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Trade Minister Todd McClay
Global trade has been thrown into another bout of uncertainty following the overnight ruling by US Supreme Court, striking down President Donald Trump's decision to impose additional tariffs on trading partners.
Trade Minister Todd McClay says the US Supreme Court announcement has the potential to be important for NZ exporters, however considerable uncertainty is likely to remain.
In a 6-3 decision, the Supreme Court ruled that Congress, not the president, has the power to impose tariffs.
They also noted that nothing in the law that the president based his tariffs on, the Emergency Economic Powers Act of 1977, delegated such sweeping powers to Trump.
McClay says NZ exports have been holding up well in the US market since the Trump Administration imposed a 15% tariff on New Zealand, with evidence that in many cases cost increases are being passed on.
“Any reduction in tariffs is welcome news. New Zealand does not believe the 15% tariff imposed on many of our exporters is warranted given the average tariff rate applied to US goods into New Zealand is just 0.3%.
“Our Embassy in Washington will engage with their counterparts to get more information so we can continue to work with exporters, however uncertainty around US tariff policy is likely to remain for an extended period of time.”
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