The South African rand seesawed Tuesday after the country's ruling party withdrew a land-reform policy passed by parliament in 2016 amid a constitutional review.
The redistribution of farmable land is a highly charged political issue in South Africa tracing back to the country's painful history of white-rule apartheid that ended in 1994.
"We are in full support of the need to undertake land reforms to address the issues of inequality". Almost a quarter century after the end of apartheid, the country remains racially divided and unequal, and the ANC plan aims to improve the lives of the many poor black South Africans.
President Donald Trump incensed South Africa by wading into a politically fraught debate on land reform issues and violence against white farmers, a rallying cry for white nationalists in the United States and elsewhere.
Commenting on the South African economy, Mr Mlachila said the International Monetary Fund was unlikely to revise its growth forecast upwards.
He said: "Given the weaknesses in growth indicators in the second quarter of 2018, I don't see us revising upwards".
"It goes to great lengths to explain why a proper reading of the [South African] constitution allows the state to "effect expropriation of land with just and equitable compensation and also expropriation without compensation in the public interest". "South African Government is now seizing land from white farmers", Trump said. Zizi Kodwa, head of the presidency in President Cyril Ramaphosa's government, told South African media that Trump was the "modern leader of the racist group Ku Klux Klan and president of AfriForum in America".
However, the current U.S. agenda, which includes the decision to introduce export duties on steel and aluminum, has brought the poultry strife back on the table, putting at risk $2 billion of South African exports to the USA under the African Growth and Opportunity Act (AGOA).
Current British Prime Minister Theresa May was certainly more circumspect during a visit to South Africa this week, telling journalists her government fully supported the country's land reform programme provided it was carried out legally.
In turn, the South African government accused Mr Trump of stoking racial divisions.