South African President Cyril Ramaphosa appeared to respond to threats from U_S_ counterpart Donald Trump by saying in his annual speech to the nation that his country would “not be bullied.”

The South African rand strengthened on Friday after U.S. President Donald Trump said he planned to impose reciprocal tariffs on countries taxing U.S. imports, and as investors awaited a domestic budget next week.

South Africa exports vehicles worth about $1.9 billion every year, many to the United States under a trade deal now in jeopardy as President Donald Trump piles pressure on the