South Africa’s 10-year government bond yield fell to around 9.60%, the lowest level since late January, after the South African Reserve Bank (SARB) cut interest rates and markets reacted to looming US tariffs. From August 7, South African exports to the US will face a 30% tariff - the highest in sub-Saharan Africa - after the country missed a trade deal deadline set by President Donald Trump. Months of negotiations, including offers to buy US liquefied natural gas and invest $3.3 billion in US industries, failed to avert the tariff. Trade Minister Parks Tau said the higher tariff was a threat to the country’s export capacity, particularly in key sectors such as automotive, agro-processing, steel and chemicals. Meanwhile, the SARB lowered the repo rate by 25 basis points to 7%, citing low inflation. Finance Minister Enoch Godongwana ruled out changes to the inflation target, a day after the central bank said it would aim for 3% - the bottom of its target range.