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.

The president’s statement comes as the trading bloc including Brazil, Russia, India, China, and South Africa is meeting in Rio de Janeiro this week. President Donald Trump is threatening to add an additional 10% tariff on countries that align with the so-called “anti-American policies of BRICS,