Zimbabwe suspends US tariffs

Zimbabwe has become the first African country to suspend all tariffs on goods originating in the US after the US imposed 18% tariffs on exports from Zimbabwe. ‘In the spirit of constructing a mutually beneficial and positive relationship with the US, under the leadership of President (Donald) Trump, I will direct the Zimbabwean Government to implement a suspension of all tariffs levied on goods originating from the United States,’ said President Emmerson Mnangagwa. Moneyweb reports that he said the measure was intended to facilitate the expansion of American imports within the Zimbabwean market, while simultaneously promoting the growth of Zimbabwean exports destined for the US. ‘This action underscores our commitment to a framework of equitable trade and enhanced bilateral co-operation,’ he added. The dropping of tariffs on US goods and paying out dispossessed white farmers is part of a charm offensive by Harare to unlock international financing and re-engage with international financial institutions like IMF and the World Bank. A delegation from the Afrikaner business community last week received a warm welcome from Mnangagwa in Harare. Mnangagwa said it was time to focus on rebuilding Zimbabwe, and that required acknowledging past challenges while working together for a united future. ‘Capital knows no race, and we are calling on all who identify with this continent to invest in it,’ he said. The meeting came after Zimbabwe started compensating dispossessed white farmers with an initial payment of $3.1m out of a total of $3.5bn agreed under the government’s 2020 Global Compensation Deed pledge.

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