SOUTH AFRICA: Wide Range of Issues on Agenda for Trump-Ramaphosa Meeting
President Cyril Ramaphosa will meet with US President Donald Trump in a bid to reset strained bilateral relations with the US. Issues of contention have been mounting over the past few months, with the list including: the Trump administration's designation of Afrikaner farmers as refugees, the decision to suspend all aid to South Africa, the expulsion of South Africa's ambassador to the US, Pretoria's genocide against Israel for alleged genocide, and trade imbalances.
- Trump will greet Ramaphosa at 11:30ET (16:30BST/17:30SAST), before the two participate in a lunch. A bilateral meeting is scheduled for 12:45ET (17:45BST/18:45SAST).
- Ramaphosa will aim to clarify misunderstandings around racial tensions in South Africa after repeated criticism from Trump over a law that gives the government the power to take land for a public purpose. NYT reported that Trump plans to press Ramaphosa to roll back the racial equity laws. Ramaphosa will also ask Trump attend a G20 summit in November.
- According to News24, Ramaphosa was planning to come to the White House with a range of 'enticements', including deals on minerals, gas and farm products. He denied that South Africa was at risk of making too many concessions to reach a trade deal.
- Trump will be joined by Vice President JD Vance, Defense Secretary Pete Hegseth, Commerce Secretary Howard Lutnick and Elon Musk. Bloomberg reported yesterday that South Africa plans to offer Musk a workaround of local Black ownership laws for his Starlink internet service to operate in the country.
- Among the politicians accompanying Ramaphosa on the visit is John Steenhuisen, leader of the DA and agriculture minister. Billionaire Johann Rupert, South Africa's richest man and an Afrikaans himself, will also join the South African delegation alongside professional golfers Ernie Els and Retief Goosen.
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FED: Chicago's Goolsbee: Central Bank Independence Key To Anchor L-R Infl Exp
CNBC anchors trying to pin down Chicago Fed President Goolsbee (2025 voter, dove) on the impact of President Trump potentially replacing Fed Chair Powell - Goolsbee won't be drawn into the speculation but he is emphatic that central bank independence is crucial to keeping longer-run inflation expectations down.
- Goolsbee says without central bank independence, you get "higher inflation, worse growth, higher unemployment." And he cites Paul Volcker's example of tightening policy to quell inflation, saying "sometimes the Fed has to do the hard job".
- That said, asked if he still sees rates being lower 12 - 18 months from now: "I still think that", identifying the March Dot Plot as a guide to the overall direction of rates.
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