Trump pulled South Africa out of AGOA, so SA exporters lose duty-free access to the US market. The read-through is local: pressure on the rand and SA assets, little direct impact on the US tape.

What happened: Trump removed South Africa from the African Growth and Opportunity Act trade program. Key numbers: South Africa exported about $1.5 billion worth of goods to the United States last year under the program. Why it matters: The removal ends South Africa's preferential access to the US market under the program, affecting that export flow.

Trump removed South Africa from the African Growth and Opportunity Act trade program.

The removal ends South Africa's preferential access to the US market under the program, affecting that export flow.