DTNZ: U.S. removes extra tariffs on key NZ agricultural exports

Trade and Agriculture Minister Todd McClay has cautiously welcomed the United States’ decision to remove additional reciprocal tariffs on several major Kiwi agricultural exports, including beef, offal and kiwifruit — goods that make up roughly a quarter of New Zealand’s US-bound exports and are worth about NZ$2.21 billion a year.

The tariffs, introduced in April at 10% and raised to 15% in August due to what Washington called a “modest” trade surplus in New Zealand’s favour, have caused months of uncertainty and higher costs for exporters.

McClay said the rollback would save around $330 million in extra duties and restore much-needed stability, but emphasised it was only a partial victory, with tariffs still applying to other key products and the wider reciprocal tariff regime continuing to undermine confidence.

He said New Zealand already offers the US a highly open market, with average tariffs of just 0.3%, and that he will continue pressing US Trade Representative Jamieson Greer to remove all remaining retaliatory tariffs.

Daily Telegraph New Zealand (DTNZ) is an independent news website, first published in October 2021. - where this article was sourced.