FX.co ★ US to Remove Tariffs on $1.25 Billion of New Zealand Exports

New Zealand expressed approval on Sunday following the United States' decision to lift certain tariffs on New Zealand agricultural exports, including beef, offal, and kiwifruit. However, the country expressed a desire for the complete removal of all additional US tariffs on its products. President Donald Trump announced on Friday the removal of tariffs on more than 200 food items, including beef, in response to consumer concerns over escalating grocery prices in the US. These items represent approximately 25% of New Zealand’s exports to the US, valued at about NZ$2.21 billion (equivalent to $1.25 billion USD) annually, according to data provided by the New Zealand government. New Zealand's Trade Minister, Todd McClay, remarked in a statement reported by Reuters, "The United States remains a crucial trade ally for New Zealand, and the lifting of these tariffs marks a positive development. This change will be appreciated by exporters who have grappled with months of uncertainty and elevated costs."