Consumer NZ on CC charging two Pak'nSave operators
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1News
10 hours ago
- 1News
Trump announces trade deal with Japan, lowers threatened tariff to 15%
President Donald Trump announced a trade framework with Japan on Tuesday, placing a 15% tax on goods imported from that nation. 'This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it,' Trump posted on Truth Social, adding that the United States "will continue to always have a great relationship with the Country of Japan". The president said Japan would invest "at my direction" US$550 billion (NZ$914 billion) into the US and would "open" its economy to American autos and rice. The 15% tax on imported Japanese goods is a meaningful drop from the 25% rate that Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied starting August 1. Early Wednesday, Ishiba acknowledged the new trade agreement, saying it would benefit both sides and help them work together. With the announcement, Trump is seeking to tout his ability as a dealmaker — even as his tariffs, when initially announced in early April, led to a market panic and fears of slower growth that for the moment appear to have subsided. Key details remained unclear from his post, such as whether Japanese-built autos would face a higher 25% tariff that Trump imposed on the sector. ADVERTISEMENT But the framework fits a growing pattern for Trump, who is eager to portray the tariffs as win for the US. His administration says the revenues will help reduce the budget deficit and more factories will relocate to America to avoid the import taxes and cause trade imbalances to disappear. The wave of tariffs continues to be a source of uncertainty about whether it could lead to higher prices for consumers and businesses if companies simply pass along the costs. The problem was seen sharply Wednesday after General Motors reported a 35% drop in its net income during the second quarter as it warned that tariffs would hit its business in the months ahead, causing its stock to tumble. A staff member distributes an extra edition of the Yomiuri Shimbun newspaper reporting that President Donald Trump announced a trade framework with Japan (Source: Associated Press) As the August 1 deadline for the tariff rates in his letters to world leaders is approaching, Trump also announced a trade framework with the Philippines that would impose a tariff of 19% on its goods, while American-made products would face no import taxes. The president also reaffirmed his 19% tariffs on Indonesia. The US ran a US$69.4 billion (NZ$115 billion) trade imbalance on goods with Japan last year, according to the Census Bureau. America had a trade imbalance of US$17.9 billion (NZ$29 billion) with Indonesia and an imbalance of US$4.9 billion (NZ$8.1 billion) with the Philippines. Both nations are less affluent than the US and an imbalance means America imports more from those countries than it exports to them. The president is set to impose the broad tariffs listed in his recent letters to other world leaders on August 1, raising questions of whether there will be any breakthrough in talks with the European Union. At a Wednesday dinner, Trump said the EU would be in Washington on Thursday for trade talks. ADVERTISEMENT "We have Europe coming in tomorrow, the next day," Trump told guests. The President, earlier this month, sent a letter threatening the 27 member states in the EU with 30% taxes on their goods to be imposed starting on August 1. The Trump administration has a separate negotiating period with China that is currently set to run through August 12 as goods from that nation are taxed at an additional 30% baseline. Treasury Secretary Scott Bessent said he would be in the Swedish capital of Stockholm next Monday and Tuesday to meet with his Chinese counterparts. Bessent said his goal is to shift the American economy away from consumption and to enable more consumer spending in the manufacturing-heavy Chinese economy. "President Trump is remaking the US into a manufacturing economy," Bessent said on the Fox Business Network show Mornings with Maria. "If we could do that together, we do more manufacturing, they do more consumption. That would be a home run for the global economy."
RNZ News
10 hours ago
- RNZ News
The Panel with Jo McCarroll and Mark Knoff-Thomas Part 1
Tonight on The Panel, Wallace Chapman is joined by panellists Jo McCarroll and Mark Knoff-Thomas. First they discuss the RNZ story by Guyon Espiner about NZ First's relationship to the nicotine industry. They then examine proposed changes to allow more housing on food productive land, and, finally, Finance Minister Nicola Willis says New Zealanders are not getting a raw deal on butter: discuss! To embed this content on your own webpage, cut and paste the following: See terms of use.
RNZ News
10 hours ago
- RNZ News
Morris and James set to close after half a century of pottery sales
Morris and James' designs are well known for their bold colours and distinctive designs. Photo: Supplied An iconic Matakana ceramics business has made the decision to close its doors after 47 years. For nearly five decades, Morris and James pottery has graced gardens and living rooms across the country, all made on site in its north Auckland base of Matakana. But the business is set to close, citing the current economic crisis as a major factor. Founded in 1977 by Anthony Morris and Sue James, the designs are well known for their bold colours and distinctive designs. Kieran Rice is among those who bought the business in 2009, and is the managing director at Morris and James Matakana. He told Checkpoint the decision was a difficult one for both staff and customers. "It was very, very hard and quite sad... it was a very difficult day when we talked to the staff about it." He said the support from the community had poured in today, following the announcement they were set to close. "People are supportive. We've got great customers and and great staff and they sort of understand the situation, and say we've been a cornerstone of the Matakana tourism for a long time." Rice said that he had never experienced tougher times when operating a business, with spending down for most shoppers. "It's definitely been difficult and these are discretionary spends so you know people have priorities. "People still support us and buy our stuff. But it's just that little bit harder than it had has been in the past." Morris and James Pottery will be closing its doors after 47 years. Photo: Supplied A number of reasons had contributed to the decision to close. Rice said these included a lack of spending, increasing costs and a need to update equipment. "We're at the stage now where we need to start thinking about investing in new kilns or upgrading kilns... and those are big investment decisions with long paybacks. "So some of those things also have been difficult decisions for us to go one way or the other." There is not yet a closure date for the business, with the team wanting to use up the remaining clay before closing the doors. "We're carrying on making for probably another two months and probably manufacturing for another three months by the time we're finished glazing." In that time, he hoped an investor may pop up to potentially save the business. "We're crossing our fingers a bit too... [that] an angel investor might turn up that wants to buy things." Rice said the business will vacate their current premises once they close the doors, and the owners hope to open it up as a space for creatives. Before the closure, the team is focusing on creating orders, and are making special items for customers who request it. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
