Local bonds had moved marginally firmer by midday on Wednesday after slight gains in the rand.The market was supported by an announcement by Treasury officials that SA would raise $3bn from global capital markets.But mostly the market adopted a wait-and-see attitude to the effects of US President Donald Trump’s extension of tariff increases, which might spark a global trade war.Trump intends imposing tariffs of up to $50bn on Chinese exports, targeting the technology and telecommunication sectors. This follows on the earlier announcements of higher tariffs on steel and aluminium imports."These tariffs could enhance the possibility of a global trade war which will create a risk-adverse environment for emerging markets," said TreasuryOne currency trader Gerard van der Westhuizen.The dollar was under some pressure following the announcement that US secretary of state Rex Tillerson would be the latest senior White House official to depart.Tillerson’s departure comes as the US gears up f...
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