Major International Business Headlines Brief::: 03 April 2025

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Major International Business Headlines Brief:::  03 April 2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Ghana consumer inflation eases to 22.4% in March

ü  Stock futures slip ahead of Trump tariffs

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

ü  South African manufacturing conditions still depressed, Absa PMI shows

ü  Standard Bank almost doubles sustainable finance commitments to R450
billion

ü  South African rand slips as budget negotiations drag on

ü  The African Continent is (relatively) immune to Trump’s tariffs

ü  Trump's tariffs on China, EU and more, at a glance

ü  No additional US tariffs for Canada, but no relief either

ü  'Not the act of a friend': Australia angry over Trump tariffs

ü  UK to keep pushing for deal after Trump imposes 10% tariff

 


 <mailto:info at bulls.co.zw> 

 


Ghana consumer inflation eases to 22.4% in March

(Reuters) – Ghana’s annual consumer inflation slowed for a third straight
month to 22.4% in March from 23.1% the previous month, as food price
pressures eased, the statistics agency said on Wednesday.

 

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

 

“The rate of 22.4% is the lowest in the last four months,” government
statistician Samuel Kobina Annim told a press conference.

 

“In the month of March 2025, we recorded a much sharper decline in food
inflation and a marginal decline in non-food inflation.”

 

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

 

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

 

 

 

Stock futures slip ahead of Trump tariffs

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

 

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

 

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

 

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

 

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

 

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

 

 

 

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

 

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

 

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

 

 

 

 

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

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

 

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

 

There were also healthy gains from personal income tax, helped partly by
withdrawals under the “two pot” pension reform, SARS said in a statement.

 

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

 

($1 = 18.3636 rand)-NBC

 

 

 

 

 

South African manufacturing conditions still depressed, Absa PMI shows

(Reuters) – A South African purchasing managers’ index (PMI) survey showed
that conditions in the manufacturing sector remained depressed in March, but
there was a slight improvement in sentiment thanks to better demand.

 

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

 

“While the headline PMI remained in contractionary territory for a fifth
consecutive month, this is the highest reading since the 52.6 points
recorded in October,” Absa said in a statement.

 

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

 

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

 

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

 

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

 

 

 

 

Standard Bank almost doubles sustainable finance commitments to R450 billion

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

 

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

 

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

 

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

 

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

 

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

 

 

 

 

South African rand slips as budget negotiations drag on

(Reuters) – The South African rand weakened early on Tuesday as negotiations
between coalition partners over the deadlocked budget dragged on, hours
before a key parliamentary committee was set to debate it.

 

Local news reports had said on Monday that the two biggest political parties
in the coalition, the African National Congress (ANC) and the Democratic
Alliance (DA), were close to a deal to pass the budget.

 

But on Tuesday the DA’s leader said a deal had not yet been reached and his
party would oppose the budget until there was a written agreement.

 

The ANC’s chief whip said his party was optimistic it had “sufficient
consensus” to pass the first parliamentary hurdle for the budget, the
consideration of the fiscal framework by parliament’s Standing Committee on
Finance on Tuesday.

 

At 0655 GMT, the rand traded at 18.36 against the dollar, 0.2% weaker than
its previous close. It had gained ground on Monday on the reports that the
ANC and DA were nearing a deal.

 

Trade in the rand tends to be highly volatile when there are major local
drivers like the budget wrangling or global risk events.

 

Domestic economic data releases on Tuesday include a purchasing managers’
index survey for the manufacturing sector, set to be published at 0900 GMT.

 

 

The benchmark 2030 government bond was marginally stronger in early deals,
the yield down 1.5 basis points to 9.08%.-NBC

 

 

 

The African Continent is (relatively) immune to Trump’s tariffs

President Donald Trump in recent weeks has changed his tariff policies more
often than some of us change our clothes. The velocity of tariff changes has
probably provoked a few nervous breakdowns in the accounts department of
American companies trading goods with Mexico and Canada. So far, the African
continent has been largely unaffected. The question ahead of 2 April,
Trump’s “liberation day”, when he unveils his tariff plans, will we still be
so relaxed?

