The Gibbons Report: 3 November 2026

This article may contain graphic and/or adult content unsuitable for minors and sensitive readers.

South Africa is to be kicked out of America’s AGOA preferential trade programme.

The suspension will take effect from January 1st next year and will also include Rwanda.

U.S. Trade Representative Jamieson Greer says President Donald Trump has found that the governments of South Africa and Rwanda are engaging in practices that are inconsistent with AGOA’s eligibility criteria.

These concerning and pervasive practices, Greer says, include barriers that undermine American trade and investment and threaten U.S. national security and foreign policy interests in the region.

The move is not unexpected and follows US expressions of concern over farm attacks, which Trump has called a white genocide, along with South Africa’s military and diplomatic links with Russia, China and Iran.

Citrus exporters are likely to be hit hardest.

The Citrus Growers’ Association of Southern Africa says this will be a loss not just for us, but also for the US consumer.

South Africa has traditionally exported to America during their off-season.

COSATU says it is deeply concerned about the impact the expulsion will have on thousands of manufacturing and agricultural jobs.

Speaking ahead of the decision last week, trade, industry and competition minister Parks Tau said the country had done all it could to stay in the pact.

October has been another good month for new vehicle sales in the country.

Sales hit 61,980 units, up 10.4% year-on-year.

It’s the industry’s 25th consecutive month of growth and only the second time this year that monthly sales have exceeded 60,000 units.

One standout number: Suzuki hit a record high for that marque and, according to Cars.co.za, shows that South Africans are making value-led decisions.

MARKETS — OIL PRICE DROPS ON POSSIBLE U.S.-IRAN PEACE TALKS

In markets, the big hope is a falling oil price. From $116 per barrel on Friday evening, it’s now down to just under $105.00 as Iran’s Supreme Leader gives the green light for his government to hold talks on an end to the war with the US and Israel.

That has rippled through to the markets. At the bell last evening, the JSE All Share was up 1.8%, the Top 40 up just over 2%. The rand has also picked up slightly – R16.62 to the dollar, R18.59 to the euro and R22.28 to sterling. The dollar itself is unchanged at $1.12 to the euro.

Further afield, London’s FTSE closed last evening up 0.3%, while in New York, the Dow was down 0.4%, the S&P 500 down 0.5% and the Nasdaq down 1.1%.

No Tokyo this morning – closed for a holiday – Hong Kong is up 0.4%, and Sydney is flat.

Gold $3,929, platinum $1,447, and Bitcoin just over $76,600.

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