By Bhargav Acharya and Sfundo Parakozov JOHANNESBURG (Reuters) -South African assets remained under pressure on Thursday after being hit by a double-whammy of U.S. President Donald Trump's announcement of new and higher tariffs and a contentious budget vote that has threatened the ruling coalition's future.

The Minerals Council South Africa has expressed concern about the potential damage to global economic growth and the resultant lower demand for South Africa’s minerals as a result of sweeping tariffs imposed by the US government on imports from foreign countries.

Some of the highest rates will be levied on smaller African countries, with goods from Lesotho facing 50% tariffs.

President Donald Trump's move to impose sweeping tariffs on U.S. imports sparked threats of retaliation on Thursday, as companies and governments rushed to count the costs from an escalating trade war that threatens to shake up global alliances.

President Trump imposed the steepest American tariffs in a century as he steps up his campaign to reshape the global economy. Many African countries have been hit with the so-called reciprocal tariffs including a 31% levy on South Africa and 50% on Lesotho.

President Trump on Wednesday announced sweeping new tariffs, threatening to upend much of the architecture of the global economy and trigger broader trade wars.

European shares tumbled on Thursday, notching their biggest daily loss in eight months, on fears an escalating trade war would slam the brakes on economic growth in the wake of hefty tariffs announced by U.

A 50% reciprocal trade tariff on Lesotho, the highest levy on U.S. President Donald Trump's long list of target economies, will kill the tiny Southern African kingdom that Trump ridiculed last month,

President Donald Trump's move to slap a 10% tariff on most goods imported to the United States, as well as much higher levies on dozens of rivals and allies alike, has intensified a global trade war that threatens to stoke inflation and stall growth.