 

We think the continent can, mostly, relax.

 

What does the Trump administration want to achieve with his trade war?

Many are still unsure what the Trump administration’s goal is with tariffs.

 

Why does it matter? Because it means analysis of the potential tariffs on
2nd April are over-complicating the issue. There is too much focus on
scenarios like “reciprocal tariffs” (the US will match the tariffs others
use against the US), or “including VAT tariffs” (because of the potential US
stance that value-added tax act as a de facto tariff).

 

For reasons we outline below – in this piece we consider just three
scenarios.

 

The US tariffs everybody

The US tariffs everybody who runs a trade surplus with the US, and

The US tariffs everything except commodities that the US imports.

One political consultancy last week told us that the US wants to use the
threat of tariffs as leverage for others like the EU or India to cut their
tariffs. In the end, tariff threats today may lower global tariffs and
therefore boost global trade. We think this is the US Treasury secretary’s
hope; however, it does not reflect the rhetoric of the President. We believe
this outcome is highly optimistic.

 

Others focus on the US President’s fond reminisces about the 19th century
when tariffs were responsible for most US government revenues, and his hope
that tariffs will fund tax cuts. This position ignores the fact that US
government spending was less than 10% of GDP in the 19th century, while
today it is over 30% of GDP. Tariffs cannot possibly replace income taxes,
but yes, at the margin it may help the deficit.

 

 

Another view is that the current administration genuinely believes it can
create a manufacturing renaissance in the US, with American sweatshops of
the 19th century rising again and displacing imports from Asia or Africa. We
will be a little surprised if Americans want to compete with the $100-$200
monthly wages of Bangladesh. We also note that in President Trump’s first
term, foreign direct investment in the US fell, so the policy did not work.

 

Our reading of the President’s biographies suggests his tariff views might
be viewed as deeply personal. President Trump hates weakness and sees
deficits as a weakness which might infect the US. As such, the focus is
rarely on the service sector, where the US runs a surplus, but only about
trade where it runs a deficit. The current policy stance might not recognise
that buying cheap t-shirts from abroad allows Americans work in higher
value-added jobs at Google and saves them money so they can spend more at
home. As imports are a

 

small share of the US economy, the import bill is not greatly negative. We
pencil in the assumption that the US imposes 10% tariffs but recognise this
may be just against countries who have a trade surplus with the US.

 

Who does the US have a trade deficit with?

If there is one African country that should be more worried than most, it is
South Africa. They are not having it easy, given the cabal of South African
immigrants whispering into the US President’s ear. It is perhaps bad timing
for South Africa to have a $9bn trade surplus with the US. South Africa’s
potential exclusion from AGOA and an inclusion of 10% tariffs both seem
eminently plausible.

 

The next three countries in the proverbial firing line are Nigeria, Algeria
and Angola.

 

Two of the Trump administration’s favourite African countries, Egypt and
Morocco, run deficits with the US, thus if any countries on the continent
are going to escape 2nd April unscathed, it should be these two. Indeed,
over half the continent can argue the case that they run deficits with the
US. It wouldn’t surprise us if they are untouched.

 

The commodity experts have noticed that the US is running the biggest trade
deficits with Africa’s biggest commodity exporters. Over half of South
Africa’s exports to the US are precious metals, diamonds, jewelry and
platinum. The vast majority of Nigeria, Algeria and Angola’s exports are
oil.

 

Is the US administration so focused on signaling strength as to tariff the
commodities that US industry wants, or the US oil industry refines so it can
sell back to Africa?

 

Yes.

 

The US has already begun an investigation into copper, which might see
tariffs enacted on that mineral. This is why copper prices are surging in
recent weeks, as stockpiles are built up, just in case. While there was talk
of a lower 10% tariff being imposed on Canadian oil vs 25% on Canada’s other
exports, in the end this did not happen.

 

Does it really matter to an oil exporter if the US imposes tariffs? Not
much.

 

Exporters can divert their oil to any other country. The same will be true
of most commodities.

 

How important is the US as an export destination for any African country?

