The South African rand plummeted to R17.81 against the dollar, a 3% drop attributed to investor anxiety over Donald Trump’s potential return to the White House, impacting emerging markets and causing a spike in the country’s government bond yield to 9.66%. Trump’s second presidency could have negative effects on the South African economy, particularly jeopardizing the African Growth and Opportunity Act and leading to potential damage to exports due to his tariff strategies.
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Africa: Rep. James Introduces the AGOA Extension and Enhancement Act of 2024
Representative John James, Chairman of the House Foreign Affairs Committee’s Subcommittee on Africa, introduced the AGOA Extension and Enhancement Act of 2024, aiming to reauthorize the African Growth and Opportunity Act until 2037. The bill emphasizes the economic benefits of AGOA for both the U.S. and African countries, highlighting job creation, supply chain adjustments, and the promotion of U.S.-Africa economic ties. By providing broader eligibility assessment options for African nations, the legislation aims to strengthen...
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