November 7, 2024 • 12 mins
Donald J. Trump will become the 47th President of the United States of America.
Democrat Kamala Harris called the former president to congratulate him and offer their support for a peaceful transition of power.
Trump won’t take up office until January 20 next year – and there are a few things that’ll happen between now and then.
He faces sentencing for his felony conviction for a start, that’s put down for November 26. A judge, though, could decide to throw it out though before then.
There are then some formalities – like appointing some 4000 political positions in a new administration – and it’ll be next year when the idea of tariffs will come to the fore, but it’s something the rest of the world is already anticipating.
On the campaign trial, he promised anywhere from 10 to 20% tariffs on imports.
So, what does that mean for New Zealand exporters, specially given the US is one of our biggest trading partners?
Today on The Front Page, Beef and Lamb NZ chair, Kate Acland is with us to discuss, but first, we speak to NZUS Council executive director Fiona Cooper, about our blossoming relationship with the United States – and why we should all probably take a deep breath.
Follow The Front Page on iHeartRadio, Apple Podcasts, Spotify or wherever you get your podcasts.
You can read more about this and other stories in the New Zealand Herald, online at nzherald.co.nz, or tune in to news bulletins across the NZME network.
Host: Chelsea Daniels
Sound Engineers: Paddy Fox, Richard Martin
Producer: Ethan Sills
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:05):
Kyota.
Speaker 2 (00:05):
I'm Chelsea Daniels and this is the Front Page, a
daily podcast presented by The New Zealand Herald. Donald J.
Trump will become the forty seventh president of the United
States of America.
Speaker 3 (00:24):
This will truly be the Golden Age of America.
Speaker 1 (00:27):
That's what we have done.
Speaker 2 (00:28):
Democrat Kamala Harris called the former president to congratulate him
and offer their support for a peaceful transition of power.
Speaker 4 (00:37):
A fundamental principle of American democracy is that when we
lose an election, we accept the results.
Speaker 2 (00:42):
Trump won't take up office until January twenty next year,
and there are a few things that will happen between
now and then. He faces sentencing for his felony conviction
for a start that's put down for November twenty six.
A judge, though, could decide to throw it out before then.
There are then some formalities like appointing some four thousand
(01:04):
political positions in a new administration. And it'll be next
year when the idea of tariffs will come to the fore,
but it's something the rest of the world is already anticipating.
On the campaign trial, Trump promised anywhere from ten to
twenty percent tariffs on imports. So what does that mean
for New Zealand exporters, especially given the US is one
(01:27):
of our biggest trading partners. Today on the front page,
Beef and Lamb and Z chair Kate Ackland is with
us to discuss. But first we speak to nzed US
Council Executive Director Fiona Cooper about our blossoming relationship with
the United States and why we should probably all take
a deep breath. First off, Fiona, what was your initial
(01:53):
reaction to the US election result.
Speaker 4 (01:56):
Well, it's been a big build up and it was
quite dramatic it. You know, we were watching all the
polling of the polls and it became a very strong
result for Trump. We went sure where we're even going
to get a result on the night, So I guess
that's one good thing is that there's a clear outcome
and hopefully that paves the way for, you know, a
(02:16):
smooth transition of power.
Speaker 2 (02:18):
What's our relationship with the United States like.
Speaker 4 (02:21):
Well, this is the very good thing is that we
have an excellent relationship. It's been growing. You know, it's
strong in terms of trade and it's strong right across
the board. And New Zealand worked very well with President
Trump's first administration, our Foreign Minister Winston Peters, he had
strong relationships with his counterparts and he was very engaged
(02:43):
with them. And in fact, I certainly am delighted to
see that the Prime Minister and Foreign Minister Peter's were
quick to welcome the result last night and congratulate President
Trump on his victory. I think that's good. So, you know,
New Zealand's not starting from scratch. We have worked with
Trump before and we look forward to working with them again.
Speaker 2 (03:02):
Well, the New Zealand US trade relationship topped twenty seven
point five billion in twenty twenty three. That's no small feet, hey,
And it's getting bigger and bigger every year, isn't it.