The US does not trade much with Africa. It imported $39bn of goods in 2024,
which is roughly what it imports from Mexico or Canada in just over a month.
The US imports more in 24 hours from either of them (over $1bn a day), than
it imports in a year from about 40 African countries. The biggest exceptions
are South Africa and to some extent Nigeria, which account for over half of
everything the US imports from the continent.

 

 

Fortunately for most African countries, the US is not that important either.
For over half the countries in Africa, the US accounts for 2% or less of
total exports.

 

 

Share of exports is however not the right metric. Instead, we need to
understand how open an economy is, by examining how high exports are as a
proportion of GDP. So, the best metric is to look at “exports to the US” as
a share of the exporting country’s GDP.

 

When we do this, we find it is Lesotho which gets hit hardest. Its exports
to the US are equivalent to 10% of its GDP. That’s particularly unfair
because Trump doesn’t believe anyone has even heard of Lesotho.

 

 

How much pain would be imposed by 10% US tariffs. We should assume that US
retailers may cut their margins by a 2-3%, and Lesotho exporters may do the
same. Together that could halve the impact of the tariffs. We might see some
currency weakness against the US dollar – even just 5% would then offset the
remaining impact.

 

We can be more bearish and suggest 10% tariffs cut exports to the US by 5%
and being extra bearish, assume that countries cannot re-direct their
exports elsewhere. For Lesotho, that would cut GDP by about 0.5%, but it is
an extreme and unlikely scenario. For South Africa, that would be an impact
worth 0.2% of GDP (5% of the 4% of GDP figure above). For Nigeria, the
impact would be half this at 0.1% of GDP. But this is surely an
exaggeration, because Nigerian oil can be sold elsewhere.

 

 

What about indirect effects of Trump’s trade wars?

Should anyone worry about the Trump administration’s tariffs? Yes. There are
14 countries (excluding a few tiny islands) where exports to the US as a
share of GDP are higher than Lesotho. Mexico and Vietnam have 27% of their
GDP coming from exports to the US. A worst-case 5% hit to that figure from
10% tariffs would strip 1.35% off economic output.

 

 

This would be more painful if tariffs are higher than 10%. For the EU and
China, we think there will be (tariffs on China have already been hiked to
20% since Trump took office in January). Germany, still one of the world’s
top 5 economies could suffer more if the tariffs imposed on the EU are
around 25%. If exports drop 10-15%, that might be a 0.4% of GDP hit. We know
Germany is planning on a fiscal bazooka to lift its economy and balance the
effect of tariffs. GDP growth is likely to accelerate versus the pre-Trump
baseline, even if he imposes 25% tariffs; so, Germany may buy more from the
rest of the world, including Africa. What about China, where the Trump
administration has talked about 50-60% tariffs? Only 2% of China’s GDP comes
from exports to the US, so an absolute worst-case scenario would not see
more than 0.5% of GDP taken off China’s growth, and China is promising
fiscal stimulus too. Any slowdown in China would matter more to Africa. The
share of South African exports going to China is double that going to the
US. It does not look likely that US tariffs will cause a very high amount of
pain to China, or to its trading partners.

 

 

Nonetheless, some small indirect impact on Africa is likely to come from
Trump’s tariffs. Global trade is likely to be hit, cutting demand for
energy, and pushing oil prices down. Even here, we should be cautious.
Global trade may just be re-directed as happened in 2018 when China stopped
buying soyabeans from the US and bought them from Brazil instead regardless
of the longer shipping route. Consequently, US soyabean exports took
Brazil’s previous export markets, again probably adding to shipping and fuel
costs.

 

The key point is that the US is not the only economy in town. Yes, it is
responsible for half the world’s current account deficit, so it matters, but
it doesn’t matter too much to Africa.

 

 

What about inflation and US interest rates?

Should Africa worry because tariffs are inflationary and they might prompt
the Fed to raise interest rates, or cut interest rates less than expected?

