reciprocal tariffs

How The IRS Layoffs Will Impact Your Taxes And Refunds

Why Trump Slapped High Tariffs On Countries Like Vietnam

Why iPhones May Get More Expensive Amid Trump Tariffs

Kenya pivots to China, away from France for 1.3-billion euro highway deal

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

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

News Tips

Advertise With Us

home

African Markets – Factors to watch on April 14

South African businesses on edge as VAT hike looms

South Africa’s rand gains on report ANC may scrap VAT hike

China urges Trump to correct mistakes and heed ‘rational voices’ on reciprocal tariffs

How The IRS Layoffs Will Impact Your Taxes And Refunds

Why Trump Slapped High Tariffs On Countries Like Vietnam

Why iPhones May Get More Expensive Amid Trump Tariffs

Kenya pivots to China, away from France for 1.3-billion euro highway deal

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

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

News Tips

Advertise With Us

Newsletters