Deputy President Mashatile warns of global trade barriers threatening South Africa's economy
Deputy President Paul Mashatile has expressed concern that rising global trade barriers and slowing growth will impact South Africa’s economy,
Image: Bongiwe Mchunu / Independent Newspapers
Deputy President Paul Mashatile has expressed concern that rising global trade barriers and slowing growth will impact South Africa’s economy, potentially leading to increased retrenchments and widespread job losses.
Mashatile’s remarks follow an announcement by US President Donald Trump, who imposed what he called “reciprocal tariffs” on several countries including South Africa but paused their implementation for three months for all except China.
The proposed tariffs have sparked concern among farmers, unions, and businesses, who warn that if fully implemented, they could have a severely negative impact on local industries and employment.
Speaking at a Workers’ Day commemoration at Curries Fountain in Durban on Thursday, where COSATU-affiliated unions had gathered to mark the day, Mashatile noted the rise in global trade barriers and warned that they could lead to further retrenchments across the country.
"The global economy is experiencing an increase in trade barriers and a decrease in growth projections. These developments will have and will impact our economy and will lead to retrenchments and job losses," he said.
He expressed concern that the current global economic situation would make it more challenging for South Africa to address its long-standing economic and social challenges.
"The global situation will make it more difficult for South Africa to address the economic and social challenges,".
According to the latest data from Stats SA, South Africa continues to struggle with high unemployment, with around 31.9% of the population unemployed.
IOL previously reported that South African table grape producers are sounding the alarm over a proposed 31% US tariff that could severely damage exports, threaten thousands of jobs, and make the industry uncompetitive.
mthobisi.nozulela@iol.co.za
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