 

The last thing we want to see on the continent is more countries running
onto the default rocks. From Mozambique to Senegal, we can see that is still
a risk. The Fed kind of answered this question last week. They see tariffs
as transitory (yes, we have heard that before), because while there will be
a one-off adjustment in prices, there should not be a price-wage spiral as
we saw after COVID.

 

 

That might underestimate where the Trump administration goes with tariffs.
Their last trade war did not achieve preset objectives. The deficit with
China remained massive. Perhaps this time the target is to succeed via a
continuous ramping up of tariffs. We cannot know this, but at least today,
we can be comforted by the Fed’s view that tariffs are a negative for GDP
growth, and more important than the inflation impact. As such, the FED
assumes two fund rate cuts in this year and another two next year.

 

Conclusion

We cannot be sure if the Trump administration will impose tariffs on any
African countries at all, and if he does, he might go after only the
minority of countries. We do not believe AGOA will offer any more protection
than NAFTA did in 2016, or its successor USMCA has done in 2025. We do think
South Africa is likely to face tariffs, and that it will be Lesotho which
gets hit hardest if Trump imposes universal tariffs.

 

Our most important conclusion is that Trump’s tariffs won’t matter too much,
assuming they’re just 10% on Africa.

 

Enjoy April and be thankful you did not emigrate (japa) to tariff-hit
Canada.-NBC

 

 

 

 

Trump's tariffs on China, EU and more, at a glance

Donald Trump announced a sweeping new set of reciprocal tariffs on
Wednesday, arguing that they would allow the United States to succeed.

 

Trump's tariffs, which he imposed via executive order, are expected to send
economic shockwaves around the world. The White House released a list of
roughly 100 countries and the tariff rates that the US would impose in kind.

 

Here are the basic elements of the plan.

 

LIVE: Updates and analysis as Trump announces global tariffs plan

 

10% baseline tariff

In a background call before Trump's speech, a senior White House official
told reporters that the president would impose "baseline tariffs" on all
countries.

 

That rate is set at 10% and will go into effect on 5 April.

 

Some countries will only face the base rate. These include:

 

United Kingdom

Singapore

Brazil

Australia

New Zealand

Turkey

Colombia

Argentina

El Salvador

United Arab Emirates

Saudi Arabia

Custom tariffs for 'worst offenders'

White House officials also said that they would impose specific reciprocal
tariffs on roughly 60 "worst offenders", to go into effect on 9 April.

 

These countries charge higher tariffs on US goods, impose "non-tariff"
barriers to US trade or have otherwise acted in ways the government feels
undermine American economic goals.

 

The key trading partners subject to these customised tariff rates include:

 

European Union: 20%

China: 54%

Vietnam: 46%

Thailand: 36%

Japan: 24%

Cambodia: 49%

South Africa: 30%

Taiwan: 32%

No additional tariffs on Canada and Mexico

Canada and Mexico are not mentioned in these new tariff announcements.

 

The White House said they would deal with both countries using a framework
set out in previous executive orders, which imposed tariffs on Canada and
Mexico as part of the administration's efforts to address fentanyl and
border issues.

 

He previously set those tariffs at 25%, before announcing some exemptions
and delays.

 

Trump agrees to pause tariffs on Canada and Mexico

25% tariffs on auto imports

In addition, the president announced the US would impose a "25% tariff on
all foreign made-automobiles".

 

Those tariffs would go into effect almost immediately, at midnight on 3
April.-BBC

 

 

 

 

No additional US tariffs for Canada, but no relief either

After days of anticipation about what US President Donald Trump's
"Liberation Day" would mean for Canada, it seems the answer is not much. But
that still hasn't helped bring relief to America's northern neighbour.

 

Trump said on Wednesday that countries worldwide will be hit with blanket
10% US tariffs. He also released a list of 60 nations facing additional
"reciprocal" tariffs, though Canada notably was not on that list.

 

Instead, much of the American tariff scheme on Canada will stay the same: a
blanket 25% on all goods, except those under the existing North American
free trade agreement. Energy and potash is tariffed at a lower 10%, while a
25% levy on Canadian steel and aluminium remains in place.

