New Zealand, US pursue further negotiations for tariffs

WELLINGTON: New Zealand and the United States (US) trade officials met in Washington to address concerns over new US tariffs on goods from the South Pacific nation, according to a government statement issued on Friday, reported Xinhua.

New Zealand's Minister for Agriculture, Trade and Investment, Todd McClay, said the latest five per cent tariff hike, raising the minimum rate for certain countries to 15 per cent, posed significant challenges for Kiwi exporters, especially compared to countries that heavily subsidise their production.

US Trade Representative Jamieson Greer acknowledged New Zealand's low tariffs on US imports, currently averaging just 0.3 per cent, but explained the tariff increase was linked to the US targeting countries with a trade surplus in their favour.

Officials also discussed ongoing trade investigations in sectors such as steel, aluminium, pharmaceuticals, and timber, the statement said.

Both sides agreed to continued dialogue in the coming months, with trade officials set to meet and discuss the impact of tariffs on New Zealand-US trade and practical ways to ensure greater certainty for exporters, it said.

The next ministerial meetings are scheduled at the Association of Southeast Asian Nations Trade Ministers' Meeting in Malaysia in September and the Asia-Pacific Economic Cooperation Leaders' Summit in South Korea in October, where further steps to strengthen bilateral trade relations will be considered, it added.

--BERNAMA-XINHUA