Auckland/Washington, Aug. 1 -- New Zealand faces a sharp rise in tariffs on its exports to the United States, a move officials warn could impact Kiwi exporters and strain trade relations.
Amid a "modest" trade surplus with the United States, New Zealand is facing a sharp increase in U.S. tariffs on its exports from 10% to 15% starting Aug. 7, according to a New Zealand government statement on Friday.
New Zealand Trade Minister Todd McClay said the tariff hike is based on U.S. calculations of trade surpluses, even though New Zealand's surplus is modest -about USD 500 million - and not significant in the context of the U.S. economy.
"Over the past decade, our trade relationship with the U.S. has seen periods where the U.S. enjoyed...