JPMorgan said on Tuesday the recently imposed 30% U.S. tariffs on South African exports are expected to have a limited effect on the country's assets, as markets have "largely priced in the reality of higher tariff headwinds".

South Africa will submit a revised trade proposal to the United States to reduce the newly imposed 30 percent tariff and seek alternative export markets to offset the impact, a government official said Tuesday.

South Africa’s trade department has drafted proposed regulations that will allow exporters to collaborate to ease the impact of 30% tariffs the US levied on imports from the nation.