JOHANNESBURG - International Relations Minister, Ronald Lamola, says South Africa remains hopeful of striking a favourable trade deal with the US.
The government also intends to roll out an economic response package to cushion businesses from the 30% tariffs imposed by US President Donald Trump.
"The US is South Africa’s third biggest trading partner, with the European Union and China being the first and second largest trading partners.
"The US accounts for 7.5% of our global exports. Thus, we will continue to engage the US with a view to conclude," he says.
Lamola alongside Trade and Industry Minister Parks Tau in a joint media briefing in Germiston on Monday regarding the latest update in trade talks with the US.
Lamola says they want a deal that advances the interests of both countries.
"South Africa seeks to conclude deals that promote value addition and industrialization, rather than extractive relations that deprive the country of the ability to beneficiate our mineral wealth by mimicking extractive colonial era trade relations," he said.
Economist Kevin Lings says he agrees with the approach of trying to assist businesses.
"Businesses have done nothing wrong that warrants them a 30%. It will be good that the government steps in and provide support," he said.