Global trade war 'bad news for NZ'
A global trade war beckons, which is bad news for a small open economy like New Zealand, warns Mark Smith ASB senior economist.
Fonterra says the US continues to be an important market for New Zealand dairy and the co-op.
The co-op’s group director global external affairs Simon Tucker says they are working to fully understand and assess the exact implications of new tariffs announced today.
As part of his much touted ‘Liberation Day’ announcement, President Donald Trump announced far-reaching new tariffs on nearly all US trading partners — a 34% tax on imports from China and 20% on the European Union, among others. All New Zealand and Australian imports will now attract a 10% tariff.
Fonterra is a key ingredient supplier to some of the US’ largest ready-to-drink product makers. This includes Premier Nutrition Company, owners of Premier Protein, the number one brand in the US ready-to-drink category. The new tariff means additional costs across the supply chain and ultimately, a higher price for US consumers.
Tucker says Fonterra wants to avoid tariffs in all its markets.
“Obviously, we always want to avoid any increases in tariffs or other trade barriers across all the markets we operate in.
“Tariffs and other trade barriers create additional costs across the supply chain, which are ultimately borne by local consumers.
“Fonterra has a long history of navigating difficult and protected trade environments, and we will continue to do so during the period ahead.”
A global trade war beckons, which is bad news for a small open economy like New Zealand, warns Mark Smith ASB senior economist.
Carterton's Awakare Farm has long stood as a place where family, tradition and innovation intersect.
Fonterra says the US continues to be an important market for New Zealand dairy and the co-op.
Trade and Agriculture Minister Todd McClay says New Zealand's trade interests are best served in a world where trade flows freely.
New Zealand's red meat sector says it is disappointed by the United States' decision to impose tariffs on New Zealand exports.
OPINION: Farmers nationwide will be rubbing their hands with glee at the latest news from the Government about the RMA reforms.
OPINION: Is it the beginning of the end for Greenpeace?
OPINION: The good times felt across the dairy sector weren't lost at last week's Beef + Lamb NZ annual meeting.