Donald Trump's tariffs may upset global growth - Dr Goolam Ballim, Chief Economist at Standard Bank
The US president’s decision to introduce tariffs may have a long-term impact on the global economy.
US President Donald Trump takes questions during a joint press conference with unseen Indian Prime Minister Narendra Modi in the East Room of the White House in Washington, DC, on 13 February 2025. Picture: Jim WATSON/AFP
Ray White (In for Bongani Bingwa on 702) speaks with Dr Goolam Ballim, Chief Economist at Standard Bank.
Listen below:
Almost everything we buy comes to us through a complex web of international trade.
The United States imposing tariffs on countries like Canada, Mexico, and China could impact the cost of goods and how we get them.
Ballim says the US may unsettle the global growth dynamic with this decision and that will affect South Africa.
He adds that this has already weakened financial markets, and the US stock market has lost all the gains it made when Donald Trump was elected.
Despite this, Ballim says we must continue to engage diplomatically with the US and find a middle ground.
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“It will continue to be a very significant source of global influence.”
- Dr Goolam Ballim, Chief economist - Standard Bank
However, he says many countries are lessening their dependence on the US and the dollar, but this will be a multi-year process.
Scroll up to the audio player to listen to the interview for more.