This budget has an exceedingly uncertain economic backdrop. The new US administration has hiked tariffs on numerous products from several countries. Further, there have already been adjustments to the initial policy announcements. In response, there have been retaliatory measures from certain US trading partners.
South Africa-specific policy measures, including President Donald Trump’s executive order to suspend all aid to the country (though this was subsequently at least temporarily amended), worsen the idiosyncratic uncertainty. There is also a risk of further, potentially even more damaging, steps. The risks to economic growth underpin uncertainty about the South African government’s revenue trajectory...
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