Following the announcement of sweeping tariffs by Donald Trump, Tokyo's Nikkei index fell by 3.4%, while the Australian S&P/ASX 200 index dropped 2%, marking its largest intraday loss since December 2024. New Zealand was specifically affected, facing a 10% baseline tariff on all imports into the US. The New Zealand government disputes the US claim of a 20% tariff on US goods, stating that the actual rates are significantly lower. Trade Minister Todd McClay indicated that while the tariff imposition was anticipated, it would impact exporters and prompt them to consider alternative markets.
Tokyo's Nikkei index opened 3.4% down, while Australian shares fell 2%, as markets reacted to Trump's tariffs harming global investors and farmers.
New Zealand faces a 10% tariff on all US imports, despite claims that it imposes a 20% tariff rate on American goods, which New Zealand disputes.
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