Rand gains by more than 1% after US delays some China tariffs

Mon, 19 Aug 2019

Rand gains by more than 1% after US delays some China tariffs

News24
14 Aug 2019, 00:44 GMT+10

The rand recouped earlier losses to strengthen to just over 1% against the dollar in late trade on Tuesday, after the Trump administration announced it would delay imposing a 10% tariff on some Chinese products.

Analysts had previously said that risk-off sentiment caused by the US/China trade war was negatively impacting the rand. Tuesday's tariff delay help the rand "make an aggressive move" from R15.39/$ to R15.16/$, said TreasuryONE in a snap note. It opened trade at R15.30 to the greenback.

The addition 10% tariff on some $300bn worth of Chinese imports was set to be implemented on September 1.

But in an statement the US Trade Representative's office said that "[...] certain products are being removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10%."

It added: "Further, as part of USTR's public comment and hearing process, it was determined that the tariff should be delayed to December 15 for certain articles. Products in this group include, for example, cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing."

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Asia Pacific Star.

More Information

Asia

In Kim's Threats and Appeasement, Experts See Move to Manipulate Trump

Connie Kim and Oh Taek-sung of the VOA Korean Service contributed to this report.WASHINGTON - North Korean leader Kim Jong ...

Why do I dwell on the past?

Many of us enjoy writing in a diary, reading autobiographies or nostalgically reflecting with others about past times.Why is remembering ...

Equity indices in the green, pharma and IT stocks gain

Mumbai (Maharashtra) [India], Aug 19 (ANI): Equity benchmark indices were in the positive zone during early hours on Monday following ...

Myths about disaster survivors stall the global response to climate change

The 2018 report from the the Intergovernmental Panel on Climate Change (IPCC), a United Nations body that assesses climate change ...

Hockey India congratulates Kothajit Singh on featuring in 200th match

New Delhi [India], Aug 18 (ANI): Hockey India congratulated defender Kothajit Singh Khadangbam for featuring in his 200th international match ...

Bhutan: People line the streets to bid adieu to PM Modi

By Malavika Kaur (Ani)Thimphu [Bhutan], Aug 18 (ANI): Hundreds of people, some holding flags, the others offerings like incense sticks ...

Business

Chinese central bank adjusts interest rate-settings, stocks advance

SYDNEY, Australia - Stocks in China and Hong made solid gains on Monday.Support for Chinese stocks followed a decision on ...

In Kim's Threats and Appeasement, Experts See Move to Manipulate Trump

Connie Kim and Oh Taek-sung of the VOA Korean Service contributed to this report.WASHINGTON - North Korean leader Kim Jong ...

Kudlow defends Trump attempt to restructure trade relations with China

WASHINGTON, DC - U.S. President Donald Trump's chief economic adviser has ridiculed the idea that the country is facing a ...

Argentine president replaces treasury minister

BUENOS AIRES, Argentina - Nicolas Dujovne has been replaced as Minister for the Treasury in Argentina, in a shock move ...

Expo 2020 Dubai to feature 220,000 square metres nursery

DUBAI, UAE - In October next year, Dubai will take to the world stage for a long antipated international event ...

UK commits 600 million pounds to new housing projects in England

LONDON, UK - Up to 50,000 new homes in high demand areas will be delivered through over £600 million of ...

Movie Review

Detour [Blu-Ray]