Oil Price And Rand Are Plunging - What This Could Mean For May's Fuel Price

Global recession is on the lips of many economists as stock markets continue to crash this week amid the intensified global trade war sparked by Donald Trumps Liberation Day tariffs.

On Wednesday the world was bracing for even more market turmoil after the US hit China with 104 tariffs following the latters counter-measures to Trumps initial 34 levy threat.

These global events, in tandem with uncertainty surrounding the future of South Africas Government of National Unity GNU, have seen the rand plummet by 7 since the beginning of April.

On Wednesday, the local currency was trading at R19.65, having depreciated from R18.36 at the beginning of the month, just before Trump's tariff announcements and the subsequent retaliations sent markets into a free-fall.

This has dire implications for inflation in South Africa, with prices of imported goods set to increase if the local currency does not bounce back from its current two-year lows.