South Africa's commodity-backed currency was steady on Thursday, supported by higher gold prices as investors fled to the safe-haven metal after steep tariffs imposed by U.S. President Donald Trump took effect.

South Africa faces the highest rate in sub-Saharan Africa, reflecting Trump's strained relationship with the government of President Cyril Ramaphosa. Other African nations, including Nigeria, Ghana, Lesotho and Zimbabwe have been hit with a 15% tariff, which will also come into effect in seven days.

South African authorities have warned that U.S. reciprocal tariffs could put an estimated 30,000 jobs at risk.

South Africa's central bank believes U.S. tariffs will only have a modest impact on the country's economic growth while leaving its inflation levels broadly unchanged, its governor said on Friday.

Slapped with a steep tariff, South African officials hope for a deal, but some worry the U.S. may insist that it roll back measures that redress the damage of apartheid.

The USD/ZAR exchange rate dropped to a low of 17.72, its lowest level since July 25, and 3.3% below this month’s high.

South Africa on Monday outlined support measures for local companies that will be hit by a 30% U.S. tariff this week, including exemptions from some competition rules and financial support facilities.

Speaking on the matter, Trade, Industry and Competition Minister Parks Tau emphasized that South Africa has chosen not to retaliate with counter-tariffs, preferring instead to pursue resolution through negotiations.

The South African rand was little changed on Friday as investors awaited details of President Cyril Ramaphosa's telephone call with his U.S. counterpart President Donald Trump on bilateral trade.