South Africa’s government is putting the final touches to an overarching package that aims to shield businesses against the fallout from punitive US trade tariffs and plans to present it to lawmakers later this week.

South Africa on Monday outlined support measures for local companies that will be hit by a 30% U.S. tariff this week, including exemptions from some competition rules and financial support facilities.

South Africa's trade and industry minister on Monday said that the 30 per cent reciprocal tariffs imposed by the United States could put tens of thousands of jobs at risk.