South Africa knew tariffs from the U.S. were coming and wanted to figure out how to appease President Trump. So it turned to Goldman Sachs.

Since late February, South African leaders including President Cyril Ramaphosa have held conversations with the bank about trade and improving relations with the U.S., people familiar with the matter said. One piece of advice Goldman gave to the president: consider changing a law, even at the margins, that requires Black ownership of some companies, and another that allows the government to seize property from landowners to address racial disparities.