 

The White House tied the tariffs to the flow of fentanyl and migrants from
both Canada and Mexico, which Trump has declared an emergency. Officials
signalled that some may be lowered if that declaration is cancelled.

 

Trump also confirmed a 25% tariff "on all-foreign made automobiles" coming
into effect at midnight on Thursday. He did not say whether Canada, whose
auto industry is heavily intertwined with that of the US, would be exempt.

 

Prime Minister Mark Carney, who has paused his campaign for the second time
in as many weeks to respond to the tariffs, vowed Wednesday that Canada will
soon retaliate "with purpose and with force."

 

Speaking to reporters in Ottawa, Carney said the current US tariffs on
Canada "will directly affect millions".

 

He added that Canada's reaction will be hammered out once he meets with
province and territory premiers on Thursday.

 

Carney's response to the tariffs so far has been a political win for him and
his Liberal party - now ahead in national polls - as the Conservative party
and its leader Pierre Poilievre trail slightly behind.

 

As the incumbent, Carney has the advantage of playing the role of prime
minister while simultaneously auditioning for it, and national polls show
Canadians trust him more with handling Trump and the Canada-US relationship.

 

This success - at least so far - has forced Poilievre to pivot his
messaging. On Wednesday, the Conservative leader held an event in Toronto
hours ahead of Trump's announcement to outline his party's response.

 

He pushed for immediate, "targeted" retaliation, and said his party would
introduce a temporary loan program to support businesses directly hit.

 

Poilievre urged Canada to renegotiate the existing North American trade
agreement with Canada, the US and Mexico as soon as possible. The agreement,
known as CUSMA, is up for review in 2026.

 

"Why wait? Why not get it done now?" Poilievre asked.

 

 

Canada's Prime Minister Mark Carney vowed to retaliate "with purpose and
with force"

The rest of Canada's federal leaders laid out their own responses Wednesday
- a sign of how much these tariffs have overshadowed Canada's federal
election, scheduled for 28 April.

 

New Democratic Leader Jagmeet Singh said during an early afternoon campaign
stop in Winnipeg that his party would put measures in place to help workers
impacted by the tariffs.

 

He also called Trump an "arsonist", saying that the US president is "setting
fire to the economy — his own economy, and ours as well."

 

Bloc Quebecois leader Yves-Francois Blanchet, whose party only runs
candidates in French-speaking Quebec, said counter-tariffs should be
"surgically chosen" to preserve the country's "fragile" economy.

 

Meanwhile in the US Senate, an effort to block Trump from imposing tariffs
on Canada passed, 51-48, on Wednesday, with four Republican senators
aligning with all Democratic senators. But it is not expected to be taken up
by the House of Representatives, which holds a narrow Republican majority.

 

While Canada has been spared from additional tariffs, this reprieve has not
changed the overall tone in the country.

 

Candace Laing, president of the Canadian Chamber of Commerce, said that
Wednesday's announcement means "the world is waking up to a reality that
Canada has been living with for months."

 

"Businesses around the world have had their uncertainty expanded, the
effects of which will undoubtedly boomerang to Canada as well," she said in
a statement.

 

"This chain reaction of tariffs and counter-tariffs will have a real and
distressing economic impact on Americans, Canadians and the global economy."

 

Carney echoed those comments Wednesday, telling reporters the tariffs will
"fundamentally change the international trading system."

 

The focus for now, he said, is how Canada can protect its workers and build
what he vowed will be "the strongest economy in the G7."-BBC

 

 

 

'Not the act of a friend': Australia angry over Trump tariffs

Australia has been hit with a tariff of at least 10% on all exports to the
US, as Donald Trump announced his new sweeping global trade regime.

 

Trump cited "trade barriers" such as Australia's biosecurity laws - singling
out a ban on the import of US beef - as the reason for what he called a
"reciprocal tariff".

 

Australian Prime Minister Anthony Albanese called the measure "totally
unwarranted", but said the nation would not introduce its own tariffs in
return, instead seeking a return to the negotiation table.

 

The 10% dealt to Australia was the "baseline" measure, with the most severe
tariffs - of up 49% - hitting countries like China, Malaysia, Vietnam and
Cambodia.

