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The rand lost almost 6% of its value against the dollar last week after Trump's announcement on tariffs.
US President Donald Trump’s recent trade tariffs have tanked global markets and caused economic fallout.
The rand lost almost 6% of its value against the dollar last week after Trump’s announcement on rates.
According to Reuters, the S&P 500 Index, which includes 500 leading companies in the US and covers approximately 80% of available market capitalisation, lost $5 trillion in market value just last week.
Some global markets also closed early on Monday amid panic and fears that the situation could spark a collapse as bad as or worse than the 2008 international financial crisis.
ALSO READ: Trump’s tariffs: Bloodbath for markets and rand worse than during pandemic – economists
Trump defiant
Trump on Monday defended the tariffs, saying he was not looking at pausing the rates amid the reaction.
He said he would negotiate the tariffs if they can make a “really fair deal and a good deal for the United States”, reported AP.
“I spoke to many leaders, European, Asian, from all over the world. They’re dying to make a deal. And I said, we’re not going to have deficits with your country. We’re not going to do that because, to me, a deficit is a loss. We’re going to have surpluses or at worst, going to be breaking even”.
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