South African rand falls 1% after Trump tariff threat on BRICS-aligned countries
JOHANNESBURG, July 7(Reuters) - The South African rand fell in early trade on Monday as markets reacted to U.S. President Donald Trump's threat to impose additional tariffs on BRICS-aligned countries.
Trump said on Sunday in a post on Truth Social that countries aligning themselves with the "anti-American policies" of BRICS will be charged an additional 10% tariff, adding that there will be no exceptions to this policy.
At 0650 GMT the rand traded at 17.7550 against the dollar ZAR=D3, down about 1% from Friday's close.
South Africa is part of the BRICS group and, like many other countries, is scrambling to agree a trade deal with the United States before a July 9 deadline set by Trump.
Trump imposed a 31% tax on U.S. imports from South Africa in April as part of his global tariffs policy. South Africa has asked for an extension to the July 9 deadline to negotiate a trade deal.
South Africa's benchmark 2035 government bond ZAR2035= was weaker in early deals, with the yield up 9 basis points at 9.83%.
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