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Speaker 1: Right, and Bridge Rich, Let's talk about how Trump's new

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Speaker 1: tariffs are going to affect us here down under. And

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Speaker 1: as we've been talking about, he's putting a blanket twenty

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Speaker 1: five percent tariff on all steel and aluminium entering the

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Speaker 1: United States. New Zealand exported about seventy million dollars worth

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Speaker 1: of aluminium and eighty eight million dollars worth of iron

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Speaker 1: and steel to the States in twenty twenty three. President

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Speaker 1: says the new tariffs will be a good thing for

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Speaker 1: American consumers.

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Speaker 2: You're going to ultimately have a press reduction because they're

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Speaker 2: going to make their steal here.

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Speaker 3: There's not going to be any tariff. These foreign companies

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Speaker 3: will move to the United States, will make their steal

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Speaker 3: and aluminum in the United States ultimately little bit cheaper.

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Speaker 3: But we'll also have jobs, many many more jobs.

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Speaker 1: Topic clays Trade and Investment Ministries with US now, Minister

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Speaker 1: Good evening, Ryan, Good evening.

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Speaker 3: So how bad is this for US?

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Speaker 2: Well, it's not at all surprising. And I think I

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Speaker 2: probably said that when I was on the show last week,

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Speaker 2: and the reason for that is when President Trump came

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Speaker 2: to offers last time, he focused on stealing aluminium and

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Speaker 2: They have particular concerns around the so called steel about

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Speaker 2: there where they have a lot of manufacturing, and they

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Speaker 2: are viewing this unfair competition. So for New Zealand exporters,

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Speaker 2: we will face about an extra five million dollars of

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Speaker 2: tariffs plus or minus. That's on about one hundred and

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Speaker 2: fifty million dollars total of exports. So it's not significant,

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Speaker 2: particularly compared to the amount of beef and wine and

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Speaker 2: other things we sell to them. But we are going

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Speaker 2: to take a little bit of time to have a

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Speaker 2: good look that fully understand it, and then I'll get

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Speaker 2: a bit of device on whether we should approach the

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Speaker 2: US to seek an exemption, as I see some other countries,

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Speaker 2: including Australia, are considering doing it.

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Speaker 3: You haven't done that already, Well, we haven't.

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Speaker 2: No, we haven't because the well, because the announcement has

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Speaker 2: just come out doing the Astralia.

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Speaker 1: And they had a cool Albanezi had a call with

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Speaker 1: Trump ahead of the announcement.

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Speaker 2: Yeah. So I think if you look at the amount

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Speaker 2: of steel that the the Australians sell to the US

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Speaker 2: compared to US, it's a much larger and more significant

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Speaker 2: part of their trade. So it's not that we're going slow.

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Speaker 2: It's just that we're talking about five million dollars worth

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Speaker 2: of tariffs, and actually I want to have a ready

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Speaker 2: good understanding of that compared to the many other things

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Speaker 2: we sell them before.

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Speaker 3: And I understand it did come on the program.

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Speaker 1: The first thing you said was it was not surprising

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Speaker 1: that it was coming, and you said last time it

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Speaker 1: was coming. I just assumed you would have done some

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Speaker 1: work in the meantime. Do you know what implications it

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Speaker 1: might have for t why point.

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Speaker 2: Well, actually, we have done a lot of work as

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Speaker 2: opposed to not doing it in the meantime, We've done

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Speaker 2: a lot of work on us. But I'm saying to

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Speaker 2: you it's five million dollars worth of additional tariffs compared

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Speaker 2: to you know, the billions of dollars we're selling the mouseware.

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Speaker 2: So we need to one, you know, take that into account.

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Speaker 2: And then secondly, what we also need to do is,

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Speaker 2: you know, look at the overall approach. You asked about

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Speaker 2: ty points. It is going to have some effect upon them.

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Speaker 2: Although very interestingly, when President Trump puts tariffs on aluminium

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Speaker 2: last time, there was a lot of conversation, particularly with

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Speaker 2: the company that owns that with the US because of

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Speaker 2: the quality of the alum minium. It's very high quality.

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Speaker 2: They don't get it from any other places, and so

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Speaker 2: one of the things we need to do is talk

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Speaker 2: to the owners of that company about exactly their approach

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Speaker 2: to this to make sure that we're not jumping ahead.

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Speaker 1: But yeah, it's high it's high quality aluminium and it's

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Speaker 1: often used for the defense industry, for which there are

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Speaker 1: a few other suppliers. So that's why they were given

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Speaker 1: an exemption last time. But you're saying you haven't even

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Speaker 1: spoken to t y point yet.

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Speaker 2: What I'm saying to what I'm saying to is the

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Speaker 2: announcement was a few hours ago and we're.

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Speaker 3: Talking you know it was coming, remember, minister.

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Speaker 2: And we're talking about five million dollars of additional tariffs

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Speaker 2: to give you an example, to give you an example

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Speaker 2: of that. You know, by comparison to the amount of

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Speaker 2: aluminum we sell them, we sell them one hundred and

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Speaker 2: twenty million dollars worth of pet food up there. So

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Speaker 2: let's keep it in context. Yes, there will be a

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Speaker 2: cost to New Zealand as a result of this, but

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Speaker 2: it is not significant in companion and comparison to the

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Speaker 2: many other things that we sell them. So we haven't

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Speaker 2: had enoughpportunity to talk to the US yet because it's

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Speaker 2: just been announced. We will take a little bit of

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Speaker 2: time to consider the impact upon US and actually exactly

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Speaker 2: what we write to talk to the US about for

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Speaker 2: that company.

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Speaker 1: Absolutely, I'm sure, I'm sure is a significant number for

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Speaker 1: the likes of T y Point. It's really targeted at

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Speaker 1: subsidies for steel in China. Does China dump steel?

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Speaker 2: I don't have a view of what they do in

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Speaker 2: the US market, what about how much they doated xen

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Speaker 2: although they have being investigations in the past in that

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Speaker 2: area and the Commerce Ministry responsible that has provide information

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Speaker 2: to successive governments that that is not the case. But

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Speaker 2: we do have the ability to look at that where

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Speaker 2: you know players in our market, I think there's harms

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Speaker 2: being done. Just when to come back to your point,

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Speaker 2: you said you think that that is significant for a

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Speaker 2: T y Point. You know, five million dollars is important

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Speaker 2: to any company, but the amount that they export all

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Speaker 2: over the world by comparison to five million dollars in

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Speaker 2: additional tariffs is something we want to have a better

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Speaker 2: understanding of with them.

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Speaker 1: Tom McClay really appreciate your time, Trade and Investment Minister.

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Speaker 3: For more from head the Duplessy Allen Drive.

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