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15 MyOSPRI knocked on its pricey head
Sector braces for high cost of Trump win Neal Wallace & Nigel Stirling
POLITICS
Trade
N
EW Zealand primary sector exporters to the United States could be lumped with hundreds of millions of dollars in tariff charges as a result of presidentelect Donald Trump’s America First policies. Trump was last week elected the 47th president of the US on the back of policies many consider protectionist and include the imposition of import tariffs of between 10% and 100%.
It has got to be more than a 50% chance of him following through. Stephen Jacobi International Business Forum The US is NZ’s biggest market for beef and wine and second biggest for lamb. Sales of beef last year were worth $2.2 billion, lamb $1.2bn, wine $800 million and dairy $1.2bn. Sense Partners economist John Ballingall calculated the bill for importers of NZ goods with a 20% tariff could reach $1.76bn based on total exports to the US of $8.8bn. Meat Industry Association chief executive Sirma Karapeeva
described the tariff threat as significant, making all NZ products more expensive as importers pass on cost increases to consumers. “In general, NZ enjoys a very good trade relationship with the US. NZ and US officials have a good working relationship, which helps to address any issues as they arise.” Beef + Lamb NZ chair Kate Acland said what the many comments made by Trump during the campaign mean in practice, is unknown. “What we do know is that we have a strong relationship with the US and there is strong demand for our products. These facts will stand us in good stead going forward.” NZ Wine chief executive Philip Gregan said his members are playing a wait-and-see game. “The US is a big market. We don’t know if there will be any tariff, when it will be imposed, what level, when or if there will be conditions.” The tariffs are part of Trump’s America First economic policy, which specifically mentions protection of US farmers from what he calls unfair foreign competition. “We will prioritise domestic production and ensure national independence in essential goods and services,” the Republican Party policy states. Continued page 5
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Vol 22 No 44 | November 11, 2024
Leaning in to cows for 40-plus years Veteran dairy vet Bill Teague, pictured with daughter Sarah Beaven and granddaughter Sophie, 4, has practised for decades, and these days he’s training the next generation too. Photo: Tim Cuff
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OPINION 21