S. African ruling party warns U.S. of unintended consequences from trade wars – Xinhua

CAPE TOWN, July 4 (Xinhua) — The ruling African National Congress (ANC) on Wednesday warned the United States of unintended consequences arising from its trade wars with other countries.

This came after the South African rand continued its depreciation and the fuel price skyrocketed to its highest level ever.

The ruling party blamed the United States for the rand depreciation and the fuel price hike.

“The rand depreciation is beyond our control and is fueled largely by U.S. trade wars, the selling of assets in emerging markets and portfolio outflows,” the party said in a statement emailed to Xinhua.

“We also accept that the fuel price increase is inevitable due to global crude oil prices increases” as a result U.S.-imposed sanctions on some oil producing countries, the ANC said.

The ANC…

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