Deputy President Paul Mashatile said on Monday that South Africa is looking at expanding its trade with India and China amid the prospect of a 30% tariff imposed on it by United States President Donald Trump, who said that he is not looking to pause his tariffs despite the chaos in the stock market and global economic fears. The tariffs are due to go into effect Wednesday. 

Advertisment

"The geopolitics at the moment really requires that we should be engaging other nations as well. We know that we are one of the US’s biggest trading partners, but there is nothing that says that we should not intensify our trade relations with India, China and other countries," Mashatile told a gathering of business and community leaders. 

Also read: 'Iran going to be in great danger': Trump says US to hold direct talks with Tehran about nuclear programme

Mashatile was speaking at the inaugural breakfast event hosted by the Ahmed Kathrada Foundation, named after the late Indian-origin freedom activist. He served one less year than the 27 of Nelson Mandela as a political prisoner of the minority white apartheid government. 

Advertisment

Will Trump undo tariffs? 

Meanwhile, on being asked on Monday if he needs more time to think before enacting his sweeping tariffs, Trump said, "We're not looking at that." He instead said that countries could work to restore balance in trade relations with the US through other actions. 

"We have many, many countries that are coming to negotiate deals with us. They're going to be fair deals, and in certain cases, they're going to be paying substantial tariffs," Trump said. 

Advertisment

Also read: 'Move them around to different countries': Trump's plans for Palestinians in Gaza; says Israel working on new hostage deal

The president said that those discussions are already underway for some nations. Giving an example of Japan, Trump noted a "very good" conversation with Japan on Monday. 

He said that he expects that his administration will soon be speaking with China, whose commerce ministry on Tuesday vowed to take "countermeasures" to defend its "rights and interests" should the US impose fresh tariffs. 

"If the US escalates its tariff measures, China will resolutely take countermeasures to safeguard its own rights and interests," a ministry spokesperson said. 

The commerce ministry also urged the US to engage in "dialogue" to resolve a deepening trade war. "China urges the US to... cancel all unilateral tariff measures against China, stop economic and trade suppression against China, and properly resolve differences with China through equal dialogue on the basis of mutual respect," the spokesperson added. 

Also read: How rich is Elon Musk? Astrophysicist shares geeky visualisation

Trump tells citizens to be 'Strong' and 'Courageous' 

Bitcoin tumbled while the dollar rebounded after sharp losses last week. Minutes before Wall Street opened, Trump urged Americans: "Don't be Weak! Don't be Stupid!" He said, "Be Strong, Courageous, and Patient, and GREATNESS will be the result!" 

Trump believes that the tariffs will revive America's lost manufacturing base by forcing foreign companies to relocate to the United States, rather than making goods abroad. 

However, most economists question his theory and say his tariffs are arbitrary. JPMorgan Chase CEO Jamie Dimon warned of coming inflation, adding, "whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth." 

Also read: Is Iran preparing for war with the US? Khamenei's mouthpiece calls for ‘bullets in Trump’s skull’ as radar systems go live

(With inputs from agencies)