New Zealand Export Values Drop In Another Sign of Weak Economy
The value of exports fell 3.7% in the second quarter after a 10.6% surge in the three months through March, Statistics New Zealand said Tuesday in Wellington. It's the first drop since the third quarter of 2023.
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The Big Three U.S. automakers called for caution on the tariffs yesterday, with the head of the American Automotive Policy Council (which represents Ford, GM and Stellantis) insisting they would harm American manufacturers, rather than helping them. 'Any deal that charges a lower tariff for Japanese imports with virtually no U.S. content than the tariff imposed on North American built vehicles with high U.S. content is a bad deal for U.S. industry and U.S. auto workers,' the council's head, Matt Blunt, said in a statement. Auto Drive America, which represents automakers who sell imported vehicles in the U.S., had a different take, and urged Trump to reach similar deals with the EU, Mexico and South Korea. 'We share President Trump's vision to make the U.S. the worldwide center of automotive production, and our member companies need stability in order to create an environment where we can maintain our competitive edge both in the U.S. and on the global stage,' Auto Drive America said in a statement. The Trade War has been a collection of ups and downs that have driven automakers to despair, given that all U.S.-built cars contain at least 15% foreign-made parts. The irony is that American cars have been sold tariff-free in Japan for decades, but have failed to garner interest due to being too large and inefficient for Japanese tastes. Now, they'll be at least 15% more expensive to Japanese buyers.
