The southern African nation of Lesotho has had its U.S. export tariff reduced from a threatened 50% to 15% but its crucial textile industry still faces massive factory closures, officials said on Friday.

Lesotho's modified tariff rate of 15% may still not be enough to save its textiles industry, its trade minister said on Friday, a day after U.S. President Donald Trump lowered it from a devastating 50% rate he had threatened to implement earlier.

(Reuters) -The small African country Lesotho received a modified tariff rate of 15% Thursday from U.S. President Donald Trump as the nation continued to reel from high tariffs the administration had threatened to implement earlier this year.