Our exporters are bracing to be hit with hiked US tariffs but the red meat sector is in the firing line for even more.  

Trade experts suggest New Zealand could face a blanket 12.5% tariff – up from the current 10%. 

The US International Trade Commission has also launched an investigation into lamb imports.  

Beef + Lamb New Zealand Chair Kate Acland told Ryan Bridge it can submit evidence into the four-month investigation.  

She says the commission can impose remedies like tariffs if it finds current settings have harmed US lamb producers.

LISTEN ABOVE 

Our exporters are bracing to be hit with hiked US tariffs but the red meat sector is in the firing line for even more. &nbsp;
Trade experts suggest New Zealand could face a blanket 12.5% tariff – up from the current 10%.&nbsp;
The US International Trade Commission has also launched an investigation into lamb imports. &nbsp;
Beef + Lamb New Zealand Chair Kate Acland told Ryan Bridge it can submit evidence into the four-month investigation. &nbsp;
She says the commission can impose remedies like tariffs if it finds current settings have harmed US lamb producers.
LISTEN ABOVE&nbsp;

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

Early Edition with Ryan Bridge

Kate Acland: Beef + Lamb New Zealand Chair on the US hiking tariffs to 12.5% and the potentially higher tariffs for lamb

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/1f1baa50-ee2f-497f-9f53-b48e017f2551/transcript

Fixed mortgage rates could be heading up “pretty soon”, says a New Zealand bank boss as wholesale interest rates rise on the back of volatility in the Middle East.

Speaking on Early Edition with Ryan Bridge, Co-operative Bank chief executive Mark Wilkshire said wholesale rates were up about 30 basis points (bps) in the past couple of weeks.

“I think banks will have to start passing that on.

“Even though the Official Cash Rate [OCR] was priced in, those wholesale markets have lifted. I expect this to be upward pressure on retail mortgage rates.”

Wilkshire said fixed home loan rates could rise “in that region of 30 basis points”.

“It’s going to have to happen pretty soon.

“Wholesale markets have been very volatile on the back of these conflicts.”

On the Co-operative Bank lifting its own fixed rates, Wilkshire said, “I think we’re going to have to go pretty soon”.

“They’re not big changes but I think we’re going to have to see that pass through.”

Lower wholesale interest rates had led to banks cutting some of their longer-term fixed rates last month, while shorter-term rates continued to rise on expectations of an OCR hike in July.

That hike came, with the Reserve Bank (RBNZ) lifting the OCR earlier this month from 2.25% to 2.5%.

Floating rates, which move in lock-step with the OCR, were quick to rise.

However, fixed mortgage rates are heavily influenced by wholesale interest rates.

Following the OCR hike, economists told the Herald the move was unlikely to trigger immediate fixed mortgage rate rises.

ANZ chief economist Sharon Zollner said OCR changes take about 18 months to take effect.

Instead, the OCR hike would “put a bit of a floor under short-end rates”.

Fixed mortgage rates could be heading up “pretty soon”, says a New Zealand bank boss as wholesale interest rates rise on the back of volatility in the Middle East.
Speaking on Early Edition with Ryan Bridge, Co-operative Bank chief executive Mark Wilkshire said wholesale rates were up about 30 basis points (bps) in the past couple of weeks.
“I think banks will have to start passing that on.
“Even though the Official Cash Rate [OCR] was priced in, those wholesale markets have lifted. I expect this to be upward pressure on retail mortgage rates.”
Wilkshire said fixed home loan rates could rise “in that region of 30 basis points”.
“It’s going to have to happen pretty soon.
“Wholesale markets have been very volatile on the back of these conflicts.”
On the Co-operative Bank lifting its own fixed rates, Wilkshire said, “I think we’re going to have to go pretty soon”.
“They’re not big changes but I think we’re going to have to see that pass through.”
Lower wholesale interest rates had led to banks cutting some of their longer-term fixed rates last month, while shorter-term rates continued to rise on expectations of an OCR hike in July.
That hike came, with the Reserve Bank (RBNZ) lifting the OCR earlier this month from 2.25% to 2.5%.
Floating rates, which move in lock-step with the OCR, were quick to rise.
However, fixed mortgage rates are heavily influenced by wholesale interest rates.
Following the OCR hike, economists told the Herald the move was unlikely to trigger immediate fixed mortgage rate rises.
ANZ chief economist Sharon Zollner said OCR changes take about 18 months to take effect.
Instead, the OCR hike would “put a bit of a floor under short-end rates”.

