‘No surprise’: Trade Minister Todd McClay says potential higher US tariffs are not unexpected
New Zealand Trade Minister Todd McClay stated that potential increases in US tariffs on New Zealand goods are not unexpected. The comments followed a major trade summit in Auckland focused on strengthening global trade rules and economic security.
Why it matters
As global trade systems face pressure, New Zealand's diplomatic efforts to maintain open markets are vital for its export-dependent economy.
Trade Minister Todd McClay says he is not surprised that United States Government tariffs on New Zealand goods could rise.
New Zealand exports to America are currently subject to a 10% tariff.
But there is speculation that could very soon rise to 12.5%.
Talking to media after the Future of Investment and Trade (FIT) Partnership ministerial meeting wrapped up in Auckland this week, McClay said a larger tariff wasn’t unexpected.
“There will be no surprise that actually the US tariff rate may be about to change,” he said.
McClay said the Government had indicated it expected a new mechanism would be put in place to reinforce the tariff rate US President Donald Trump had campaigned on.
The FIT partnership meeting has been one of the biggest trade gatherings held in New Zealand for two decades.
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