Fig. 1.
US reciprocal tariff rates
Source: Glauber et al., 2025.
Fig. 2.
Share of agricultural exports to the US in 2023
Source: Glauber et al., 2025.
Fig. 3.
Export value of selected agricultural products from (a) South Africa, (b) United Kingdom and (c) Netherlands to the US (1986–2023)
Source: FAOSTAT, 2025.
Fig. 4.
Daily closing stock prices for (a) Naked Wines, (b) British American Tobacco, (c) Heineken, and (d) Premier Group Limited (The shaded area represents the time between President Donald Trump’s inauguration on the 20th of January 2025 and the tariff-effective day on the 2nd of April 2025.
Source: BAT, 2025; Heineken, 2025; Naked Wines, 2025; Premier Group Limited, 2025.
Fig. 5.
Daily exchange rates against the US Dollar
Source: Fxtop, 2025a, 2025b, 2025c.
Table 1.
Descriptive statistics
| Minimum | Maximum | Mean | Std. Deviation | Skewness | Kurtosis | |
|---|---|---|---|---|---|---|
| Naked Wines (GBP) | 43 | 92 | 55.29 | 9.12 | 1.64 | 3.06 |
| British American Tobacco (GBP) | 2631 | 3394 | 2983.53 | 181.84 | −0.15 | −0.46 |
| Heineken (EUR) | 64.08 | 82.28 | 72.90 | 5.00 | 0.12 | −1.28 |
| Premier Group Limited (ZAR) | 10376 | 13600 | 12127.50 | 709.21 | −0.37 | −0.58 |
| EUR/USD | 1.02 | 1.13 | 1.06 | 0.02 | 0.47 | −0.78 |
| ZAR/USD | 0.05 | 0.06 | 0.05 | 0.00 | −0.04 | −0.25 |
| GBP/USD | 1.21 | 1.32 | 1.27 | 0.02 | −0.24 | −0.89 |
