Rand, Stocks, Government Bonds Slump
The rand, stocks and government bonds slumped on Monday following United States US President Donald Trumps comment on how he would cut off funding for South Africa .
This morning, the rand traded at R18.89 against the US dollar, about 1 weaker than its closing level on Friday.
On Sunday, Trump said, certain classes of people in South Africa were being treated very badly and he would suspend aid until the matter was investigated.
Trump said South Africa was confiscating land . This is after President Cyril Ramaphosa signed into law, legislation that allows the state to expropriate land in the public interest under certain circumstances.
Over the weekend, Trump imposed sweeping tariffs on Canada, Mexico and China, sending global currencies to multi-year lows.