U.S. Tariff Developments
As I'm sure you're all well aware from the noise coming out of the US at present, US President Trump has signed an Executive Order on reciprocal tariffs, meaning that goods exported from NZ to the USA are subject to an additional 10% tariff from 5th April 2025.
There are numerous products such as steel, aluminium, key auto mobiles & parts, lumber, copper, semi-conductors, and pharmaceuticals that may be subject to additional or alternative sector-specific tariffs.
New Zealand's export of goods to the US were worth just under $9 billion last year; approximately 12.7% of all NZ exports during the same time period.
Tariffs imposed on other countries by the US are continuing to be monitored as well to determine how these will affect international trade.
If you have any questions or concerns, please reach out to the Hobbs Team!