Mark Wilkshire: Co-Operative Bank CEO on inflation, signals fixed mortgage rate hikes coming ‘pretty soon’

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/536f3cba-079b-4e7a-be15-b48e01825a11/transcript

Gisborne's mayor believes Rhythm and Vines’ organisers will struggle to get a venue as good as it has currently. 

This year's festival will be the last held at the Waiohika Estate before it relocates to a new undisclosed site. 

Organisers say the move will support the festival’s long-term future and will let it keep growing. 

Mayor Rehette Stoltz told Ryan Bridge it's a tough loss for the region, but it'll go out with a bang. 

She says it's hard to beat coming to Gisborne and camping in the vineyards with the sun and beautiful beaches. 

LISTEN ABOVE 

Gisborne's mayor believes Rhythm and Vines’ organisers will struggle to get a venue as good as it has currently.&nbsp;
This year's festival will be the last held at the Waiohika Estate before it relocates to a new undisclosed site.&nbsp;
Organisers say the move will support the festival’s long-term future and will let it keep growing.&nbsp;
Mayor Rehette Stoltz told Ryan Bridge it's a tough loss for the region, but it'll go out with a bang.&nbsp;
She says it's hard to beat coming to Gisborne and camping in the vineyards with the sun and beautiful beaches.&nbsp;
LISTEN ABOVE&nbsp;

Rehette Stoltz: Gisborne Mayor on RNV leaving Waiohika Estate

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/889cc252-7405-490b-91ba-b48e013280d3/transcript

Chris Hipkins is floating the idea of an effective tariff on imported cement. 

He reckons it could be a better way of dealing with our cement problem than $60 million in corporate welfare. 

The reason Golden Bay Cement needs a bailout is the cost of buying carbon credits from 2030 onwards. The cost of carbon credits is because of the ETS. 

When your builder goes to lay cement, they will buy imported stuff because it'll be cheaper – no carbon costs included. 

So how do you get around this? You could change the ETS to exempt cement and steel, as we largely do with agriculture, but then you undermine the system. 

You could scrap the ETS, which would mean ditching the Paris Agreement. 

Or you could do as the EU does and go with a "Carbon Border Adjustment Mechanism". 

Basically, a carbon tariff on importers to level the playing field with local producers. 

Chris Hipkins is saying this is an idea Labour would consider. 

National won't because they say it'll mess with Free Trade Agreements. 

So we're a bit boxed in here. 

If we want to be a country of free trade AND a climate warrior, then we seem destined to lose a bunch of local production and industry. 

Sure, we'll do better in some areas, but manufacturing and anything involving carbon emissions? Look out. 

In the meantime, taxpayer-funded corporate welfare to the rescue. 

Chris Hipkins is floating the idea of an effective tariff on imported cement.&nbsp;
He reckons it could be a better way of dealing with our cement problem than $60 million in corporate welfare.&nbsp;
The reason Golden Bay Cement needs a bailout is the cost of buying carbon credits from 2030 onwards. The cost of carbon credits is because of the ETS.&nbsp;
When your builder goes to lay cement, they will buy imported stuff because it'll be cheaper – no carbon costs included.&nbsp;
So how do you get around this? You could change the ETS to exempt cement and steel, as we largely do with agriculture, but then you undermine the system.&nbsp;
You could scrap the ETS, which would mean ditching the Paris Agreement.&nbsp;
Or you could do as the EU does and go with a "Carbon Border Adjustment Mechanism".&nbsp;
Basically, a carbon tariff on importers to level the playing field with local producers.&nbsp;
Chris Hipkins is saying this is an idea Labour would consider.&nbsp;
National won't because they say it'll mess with Free Trade Agreements.&nbsp;
So we're a bit boxed in here.&nbsp;
If we want to be a country of free trade AND a climate warrior, then we seem destined to lose a bunch of local production and industry.&nbsp;
Sure, we'll do better in some areas, but manufacturing and anything involving carbon emissions? Look out.&nbsp;
In the meantime, taxpayer-funded corporate welfare to the rescue.&nbsp;

Ryan Bridge: The price of being a climate warrior

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/f0e27131-7cbb-434f-869e-b48e012e1ae8/transcript

Kate Acland: Beef + Lamb New Zealand Chair on the US hiking tariffs to 12.5% and the potentially higher tariffs for lamb

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