JOHANNESBURG, Feb 3 (Reuters) – South Africa’s rand, stocks and government bonds slumped on Monday, after U.S. President Donald Trump said he would cut off funding for the country.

At 0708 GMT, the rand traded at 18.8975 against the U.S. dollar, about 1% weaker than its closing level on Friday.

On the Johannesburg Stock Exchange the Top-40 index last traded down about 1.3%, while the benchmark 2030 government bond tumbled as the yield rose 12.5 basis points to 9.18%.

Trump said on Sunday, without citing evidence, that “certain classes of people” in South Africa were being treated “very badly” and he would suspend aid until the matter was investigated.

He said South Africa was confiscating land, about a week after President Cyril Ramaphosa signed into law legislation that allows the state to expropriate land in the public interest under certain circumstances.

South Africa’s foreign ministry responded on Monday by saying its expropriation act was not exceptional. It added that it trusted Trump’s advisors would use the investigative period to get a thorough understanding of South Africa’s policies.

Over the weekend, Trump imposed sweeping tariffs on Canada, Mexico and China, sending global currencies to multi-year lows.

(Editing by Alexander Winning and Bernadette Baum)