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G7 Calls for Stronger Economic Resilience Amid Global Uncertainty
At the G7 Summit in Évian, France on 17 June, leaders from Canada, France, Germany, Italy, Japan, the United Kingdom, the United States, and the European Union, with support from non-G7 partners Egypt, Kenya, and the Republic of Korea, issued a statement(external link) focused on supporting more balanced, durable and resilient global growth amid heightened economic uncertainty. The statement highlighted economic risks from disrupted energy, agricultural input, and fertiliser supply chains, and called for secure trade flows, stable and transparent commodity markets, and a swift return to free transit through the Strait of Hormuz. Leaders also emphasised strengthening supply-chain resilience, addressing non-market policies and excess capacity, and reducing persistent global imbalances by encouraging surplus economies to strengthen domestic demand and deficit economies to support savings and fiscal consolidation. The statement called for continued IMF and OECD monitoring of global imbalances and further G7 work on the implications of artificial intelligence and quantum technologies.
US Executive Order makes changes to US Customs regulation for foreign importers of record
On 3 June 2026, President Trump issued Executive Order 14411, “Strengthening Customs Enforcement”(external link), which will impose changes to US customs regulations and policy for goods entering the US. Federal agencies have been directed to develop new rules and practices, with the first policies due to be implemented within 90 days, i.e. by the start of September. We will keep you updated on how these policies progress and any implementation dates. Key changes envisioned by the administration include:
- Foreign based importers of record (IOR) will face stricter scrutiny and limits on their use of customs bonds and informal entry;
- Foreign IORs will be required to submit more documentation at registration, including anticipated import volumes, ownership disclosures, business affiliations, and domestic asset disclosures; and
- There will also be a ‘good standing’ requirement for importers and increased penalties for non-compliance with US rules; alongside financial penalties, those that lose good standing status will be banned from importing into the US.
US Customs and Border Protection has also released further guidance on their enforcement of the US ban on forced labour in imports in “Forced Labor Enforcement Operational Guidance for Importers”(external link). This document provides additional information for importers on compliance requirements to ensure that goods brought into the US are not produced, wholly or in part, with “prohibited convict labor, forced labor or indentured labor”.
It is strongly recommended that exporters maintain an up-to-date understanding of regulatory changes affecting exports to the US, ensure documentation is current, and comply with US Customs and Border Protection requirements by working closely with logistics partners, freight forwarders, and brokers to ensure accurate classification (HS codes), origin, and documentation across all shipments.
Market reports released this week
- Read the previous global economic round-up
A full list of global economic round-ups can be found 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.
Learn more about exporting
New Zealand Trade & Enterprise’s comprehensive market guides(external link) cover export regulations, business culture, market-entry strategies and more.
Disclaimer
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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