The rand remained on the back foot against the dollar on Wednesday afternoon, but appeared to stabilise at softer levels, amid growing fear of a global trade war, with the US set to impose further duties on imported Chinese goods.The rand was weaker despite the euro trading within a narrow range against the dollar. The pound was relatively stable against the dollar despite the turmoil in UK politics, with two ministers resigning earlier in the week.The US is looking to impose 10% import duties on $200bn worth of Chinese goods. This is in addition to the 25% tariff it placed on $34bn worth of Chinese imports on Friday.Oanda analyst Craig Erlam said while the announcement had been expected ever since US President Donald Trump first hinted at such a response to China’s retaliatory measures, it was a stark reminder that common sense was not prevailing. "The risk of a full-blown trade war is very real."At 3pm the rand was at R13.4381 to the dollar from R13.3349, at R15.7906 to the euro f...
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