FX.co ★ New Zealand Expects No Reprieve on U.S. Tariffs: PM Luxon

New Zealand Prime Minister Christopher Luxon has admitted that it's unlikely Wellington will manage to negotiate a reduction in the newly instated U.S. tariff on New Zealand goods. As of August 1, the United States unexpectedly increased the tariff rate to 15%, a rise from the previously indicated 10%, and higher than those on goods from competitors such as Australia and the United Kingdom. In response, New Zealand dispatched a senior trade representative to Washington, and Trade Minister Todd McClay is expected to visit soon as well. However, during an interview with Radio New Zealand, Luxon expressed his doubts, stating, "I don’t think it’s going to change our situation in a tariff sense, the President and the administration is pretty set on that.” He underscored the significance of maintaining "ongoing dialogue with the Americans." The United States is New Zealand's second-largest export market, with exports totaling NZD 9.3 billion in the past year.