Global Trade and Its Impact on the South African Economy

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What is Global Trade?

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Global trade is the buying and selling of goods and services between countries.

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What are Tariffs?

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Tariffs are taxes placed on imported goods.

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How do high tariffs affect imports?

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If a country adds high tariffs, it becomes more expensive to import those goods.

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What is one effect of increased tariffs on imported goods in South Africa?

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Higher prices for imported goods.

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How can tariffs affect South African exports?

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If other countries place tariffs on South African goods, it becomes harder for South Africa to sell products overseas.

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What can cause currency fluctuations that affect the Rand exchange rate?

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Economic changes globally, such as war, inflation, or oil prices.

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How can rising food costs impact households?

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Households will pay more for groceries if imported food or farming materials get more expensive.

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What is the impact of rising oil prices on transport costs?

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If oil prices go up, fuel becomes more expensive, affecting transport costs and increasing the price of goods.

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How might rising prices of imported clothing and technology affect households?

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Households may have to spend more or go without if imported clothes, phones, and electronics become more expensive.

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What happens to interest rates if the economy weakens?

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Interest rates may rise, increasing loan repayments for homes, cars, or credit cards.