The South African rand was on the backfoot in early trade on Friday, as investors weighed the prospect of higher tariffs on exports to the United States after the country failed to clinch a trade agreement before Washington's deadline.

The South African rand strengthened against the dollar on Friday, erasing earlier losses after a key report showed the US labor market cooled sharply over the past three months.

The confirmed US tariff on South Africa that will apply from 7 August is bad news for the South African economy, rand and jobs.