Reported about 14 hours ago
Lesotho, one of the world's poorest nations, is facing severe economic challenges due to US President Donald Trump's tariff policies, which have devastated its vital textile industry and increased unemployment. Initially imposing a 50% tariff on denim imports from Lesotho, the US later reduced it to 15%, yet it remains higher than rates for competing countries. This shift has caused significant job losses in a sector that employs around 12,000 people, with Prime Minister Sam Matekane indicating the need for further negotiations to reduce tariffs. The impact of these tariffs, likened to a 'wake-up call,' could reshape Lesotho's economic landscape as some workers face a staggering unemployment rate of 30%.
Source: YAHOO