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G20 Finance Chiefs Meet in Durban Amid Tariff Tensions and $800B African Debt Crisis

Leaders of the G20 finance ministers conference in Durban are attempting to strengthen international collaboration in the face of growing geopolitical

Leaders of the G20 finance ministers conference in Durban are attempting to strengthen international collaboration in the face of growing geopolitical division, debt problems, and tariff concerns. Under the first African presidency, South Africa is hosting the summit, which focuses on Global South objectives like climate finance, infrastructure, and multilateral bank reform. Trumps proposed 30% tariffs on EU goods could destroy transatlantic trade, according to German authorities, while South Korea and other countries prepare for similar actions. U.S. Treasury Secretary Scott Bessents absence has sparked questions about Washingtons commitment to multilateralism. Africas external debt has risen to $800 billion, leading to demands for additional aid and transparent lending. Despite disagreements, delegates want to publish a statement outlining common economic objectives. Read More..

B2B Tech News | 3 days ago

South African Car Exports to U.S. Plunge Over 80% as Trump Tariffs Hit Hard

South African auto shipments to the United States fell more than 80% in April and May 2025 as a result of President Donald Trumps hefty 25–30% tarif

South African auto shipments to the United States fell more than 80% in April and May 2025 as a result of President Donald Trumps hefty 25–30% tariffs. Under AGOA, dutyfree access was formerly provided by the United States, South Africas secondlargest trading partner. However, the automobile industry has been severely damaged by the new tariffs, which are a component of Trumps larger trade assault. With thousands of jobs at stake and communities like East London on the verge of economic collapse, industry group Naamsa issued a socioeconomic crisis warning. Other OEMs, like MercedesBenz, might reduce production or reevaluate their upcoming expenditures. Although negotiations are still stuck, South Africa has suggested a dutyfree quota of 40,000 automobiles. Although experts agree it wont happen overnight, export diversification is encouraged. Read More..

B2B Tech News | 4 days ago

Li Qiang, Abiy Ahmed Reaffirm China–Ethiopia Alliance at BRICS Rio Summit

At the Rio BRICS Summit, Ethiopian Prime Minister Abiy Ahmed and Chinese Premier Li Qiang reaffirmed their strategic partnership and committed to stre

At the Rio BRICS Summit, Ethiopian Prime Minister Abiy Ahmed and Chinese Premier Li Qiang reaffirmed their strategic partnership and committed to strengthening multilateral diplomacy, infrastructure, and trade cooperation. Li hailed the 55year diplomatic partnership as an example of ChinaAfrica cooperation and underlined support for the Addis Ababa–Djibouti Railway. Ethiopia, which exported $564 million to China in 2024, compared to $4.3 billion in Chinese exports, was cited as a major beneficiary of Chinas zerotariff policy for African countries. Abiy thanked China for its support and said he hopes to increase industry, tourism, and communications cooperation. Reaffirming their common goal of Global South solidarity, both leaders pledged to improve coordination within BRICS and the UN. Read More..

B2B Tech News | 9 days ago

Ramaphosa Rejects Trump’s 30% Tariff, Cites Inaccurate Trade Data

Calling it a misrepresentation of trade facts, South Africa has rejected U.S. President Trumps proposed 30% tariff on its exports. According to Presid

Calling it a misrepresentation of trade facts, South Africa has rejected U.S. President Trumps proposed 30% tariff on its exports. According to President Cyril Ramaphosa, the average import tax is only 7.6%, and 77% of U.S. goods arrive in South Africa dutyfree. Trumps larger reciprocal trade strategy, which targets 14 nations, includes the tariff, which is scheduled to go into force on August 1. Ramaphosa advised local businesses to expand their export markets and underlined the importance of continuing conversations. He applauded the United States suggestion that negotiations could change the tariff. While preparing for possible economic repercussions, South Africa is nevertheless working towards a fair and advantageous trade relationship, having presented a Framework Deal in May. Read More..

B2B Tech News | 9 days ago

World Bank Approves $1.5B Loan to Reboot South Africa’s Infrastructure and Economy

A $1.5 billion loan has been authorised by the World Bank for South Africa to promote a green energy transition and enhance its transport infrastructu

A $1.5 billion loan has been authorised by the World Bank for South Africa to promote a green energy transition and enhance its transport infrastructure. Due to inefficiencies and blackouts, vital industries including freight trains, ports, and electricity systems have long impeded economic progress. These sectors are the focus of the investment. The loan has advantageous terms that lower debtservicing expenses, such as a threeyear grace period. Amidst high unemployment and weak GDP estimates reduced to 1.4% for 2025, the South African government views this as a step towards inclusive growth and job creation. In line with a larger R1 trillion infrastructure plan, the investment shows the nations determination to combat corruption, enhance essential services, and stabilise its economy. Read More..

B2B Tech News | 22 days ago

Ghana Approves $2.8B Debt Deal With 25 Nations to Unlock IMF Bailout Funds

In order to support its IMF bailout program and stabilise its economy, Ghanas parliament has passed a $2.8 billion debt restructuring agreement with 2

In order to support its IMF bailout program and stabilise its economy, Ghanas parliament has passed a $2.8 billion debt restructuring agreement with 25 creditor countries, including China, France, the United States, and the United Kingdom. The G20 Common Framework agreement postpones debt service payments that were due in December 2022 to December 2026, with repayments taking place in 2039–2023. Ghana has belowmarket borrowing costs thanks to interest rates that were set between 1% and 3%. The agreement comes after Ghana defaulted in 2022 and an IMF bailout of $3 billion was authorised in 2023. The measure was unanimously supported by lawmakers, who hailed it as essential to reestablishing macroeconomic stability. Afreximbank and other commercial creditors are continuing to work with Ghana in order to complete the larger restructuring process. Read More..

B2B Tech News | 22 days ago

Lourenço Urges U.S. to Swap Aid for Investment at U.S.Africa Summit in Luanda

João Lourenço, the president of Angola, called Africa a “credible partner” with abundant resources and human capital, and urged the United State

João Lourenço, the president of Angola, called Africa a “credible partner” with abundant resources and human capital, and urged the United States to switch from traditional aid to private investment at the U.S.Africa Business Summit in Luanda. He underlined the need to replace the "logic of aid" with the "logic of ambition," citing industries such as infrastructure, technology, agribusiness, and renewable energy. Lourenço promoted the African Continental Free Trade Area AfCFTA as an investment magnet and pointed to Angolas 3.5% Q1 GDP as proof of regional momentum. "It is business—not aid—that drives lasting growth," said Troy Fitrell, chief of the U.S. Africa Bureau. The goal of the conference is to strengthen business connections and draw American businesses to Africas changing economic environment. Read More..

B2B Tech News | 23 days ago

U.S.Africa Summit Tackles AGOA Renewal and Deeper Economic Ties in Luanda

As the African Growth and Opportunity Act AGOA approaches its 2025 expiration, policymakers are reevaluating the future of economic relations between

As the African Growth and Opportunity Act AGOA approaches its 2025 expiration, policymakers are reevaluating the future of economic relations between the United States and Africa at the 17th U.S.Africa Business Summit in Luanda, Angola. The Corporate Council on Africa is hosting the summit, which brings together business executives, U.S. officials, and African heads of state to talk about economic cooperation, trade, and investment. Renewing AGOA, increasing US energy, infrastructural, and financial investment, and supporting regional integration initiatives like Angolas Lobito Corridor are important subjects. The African Unions current chair, Angola, is utilising the occasion to highlight its economic reforms and pressure Washington to make longterm trade promises. Read More..

B2B Tech News | 25 days ago

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