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New Zealand welcomes removal of agricultural tariffs
New Zealand welcomed Donald Trump’s announcement that he would remove additional tariffs on a range of New Zealand agricultural products, while saying it would also like to see additional United States tariffs on its goods removed. Trump announced tariff exemptions on many agricultural goods, including New Zealand beef and kiwi fruit. These products, alongside other agricultural goods, account for 25% of New Zealand’s exports to the U.S. and are worth around NZ$2.21 billion a year, according to New Zealand’s trade minister, Todd McClay. “The U.S. remains an important trade partner for New Zealand and the decision to lift these tariffs is a step in the right direction and will be welcomed by exporters who have faced months of uncertainty and higher costs,” McClay said. McClay said while beef exports to the U.S. have decreased, he expects them to bounce back to the volume before the tariffs were introduced. Meat Industry Association chief executive, Nathan Guy, said it seemed beef would revert to the 1% tariff, but that lamb was still subject to the 15% tariff. "We've always thought these tariffs could indeed be inflationary for U.S. consumers," he said. "This is a very important market for us, indeed it is our
Trade
Trump cuts tariffs on US food imports
United States President Donald Trump has rolled back tariffs on goods like coffee, beef, tomatoes, and bananas in an executive order to combat growing concerns of rising costs. This marks a sharp turn for Trump, who previously claimed his import duties were not fueling inflation. It also follows a string of democratic victories in state and city elections in Virginia, New Jersey and New York City, where affordability was a key topic. In a post to Truth Social just hours before he loosened the agricultural tariffs, Trump said costs were higher under the Biden administration. “Costs under the TRUMP ADMINISTRATION are tumbling down,” he said. The tariff exemptions come just a day after Trump made trade framework agreements with four Latin American countries, including 10% tariffs on most goods from Argentina, Guatemala, and El Salvador, and 15% from Ecuador. The exemptions aim to moderate grocery price increases, as Consumer Price Index data showed food-at-home prices increased by around 2.7% year-over-year in September. The Australian government has welcomed the executive order, which will mean one of the country's leading exports to the U.S., beef, will no longer be subject to a 10% tariff. “We welcome the r
Trade
US cuts tariffs on Switzerland to 15%
The United States has agreed to cut its tariffs on imports from Switzerland to 15%, with Swiss companies set to invest US$200 billion (A$306.4 billion) in the U.S. by the end of 2028. Tariffs on Switzerland were initially 39%, but will now be in line with the U.S. tariffs on the European Union. “Under the declaration of intent, at the same time as the reduction in U.S. tariffs, Switzerland will reduce import duties on a range of U.S. products. In addition to all industrial products, fish and seafood, this includes agricultural products from the U.S. that Switzerland considers non-sensitive,” wrote Switzerland’s government. “The announcement of the reduction in additional U.S. tariffs on Swiss imports will serve to stabilise bilateral trade relations. Although overall tariffs remain higher than before the additional tariffs were introduced in April, the agreed reduction in additional tariffs is expected to have a positive impact on the Swiss economy.” The trade agreement also applies to Liechtenstein, which will similarly have its tariffs lowered to 15%. Liechtenstein will invest at least $300 million into the U.S. under the deal, and increase the number of jobs its companies create in the U.S. by 50% across the next fi
Trade
India approves US$5.1bn for exporters hurt by US tariffs
India’s cabinet has approved 450.6 billion rupees (US$5.1 billion) for its exporters crushed by steep United States tariffs as the nations continue working toward a trade deal. The federal cabinet approved collateral-free loans worth 200 billion rupees, with another 250.6 billion rupees to be handed out over the next six years through a program to improve access to trade finance, ease compliance and logistics. India’s Minister for Information and Technology, Ashwini Vaishnaw, said this would provide credit guarantees on loans of up to 500 million rupees. Indian exporters had been seeking relief since President Donald Trump singled India out for purchasing Russian oil and slammed the country with a 50% tariff. Labour-intensive industries were hit hardest, according to exporters. Sectors including textiles, jewellery and seafood, particularly shrimp, which all operate on margins of just 3%-5% saw the biggest impact, causing job losses in industrial hubs in Tamil Nadu and Gujarat. This made their goods uncompetitive compared to Asian rivals like Vietnam and Bangladesh and caused Indian exports to the U.S. to fall 12% in September to $5.43 billion, with engineering goods shipments down around 10%.
