EU announces $5 billion investment in South Africa as tariff war with Trump escalates.

CAPE TOWN, South Africa — European Union leaders announced 4.7 billion euros ($5.1 billion) in investments in South Africa on Thursday to support green energy and vaccine production, and agreed to start talks on new trade deals with Africa’s most advanced economy.

The announcement came at the first bilateral summit between the bloc and the African country in seven years.

European Commission President Ursula von der Leyen, European Council President António Costa and South African President Cyril Ramaphosa spoke of the need to boost international cooperation during the meeting, held at the South African leader’s Cape Town office.

Their message stood in contrast to the Trump administration’s confrontational foreign policy and trade tariffs.

Meanwhile, U.S. President Donald Trump said in a social media post that he would impose a 200% tariff on European wine, Champagne and spirits in an escalation of a trade war with the EU.

Von der Leyen’s visit also reemphasized the EU’s support for South Africa’s presidency of the Group of 20 leading rich and developing nations this year, another area where the United States has criticized South Africa while boycotting some early G20 meetings.

Source: ZIMLIVE