Communications Minister Solly Malatsi's controversial proposal to amend South Africa's black empowerment policy in the digital sector has ignited fierce backlash, raising critical questions about foreign influence and the future of local ownership.

During CNBC’s Squawk Box Monday, co-host Andrew Ross Sorkin asked Tennessee Senator Bill Hagerty about the president’s recent outrage at Walmart. The mega retail chain’s CFO warned last week that consumers might start to see higher prices on products as soon as June.