 

 

"President Trump referred to reciprocal tariffs. A reciprocal tariff would
be zero, not 10%," Albanese said at a press conference on Thursday.

 

"The administration's tariffs have no basis in logic and they go against the
basis of our two nation's partnership. This is not the act of a friend," he
added.

 

The new measures come only weeks after President Trump imposed 25% tariffs
on Australian steel and aluminium imports.

 

However, the prime minister said Australia would not be retaliating on US
goods.

 

"We will not join a race to the bottom that leads to higher prices and
slower growth," he said.

 

But he warned the tariffs would have consequences for how Australians see
ties with the US, and that the country would resort to formal "dispute
resolution mechanisms" contained in its free trade agreement with the US if
necessary.

 

During his "Liberation Day" speech, Trump pointed to Australia's ban on
fresh beef from the US - which was introduced in 2003, after cases of mad
cow disease, an infectious neurological illness, were discovered in North
America.

 

"They're wonderful people and wonderful everything, but they ban American
beef," he said.

 

"They don't want it because they don't want it to affect their farmers."

 

"I don't blame them, but we're doing the same thing right now," Trump added.

 

Meloni says Trump tariffs are 'wrong' as world leaders react

Trump's tariffs on China, EU and more, at a glance

 

The tariffs have also drawn an angry response from Australia's National
Farmers' Federation (NFF), who expressed "profound disappointment".

 

"This decision is a disappointing step backward for our nations and for the
global economy," NFF President David Jochinke said.

 

The NFF said the US's decision created "unnecessary uncertainty", but vowed
to work closely with the federal government to seek a resolution.

 

Along with its biosecurity rules, Australia's subsidised medicines scheme
and laws requiring foreign tech companies to pay local media for news had
drawn the US's ire in recent tariff discussions.

 

Albanese earlier this week said those issues were non-negotiable: "I
continue to stand up for Australia and have said very clearly we won't
compromise and negotiate on our PBS [Pharmaceutical Benefits Scheme], on our
biosecurity, on our media bargaining code."

 

The US is one of Australia's most important trading relationships, raking
fifth for exports. China, however, dwarfs all of Australia's other trade
partners - in 2023-24, A$212.7bn (£102.2bn, $133.4) was exported to the
Asian superpower.

 

In comparison, last year, Australia exported $37.5bn in goods and services
to the US. Business services were the biggest sector at $6.2bn, followed by
intellectual property charges and beef. In the same year, Australia imported
$88.2bn in goods and services from the US.-BC

 

 

 

 

UK to keep pushing for deal after Trump imposes 10% tariff

The government will keep pushing for a deal to avoid a "trade war" after US
President Donald Trump imposed new tariffs globally, the UK business
secretary has said.

 

Trump announced fresh levies on goods coming into his country including 10%
on all UK imports and 20% on those from the European Union.

 

The UK has spent weeks working on a trade deal with the US to avoid the full
impact of the level of tariffs introduced on countries such as Canada and
China.

 

A Downing Street source said the UK's lower tariff "vindicates" the
government's plans, because "the difference between 10% and 20% is thousands
of jobs".

 

 

How will the latest Trump tariffs affect the UK?

Trump announces 10% tariffs on UK and 20% on EU in watershed moment for
global trade

How might Trump's tariffs affect the UK and your money

UK firms react to Trump tariffs: 'It's a huge blow to Scotland's whisky
industry'

Responding to the new tariffs, Business Secretary Jonathan Reynolds said the
government remained "fully focused on negotiating an economic deal with the
US that strengthens our existing fair and balanced trading relationship".

 

"We have a range of tools at our disposal and we will not hesitate to act,"
he said.

 

"Nobody wants a trade war and our intention remains to secure a deal. But
nothing is off the table and the government will do everything necessary to
defend the UK's national interest."

 

 

The US plan sets a baseline tariff on all imports of at least 10%, with
items from countries that the White House described as the "worst offenders"
facing far higher rates for what Trump said was payback for unfair trade
policies.

