1 00:00:09,093 --> 00:00:12,693 Speaker 1: You're listening to a podcast from News Talks edb Follow 2 00:00:12,773 --> 00:00:16,133 Speaker 1: this and our Wide Ranger podcasts now on iHeartRadio. 3 00:00:17,533 --> 00:00:20,293 Speaker 2: News Talks edb Inn in studio is New Zealand Herald's 4 00:00:20,332 --> 00:00:22,653 Speaker 2: Business senior journalist John weekskad I, John. 5 00:00:22,653 --> 00:00:23,333 Speaker 3: Good day guys. 6 00:00:23,613 --> 00:00:26,813 Speaker 4: Now, finally we have a tariff announcement up from the 7 00:00:26,853 --> 00:00:29,773 Speaker 4: original ten percent to fifteen percent. What reaction has there 8 00:00:29,813 --> 00:00:32,293 Speaker 4: been so far, John, in the last half hour since 9 00:00:32,293 --> 00:00:32,732 Speaker 4: that happened. 10 00:00:32,893 --> 00:00:37,173 Speaker 3: Well, most probably a fair amount of disappointment, particularly from exporters. 11 00:00:37,293 --> 00:00:40,532 Speaker 3: So if you're trying to export wine or beef or 12 00:00:40,653 --> 00:00:43,453 Speaker 3: lamb to the United States, you might have some concerns. 13 00:00:44,173 --> 00:00:47,813 Speaker 3: The good news for beef exporters is that the USA 14 00:00:47,853 --> 00:00:51,972 Speaker 3: actually has a much smaller herd of cattle beasts than 15 00:00:52,013 --> 00:00:54,373 Speaker 3: it had in the not so distant past, so they 16 00:00:54,413 --> 00:00:58,053 Speaker 3: can't just manufacture a whole lot of beef to replace 17 00:00:59,093 --> 00:01:03,573 Speaker 3: New Zealand exports. I spoke to Darren Gibbs, Westpac senior economist, 18 00:01:03,653 --> 00:01:07,333 Speaker 3: and he said, actually, despite that ten percent that we'd 19 00:01:07,373 --> 00:01:10,773 Speaker 3: been hearing about a lot, Trump had been indicating that 20 00:01:10,853 --> 00:01:15,212 Speaker 3: fifteen percent was more likely. It's the thing that Trump 21 00:01:15,292 --> 00:01:19,973 Speaker 3: calls a reciprocal tariff. But it's actually an interesting use 22 00:01:20,013 --> 00:01:23,333 Speaker 3: of language because we don't impose tariffs in the United States, 23 00:01:23,333 --> 00:01:29,092 Speaker 3: but the Trump administration has assessed the value of non 24 00:01:29,173 --> 00:01:33,413 Speaker 3: tariff barriers as being that amount, and so some countries, 25 00:01:33,453 --> 00:01:36,493 Speaker 3: he says, some countries manipulate the currency or dump a 26 00:01:36,533 --> 00:01:40,372 Speaker 3: lot of goods, so they may as well be comprising tariffs. 27 00:01:40,413 --> 00:01:43,012 Speaker 4: And therefore what crimes are weak committed to be fifteen 28 00:01:43,013 --> 00:01:45,212 Speaker 4: percent because as Australia looks like they got away with 29 00:01:45,253 --> 00:01:46,173 Speaker 4: ten percent. 30 00:01:46,173 --> 00:01:50,053 Speaker 3: Australia got ten, the Falkland Islands got ten, where some 31 00:01:50,093 --> 00:01:53,333 Speaker 3: people will be scratching their heads about. I asked Gibbs 32 00:01:53,333 --> 00:01:55,533 Speaker 3: similar question. You know, what what have we done to 33 00:01:55,573 --> 00:01:59,373 Speaker 3: deserve this, you might say, and he said, the reality 34 00:01:59,493 --> 00:02:04,053 Speaker 3: is Australia and the United Kingdom are being rewarded for 35 00:02:04,133 --> 00:02:08,252 Speaker 3: their very close political and military ties worth the US. 36 00:02:08,373 --> 00:02:11,253 Speaker 4: We just opened an FBI based buddy, Yeah. 37 00:02:10,813 --> 00:02:14,413 Speaker 3: Well, yeah, maybe Trump decided fifteen percent before hearing about 38 00:02:14,413 --> 00:02:17,493 Speaker 3: the new FBI and bays Gibbs he sort of equipped that, 39 00:02:17,573 --> 00:02:20,613 Speaker 3: you know, if we let the US nuclear powered ships 40 00:02:20,653 --> 00:02:24,213 Speaker 3: into harbor as we might get ten. But basically he's 41 00:02:24,252 --> 00:02:28,972 Speaker 3: saying that the close strategic partnership with Australia and the 42 00:02:29,053 --> 00:02:33,133 Speaker 3: United Kingdom is why they're getting a ten percent baseline tariff. 43 00:02:33,133 --> 00:02:35,692 Speaker 3: But I mean you can't just look at that number 44 00:02:35,813 --> 00:02:38,293 Speaker 3: because Brazil, I believe had ten percent, but they are 45 00:02:38,373 --> 00:02:41,692 Speaker 3: likely to get stung on a lot of specific products 46 00:02:41,693 --> 00:02:44,413 Speaker 3: that they exports. So the President of the United States 47 00:02:44,453 --> 00:02:47,893 Speaker 3: still might choose to impose heavy tariffs on I and 48 00:02:48,013 --> 00:02:50,532 Speaker 3: steal other commodity exports. 49 00:02:50,613 --> 00:02:54,613 Speaker 4: Yeah, rightly combative with the US as well as Brazil. 50 00:02:54,653 --> 00:02:57,133 Speaker 4: But there you go. Fifteen is what it is. Just 51 00:02:57,173 --> 00:02:57,733 Speaker 4: get on with it. 52 00:02:57,813 --> 00:03:00,613 Speaker 2: Yeah, absolutely, John, thank you very much, as always, have 53 00:03:00,613 --> 00:03:02,213 Speaker 2: a nice week. He will catch you again soon. That 54 00:03:02,293 --> 00:03:05,053 Speaker 2: is John Weeks, senior business journalist for The Herald. 55 00:03:05,653 --> 00:03:08,373 Speaker 1: For more from news Talk said b listen live on 56 00:03:08,773 --> 00:03:11,453 Speaker 1: or online, and keep our shows with you wherever you 57 00:03:11,532 --> 00:03:13,973 Speaker 1: go with our podcasts on iHeartRadio.