The South African rand edged up in early trade on Tuesday, buoyed by hopes the country could still salvage a less damaging trade deal with the United States after President Donald Trump extended a tariff deadline to August 1.

The United States has imposed a 30 percent tariff on all South African exports to establish what it called a ‘’more balanced and fair trade’’ and threatened more tariffs if Africa’s biggest economy retaliates.

President Donald Trump revealed new higher tariff rates for more than a dozen countries after hitting Japan and South Korea first earlier in the day.