The South African rand has clawed back some losses following a rough few days. The rand currency slumped 10% against the U.S. dollar on Monday, hitting its lowest level in two years. The currency pushed over 15 against the greenback following President Trump's decision to double tariffs on steel imports from Turkey. Emerging markets have been hard hit in recent months over growing tensions between the US and China over tariff hikes. Our Sumitra Nydoo has this report from Johannesburg, South Africa.

Emerging markets are feeling the pain of US President Donald Trump's latest move to double tariffs on Turkish steel and aluminum imports. The South African Rand reacted immediately slumping to over 15 against the dollar, levels last seen in 2016.

MATETE THULARE FOREX DEALER, RAND MERCHANT BANK "Turkey has weakened about 45% on a year-to-date basis. The Rand in the same period has weakened about 13%. So, it is just showing you that you know with Turkey now against the Dollar above 7, it is levels that we've never seen before, and I think if anything, this is just unchartered territory."

The South African market has already felt the heavy hand of Trump. Tariffs on South African steel were lifted earlier this year. China, South Africa's largest trading partner, has also been hit with more goods listed under Washington's new tariff hikes.

DAVID SHAPIRO, DEPUTY CHAIRMAN SASFIN SECURITIES "He's finding that tariff increases is an easy way at getting at other people, other nations as we've seen now with Turkey. So, it becomes a war and he's not the kind of person who backs down and a lot of this is to satisfy his base, his base thinks he's great. He's attacking his allies."

But it's not all about the US. South Africa has its own set of domestic challenges. The country's governing party, the ANC, has insisted on fast tracking land expropriation without compensation. That's also making investors nervous.

MATETE THULARE FOREX DEALER, RAND MERCHANT BANK "For investors, they quite wary in terms of how it's gonna be implemented and which land is going to be taken. So, I think if anything, South Africa is facing at the moment some poor fundamentals in terms of policies and also some structural issues in terms of the state owned enterprises which are under a lot of stress."

Oil prices too are creeping beyond $70 a barrel.

SUMITRA NYDOO JOHANNESBURG "It's more bad news for South African consumers, for motorists in particular. Petrol prices have gone up 11% since the beginning of the year as a result of the weaker currency."

DAVID SHAPIRO, DEPUTY CHAIRMAN SASFIN SECURITIES "So when you get a Rand at 14 with an oil price at those levels, it has a big impact on our current account, on our trading account, and of course on our current account deficit as well. So, from an inflation point of view as well, we're expecting inflation to pick up."

Trump's protectionist moves are expected to cause more volatility in global markets with emerging economies bearing the brunt of this trade war. SN, CGTN, JHB, SA.