The Ministry of Foreign Affairs and Trade’s Weekly Global Economic Round-up (21 January 2026) highlights a notable decline in United States tariff revenues at the end of 2025, alongside broader developments relevant to NZ–US economic relations.
The report notes that US tariff revenues fell by approximately USD$3 billion in December, reflecting changes in import volumes and the expiration of a number of tariff exclusions. The decline suggests ongoing adjustment by firms and trading partners to the current US tariff regime.
For New Zealand exporters, developments in US tariff policy remain relevant, particularly for goods exporters operating in the highly competitive US markets, many of which face a tariff of 15% or more. Shifts in tariff settings and import behaviour can influence relative competitiveness and supply-chain decisions. The NZUS Council was heartened by the removal of US tariffs on some key food imports late last year, including beef and kiwifruit, and hopes there will be more tariff removals this year to make life easier for New Zealand exporters. We look forward with great interest to the US Supreme Court decision on the validity of President Trump’s “reciprocal tariffs”, although it’s unclear when that will be released.
The MFAT report also highlights wider global trends, including easing momentum in global trade growth in 2026 after a record year for international trade flows in 2025, continued geopolitical uncertainty, and pressures in trade finance markets. These conditions form part of the backdrop for New Zealand’s economic engagement with the United States. The USA remains a key partner across goods, services, and investment, notwithstanding the fact that by the third quarter of 2025 the US dropped from second to third largest of our goods export markets (it remains our #1 services export market) and third largest trading partner overall after Australia and China.