Statement from Trade and Investment Minister Todd McClay in respect of US Supreme Court Ruling on ‘Liberation Day Tariffs’

The US Supreme Court announcement overnight has the potential to be important for NZ exporters, however considerable uncertainty is likely to remain.

Our exports have been holding up well in the US market since the Administration imposed a 15 per cent 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 per cent 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 per cent.

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.