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Trade and Economic Updates
Domestic
New Zealand to host Infrastructure Investment Summit
The Minister for Infrastructure Hon. Chris Bishop issued a press release(external link) last week ahead of the upcoming Infrastructure Investment Summit to be held in Auckland from 12 to 14 March 2025. The Summit is aimed at attracting investment into New Zealand’s infrastructure, with attendees responsible for managing around $6 trillion in capital worldwide. International attendees come from 14 countries, from Australia to as far afield as China and the United Kingdom. Government Ministers will showcase the pipeline of projects in transport, health, education, courts and corrections, and resources, while Iwi representatives will highlight the strength of the Māori economy. Four emerging sectors will also be under the spotlight – aquaculture, renewable energy, clean technology, and advanced transportation. For more information and to view the Summit’s programme, you can visit the Beehive website(external link).
Regional
Revamped StatsAPEC Unveiled with Improved Functionality
The Asia-Pacific Economic Cooperation (APEC) Secretariat released its refreshed StatsAPEC website(external link) last week. The website is a central hub designed for greater ease and access to more than 120 economic and social statistics across its 21 member economies. The website offers annual data of all APEC members from 1989 to the present. The upgraded StatsAPEC now integrates a new “Explore by Economy” page examining key metrics for each APEC member—serving as a quick factsheet for journalists, students, and the public. Enhanced features include a streamlined interface for intuitive navigation and customizable queries that allow users to tailor data visualizations to their specific needs.
Americas
US pauses tariffs on Mexico and Canada
The United States has signed Executive Orders amending tariffs on goods from Canada(external link) and Mexico(external link), providing reprieve from the blanket 25% rate imposed early last week. No tariffs will be applied on goods from Canada and Mexico that enter the US under the US-Mexico-Canada (USMCA) free trade agreement preferences. A lower 10% tariff will be applied on any potash imported from Canada and Mexico that falls outside the USMCA preference and on energy products imported from Canada that fall outside the USMCA preference. While it is not specified in the Executive Orders, President Trump suggested(external link) that these amendments will apply until 2 April.
The exemption relates to US tariffs enacted on 4 March 2025, which applied tariffs to goods from Canada and Mexico at 25%, China at 20% and a lower 10% tariff applied to Canadian energy resources such as crude oil, natural gas, and critical minerals. Despite the amendment, tariffs on steel and aluminium are set to come into effect from 12 March (US time). There is currently no amendment for tariffs on Chinese goods.
The US has explained that its use of tariffs is to protect jobs and manufacturing and to combat illegal migration and drug trafficking from its neighbours. In response to the amendment, Canada announced(external link) that it has postponed some its own planned retaliatory tariffs until 2 April, while Mexico has expressed its desire to work together with the US to combat fentanyl crossing the border.
North Asia
China imposes tariffs on Canadian goods
Last Saturday 8 March China announced new tariffs on Canadian goods as a response to Canadian tariffs on Chinese goods imposed last year. China’s Customs Division issued a press release(external link) citing Canada’s 100% tariffs on Chinese electric vehicles in October 2024 and 25% tariff on Chinese steel and aluminium as reasons for the most recent measures. China will impose a 100% tariff on rapeseed oil, oil residue cake, and peas originating in Canada, and a 25% tariff on aquatic products and pork originating in Canada.
Korea introduces ‘top-tier visa’ to attract tech experts
The Republic of Korea has announced a new visa programme it intends to implement later this month aimed at attracting foreign talent from the tech sector. Professionals who work in areas such as semiconductors and electric vehicle batteries can expect ‘speedy visa processes’ and stable stays. “Utilizing foreign labor [is] no longer an option, but a necessity, for us to adapt to demographic and economic changes and vitalize our economy and society,” acting President and Finance Minister Choi Sang-mok said recently. Potential candidates must have advanced degrees from one of the top 100 universities and a minimum three years of work experience at one of the top 500 companies. New Zealand has made alterations to its own visa offerings recently, creating a new Digital Nomad visa. Visa changes worldwide demonstrate the increased competition for high value individuals. For more information on Korea’s visa changes follow the link here(external link).
New Zealand China Council releases report on Māori approaches to engagement with China
In February 2025 The New Zealand China Council released its report Te hono a te ao Māori ki a Haina: Māori approaches to engagement with China past, present, future(external link). The report draws on interviews with Māori and non-Māori who observe engagement with China firsthand. According to the report, Māori culture operates as an ‘X factor’ that has opened doors in the Chinese market. Its authors encourage the continuation of a relational rather than transactional approach and using tikanga to strengthen economic ties with China.
Europe
Germany eyeing reforms to ‘debt brake’
Since Germany’s elections at the end of February, the parties looking to form a new government have agreed to revamp borrowing rules and create an infrastructure fund of more than US$536 billion. The conservative Christian Democratic Union and its potential coalition partner Social Democrats are behind what is being described as a ‘tectonic spending shift’, upending Germany’s established monetary policy. While the policy must still be passed in the German parliament, economists and investors have urged the government to revise its constitutionally enshrined ‘debt brake’, which limits the ability for Europe’s largest economy to borrow. If reforms are made and more borrowing is allowed, it is expected that the injection will support the German economy which has contracted over the past two years and act as a major boost to defence spending. You can read about this story by following the link here(external link).
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External links
The following links may provide useful information to businesses:
NZTE’s website(external link) and their myNZTE(external link) provides a range of insights and tools available to support New Zealand exporters.
The Treasury releases a weekly economic update(external link) every Friday. Stats NZ has published a data portal(external link) with near real-time economic indicators.
MBIE publishes a sector reports series(external link) which provides regularly updated reports on all industry sectors that make up the New Zealand economy. These include official economic data and the challenges and opportunities that face New Zealand’s industry sectors.
Business.govt.nz(external link) provides tools and advice from across government to save small businesses’ time and help make the business a success.
MFAT has created a tariff finder(external link) which is designed to help goods exporters and importers maximise benefits from New Zealand’s Free Trade Agreements and compare tariffs in 136 other markets.
The all of government Trade Barriers(external link) website can be used to register any trade barriers experienced or issues exporting to an offshore market. Queries can be sent via the website or through the MFAT Exporter Helpline 0800 824 605. Enquiries will be sent to the government agency best placed to answer.
Tatauranga Aotearoa Stats NZ provides official data on the value of New Zealand’s exports and imports of both goods and services, by commodity type via the New Zealand Trade Dashboard(external link). This interactive dashboard is updated every quarter and allows for filtering by country and by commodity type.
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This information released in this report aligns with the provisions of the Official Information Act 1982. The opinions and analysis expressed in this report are the author’s own and do not necessarily reflect the views or official policy position of the New Zealand Government. The Ministry of Foreign Affairs and Trade and the New Zealand Government take no responsibility for the accuracy of this report.
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