Trump tariffs and New Zealand impact

The story so far

US President Donald Trump imposed steep tariffs on imports from Canada, Mexico and China in early February 2025, acknowledging they may cause some pain for Americans.^{3, 4 Feb 2025} Economists warned that a retaliatory trade war could hurt New Zealand exports and keep local interest rates higher.^{3, 4 Feb 2025} Finance Minister Nicola Willis said the government would engage respectfully with the United States to protect trade access, and that New Zealand would not be directly affected.^{4 Feb 2025} Trump then agreed to a 30-day suspension of the threatened tariffs on Canada and Mexico, after both countries pledged to increase border and crime enforcement, while China tariffs were expected to take effect shortly.^{4 Feb 2025} In March, KiwiSaver providers warned the tariffs could lower investment balances, though the impact may not be permanent, and the NZX opened lower amid global market volatility.^{5, 11 Mar 2025}

What's next

McClay intends to meet Greer in person in the near future.^{16 Mar 2025}

Key moments

1. 3 Feb 2025Trump signs steep tariffs on Mexico, Canada and China.
2. 4 Feb 2025Trump agrees to 30-day pause on Canada and Mexico tariffs.
3. 5 Mar 2025KiwiSaver providers warn tariffs may lower investment balances.
4. 11 Mar 2025NZX opens lower amid global market volatility linked to Trump.
5. 13 Mar 2025Trump threatens more tariffs on EU goods; trading partners signal retaliation.
6. 16 Mar 2025McClay and Greer hold first official NZ-US trade talks, online.

Written from the stories below; each sentence links to its sources.