Trade
US and Switzerland near deal to lower 39% tariffs
The United States and Switzerland are nearing a deal to lower the 39% tariffs U.S. President Donald Trump slapped on the country in August. Trump said Switzerland was a “very good ally” and that White House Officials were “working on a deal to get tariffs lower”. “I haven’t set any number, but we’re going to be working on something to help Switzerland,” he told reporters in the Oval Office. “We hit Switzerland very hard. But we want Switzerland to remain successful.” This comes as Swiss companies are beginning to feel the strain of the 39% tariff imposed in August, which was the highest levy faced by any developing economy. This includes the CEO of Swiss luxury watchmaker Breitling telling CNBC that the duty was “horrible” for Switzerland. Switzerland is now inching closer to a 15% tariff, which would match the rate imposed on EU exports to the U.S.. A spokesperson at Switzerland’s economy ministry said they will not be commenting on the ongoing discussion, but added that the Swiss Economy Minister Guy Parmelin is in regular contact with the relevant authorities in the U.S.. Last year, the U.S. goods trade deficit with Switzerland amounted to US$38.5 billion, according to the Office of the United States Tra

Trade
China reduces tariffs on some US goods
China has suspended retaliatory tariffs on some United States imports, including duties on farm goods, following a meeting between the country's leaders last week. Despite the lift on some tariffs, imports of U.S. soybeans will still face a 13% tariff, including a 3% base tariff. This is a cost that traders said makes U.S. shipments still too expensive for commercial buyers compared to Brazilian alternatives. "We don't expect any demand from China to return to the U.S. market with this change," said one trader at an international trading company. "Brazil is cheaper than U.S. and even non-Chinese buyers are taking Brazilian cargoes." The State Council Commission announced it would remove duties of up to 15% it imposed on certain U.S. farming goods from 10 November. It is still maintaining the 10% levies it introduced in response to the U.S. Donald Trump’s ‘Liberation Day’ duties. The announcement eased fears that the world’s two largest economies might abandon talks aimed at resolving the tariff war. This comes after the White House was quick to publish its take on the meeting, while the Chinese side did not provide a detailed summary of what was agreed upon. Before Trump first took office during his first term
Trade
US and China trade truce details released
The Chinese government is set to lift export restrictions on critical minerals, cease exports of chemicals to North America required to produce fentanyl and resume the flow of key auto semiconductors. The White House confirmed the deal in a fact sheet that gives a detailed summary of the accord reached between Chinese and United States negotiators and signed off by U.S. President Donald Trump and Chinese leader Xi Jinping in South Korea. According to the U.S. Treasury Secretary Scott Bessent, the signing of the agreement would de-escalate tensions between the countries and essentially implement a one-year truce starting as soon as this week. A major issue discussed in the deal was automotive computer chips due to concerns that a lack of chips from Nexperia, which has production facilities in China, could create global supply chain issues. While Nexperia is based in the Netherlands, despite is a Chinese-owned company. Around 70% of the company’s chips are made in Europe and sent to China to be completed and re-exported to other countries. The fact sheet states that China will "take appropriate measures to ensure the resumption of trade from Nexperia's facilities in China, allowing production of critical legacy chi
Trade
Trump and Xi strike deal to cut China tariffs to 47%
United States President Donald Trump has announced a 10% tariff reduction on Chinese goods to 47% following nearly two hours of talks with President Xi Jinping, while also securing commitments on fentanyl enforcement and rare earths flows in exchange for easing trade tensions. The high-stakes summit in the South Korean port city of Busan, the leaders' first encounter since 2019, capped Trump's Asia swing that also yielded agreements with South Korea, Japan and Southeast Asian nations. Under the deal, tariffs on Chinese imports will fall to 47% from 57%, achieved by halving fentanyl-related levies to 10%. "It was an amazing meeting," Trump told reporters aboard Air Force One, rating the discussions a "12 out of 10". Xi committed to intensifying efforts against the illicit fentanyl trade, which Trump described as critical to addressing America's opioid crisis. "Very significantly, China has strongly stated that they will work diligently with us to stop the flow of Fentanyl into our Country," Trump said in a Truth Social post. China agreed to suspend this month's export restrictions on rare earths - critical minerals essential for manufacturing cars, aircraft and defence systems - for 12 months, according to Beijing
Trade
Mexico and US extend looming trade deadline
Mexican Prime Minister Claudia Sheinbaum and United States President Donald Trump have agreed to extend a looming trade deadline by a “few more weeks” as they discuss pending issues in Washington. During a press conference on Monday, Sheinbaum said Mexico would give more time to resolve 54 outstanding trade barriers. The U.S. agreed to pause tariffs for 90 days on some Mexican goods to 30% from 25% in June as the two countries continued talks to reach a new trade agreement. “I was interested in making sure that November 1 didn’t arrive without us having communicated and that we were in agreement that our teams were still working,” Sheinbaum said. The talks were set to end this week. Mexico has also been spared the brunt of the U.S. tariffs thanks to the United States-Mexico-Canada Agreement (USMCA) trade pact that is up for review next year. Following Sheinbaum’s comments earlier this week, the Mexican peso strengthened 0.29% to 18.39 per U.S dollar. Earlier this month, Sheinbaum expressed that she was confident Mexico would reach a favourable agreement with the U.S. on trade, and she was planning to unveil new advances in projects developing electric vehicles, semiconductors, satellites, drones and an artific