 

His move breaks with decades of American policy embracing free trade, and
analysts said it was likely to lead to higher prices in the US and slower
growth in the US and around the world.

 

The government's official forecaster estimates a worst-case scenario trade
war could reduce UK economic growth by 1% and wipe out the £9.9bn of
economic headroom Chancellor Rachel Reeves's gave herself at last week's
Spring Statement.

 

A Downing Street source told the BBC: "We don't want any tariffs at all, but
a lower levy than others vindicates our approach. It matters because the
difference between 10% and 20% is thousands of jobs.

 

"We will keep negotiating, keep cool and keep calm. We want to negotiate a
sustainable trade deal, and of course to get tariffs lowered. Tomorrow we
will continue with that work."

 

The government will hold a series of talks with affected businesses on
Thursday to provide support and discuss a response.

 

Reynolds has previously said weeks of talks between government officials and
the Trump administration meant the UK was in the "best possible position of
any country" to have tariffs reversed.

 

Diplomatic efforts are still ongoing, and as part of the efforts to get a
deal, Lord Mandelson, the UK ambassador, has had meetings in the White House
with JD Vance, the vice-president, and Susie Wiles, the president's chief of
staff.

 

For the moment, the UK says it will not be "jumping into a trade war" with
retaliatory tariffs Prime Minister Sir Keir Starmer said - a repeat of the
response to Trump's earlier tariffs on steel and aluminium.

 

Sir Keir told his cabinet this week he was "keeping all options on the
table" to respond to the tariffs, which economists have warned could damage
the UK economy and increase the cost of living.

 

Inside government officials hope that Wednesday's announcement sets a
"ceiling" on negotiations, not the final price, and can be talked down.

 

The government's approach has been backed in some of the early responses
from the UK business sector.

 

The Confederation of British Industry (CBI) has said the government "has
rightfully tried to negotiate a carve-out" and businesses need a "measured
and proportionate approach".

 

Rain Newton-Smith, chief executive of the CBI said in a statement: "Business
has been clear: there are no winners in a trade war.

 

"Today's announcements are deeply troubling for businesses and will have
significant ramifications around the world."

 

But Conservative shadow trade secretary Andrew Griffith accused Labour of
"failing to negotiate with President Trump's team" in time.

 

"Sadly, it is British businesses and workers who will pay the price for
Labour's failure," he said.

 

"The silver lining is that Brexit - which Labour ministers voted against no
less than 48 times - means that we face far lower tariffs than the EU: a
Brexit dividend that will have protected thousands of British jobs and
businesses."

 

In contrast, the Lib Dems urged the government to consider using
"retaliatory tariffs where necessary" and form a "coalition of the willing
against Trump's tariffs" with other countries.

 

The party said: "We need to end this trade war as quickly as possible - and
that means standing firm with our allies against Trump's attempts to divide
and rule."

 

 

Government sources believe talks with the US administration on an economic
deal have made good progress, but have been derailed by Trump's public
comments.

 

At different times, statements by Trump about his tariffs are said to have
differed from what his negotiating team had previously understood his
position to be.

 

The deal would be broader than just reducing tariffs, focusing on technology
but also covering elements of trade in goods and services as well as
agriculture - a controversial area in previous unsuccessful US-UK trade
talks.

 

Chancellor Rachel Reeves has suggested the UK could change its taxes on big
tech firms as part of a deal to overturn US tariffs.

 

The digital services tax, introduced in 2020, imposes a 2% levy on tech
firms, including big US firms such as Amazon, bringing in about £800m in tax
per year.

 

The UK motoring industry, also hit with an additional 25% tax on all car
import to the US announced this week, called the tariffs "deeply
disappointing".

 

Mike Hawes, chief executive of the Society of Motor Manufacturers and
Traders, warned the "costs cannot be absorbed by manufacturers" and called
the US announcement "yet another challenge to a sector already facing
multiple headwinds".-BBC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

Cellphone:         +263 71 944 1674 | +27 79 993 5557 

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INVESTORS DIARY 2025

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from s believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


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<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
5557 | +263 71 944 1674

 


 

 

 

 

 

 

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