JOHANNESBURG, Feb 11 (Reuters) – South Africa’s rand weakened early on Tuesday as traders gauged the effects of U.S. President Donald Trump’s tariffs on steel and aluminium imports, which risk sparking a multi-front trade war.

At 0727 GMT, the rand traded at 18.4725 against the U.S. dollar, about 0.1% softer than its previous close.

Trump imposed tariffs on steel and aluminium imports on Monday to a flat 25% “without exceptions or exemptions” aiming to benefit production in the world’s biggest economy.

ETM Analytics said in a research note that South Africa “will be minimally affected”.

“For now, the USD-ZAR will trade cautiously and without clear direction, until Trump’s policies are understood and the implications are more quantifiable than they are now,” the note added.

South Africa-focussed investors will look to December manufacturing data due around 1100 GMT, for signs on the health of Africa’s most industrialised economy. Economists polled by Reuters expect manufacturing output to fall 1.7%.

South Africa’s benchmark 2030 government bond was weaker in early deals, with the yield up 1 basis point to 9.11%.

On the Johannesburg Stock Exchange, the blue-chip Top-40 index last traded about 0.4% weaker. Shares in steel producer ArcelorMittal South Africa traded 2% weaker on the news of Trump’s tariffs.

(Reporting by Sfundo Parakozov; Editing by Tannur Anders and Ed Osmond)