Last week, US President Trump revealed his Administration’s ‘Reciprocal Tariffs’ policy, announcing a 10 percent tariff on all imports of goods, with many countries facing much higher tariffs on a reciprocal basis.
New Zealand exporters will now face a 10 percent tariff rate.
The new tariff announcement also wiped trillions of dollars off share markets around the world this week.
Minister of Trade and Investment, Hon Todd McClay said: “While this is a significant development, New Zealand remains competitive against other exporters in the U.S. market. New Zealand’s interests are best served in a world where trade flows freely. While these tariffs create additional costs that will largely be passed on to consumers, New Zealand is in a stronger position than many other countries, some who are facing higher tariff barriers. This reinforces the importance of our work to create new trade opportunities and reduce barriers for our exporters in the EU, UK, UAE, GCC and most recently India.”
Law firm Minter Ellison Rudd Watts has issued an update on these announcements that provides practical recommendations for New Zealand exporters seeking to protect their market positions in the US. You can read more here.
