South Africa’s government is putting the final touches to an overarching package that aims to shield businesses against the fallout from punitive US trade tariffs and plans to present it to lawmakers later this week.

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.

South Africa is seeking new markets in Africa and Asia as it negotiates with the United States over looming 30-percent trade tariffs, which could cost