# A survey by the Rand Merchant Bank, compiled by the Bureau of Economic Research indicates that South African business confidence declined in the second quarter of 2025, falling to 40 points from 45. The drop is driven by US president Donald Trump’s new tariffs and ongoing local logistical constraints. Only wholesale traders reported improved confidence, with all other sectors seeing declines. RMB says more action is needed to revive growth despite a repo rate cut to 7.25-percent.
Business confidence drops amid trade tensions and local challenges