New Zealand’s Luxon Sees Little Chance of US Cutting 15% Tariffs

New Zealand Prime Minister Christopher Luxon said his government is unlikely to secure any near-term reduction in the 15% tariff the United States levies on New Zealand exports. Speaking at a Wellington press briefing, Luxon acknowledged that months of talks with Washington have not yielded progress and that the current rate is expected to remain in place. Luxon added that the past three months have been “challenging” for the domestic economy and signalled that he expects future interest-rate cuts by the Reserve Bank of New Zealand to bolster activity. He did not specify a timetable for possible monetary easing.