Maroela Media reports that on Thursday, trade union Solidarity released its first tariff barometer report analyzing the impact of US trade tariffs on SA and its various industries. A similar barometer report will be released monthly.
According to Theuns du Buisson, economic researcher at the Solidarity Research Institute (SRI), the barometer shows how free trade is being restricted by tariffs and highlights the consequences of government inaction. The report for September shows worrying trends, although the impact is still limited at present. “Currently, the general tariff of 30% is not yet reflected in the data. The impact on steel exports is already evident. Steel from all over the world has been subject to a general tariff of 25% since February. The consequences are devastating,” Du Buisson indicated. He went on to state: “We can expect the impact on other industries to be just as severe, or even greater. The government should learn from what happened with steel exports and enter into a trade agreement with the US as soon as possible.”
According to Du Buisson, there was ample reason to believe that such an agreement was realistic and negotiable. “The fruit industry, especially citrus, does not produce at the same time as the US. We are therefore not competing with them, and our exports complement their production. An exemption in this case is clearly warranted,” he explained. Meanwhile, Solidarity is demanding urgent government intervention as several industries in SA are currently serving retrenchment notices to employees and unions.
- Read the full original of the Afrikaans report in the above regard at Maroela Media
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