Speaker 4 (03:12):
Certainly it's now our second largest export market. It's valuable,
it's growing, and that's a really good news story because
New Zealand companies who export to the United States, they
are well known for having high quality, innovative products that
United States consumers want and that US businesses use in
their manufacturing. So it's a really good news story. We'd
(03:36):
like to see that continue and we look forward to
sharing that story with the new administration.
Speaker 2 (03:40):
When it comes to tariffs, though, that's the thing that
has been a stickler for basically every country in the world.
When looking at the results and looking at this election,
we actually don't know anything about them really yet, do
we No.
Speaker 4 (03:52):
You know, there's not room for a lot of nuance
in election campaigns, so all we've seen is very high
level talk about imposing a universal tariff. But we don't
have any details, and I would caution against speculating about
the tariff policy until it's more fully formed. Trump won't
be sworn in until the twentieth of January, so we're
(04:14):
not going to find out the detail until after that.
But the policy details do matter, and we'll be looking
at it very closely once it's known. You know, the
devil will be in the details. It's clear there will
be implications for New Zealand, and it's something that we're
really focused on.
Speaker 2 (04:30):
I noticed last month in an interview at the Economic
Club of Chicago, Trump said, and I quote to me,
the most beautiful word in the dictionary is tariff. It
needs a public relations FIM.
Speaker 1 (04:43):
We're going to.
Speaker 3 (04:44):
Bring the companies back. We're going to lower taxes so
further for companies that are going to make their product
in the USA, we're going to protect those companies with
strong tariffs. To me, the most beautiful word in the
dictionary is tariff, and it's my favorite word.
Speaker 2 (05:01):
What did you make of that statement.
Speaker 4 (05:03):
Well, I think New Zealand's trade policies has starts from
quite a different angle. New Zealand has spent many years
trying to remove tariffs. So that's his perspective, and that's
a perspective that he's bringing. We have a different view,
and we will certainly be reminding him of the value
that New Zealand exports add to the United States market.
Speaker 2 (05:24):
Is there any possibility that New Zealand, given our notoriously
good relationship with the US, could become exempt of a
sweep of tariffs.
Speaker 4 (05:33):
Well, we just don't know. We just don't know, and
it's probably not useful to speculate. I mean, we're in
the same boat as all of the United States trading partners.
You know, this is something that's going to affect everybody,
and it's going to be top of mind for all
the countries that partner with the United States. So I'm
sure that New Zealand companies are thinking about what that
(05:54):
possible impacts could be, But none of us can make
an informed judgment about that until we see the detail.
Speaker 2 (06:00):
Thanks for joining us for the owner. New Zealand has
some of the best beef and lamb in the world,
and it's not just us saying that the US is
our biggest customer of beef products, bringing in one point
(06:22):
seven billion dollars in the year to May. Beef and
lamb and Z chair Kate Ackland is with us to
discuss what tariffs could mean for this industry. So, Kate,
first off, what was your initial reaction to the US
election result?
Speaker 1 (06:41):
Well, Lewis, you know, it's a really important market for US.
It's the largest market for beef and for lamb, so
of course we were watching the results pretty closely.
Speaker 2 (06:50):
On the campaign trial I noticed Donald Trump promised either
a ten or twenty percent tariff on all US imports,
as well as a sixty percent levy on Chinese made products. Now,
can you explain to us what that actually means?
Speaker 1 (07:04):
Well, you know, the president that made a lot of
comments during campaign travel what that actually means in practice?
That comes twenty to January when he's inaugurated. That remains fifteen.
What we do know is that we've got really strong
relationships with the US both across the sector but also
with customers. And there's a really strong demand shrubber because
our products are quite complimentary rather than a substitute for
(07:24):
American beef and lamb. So these sects will stand up
in really good stead going forward. But you know, essentially
it's a wait and see.
Speaker 2 (07:32):
Yeah, I know, economists worldwide have warned that these tariff
plans could push the US import duty rates back up
to nineteen thirties era levels. What does that mean?
Speaker 1 (07:42):
I think essentially New Zealand no extra confliments. You know,
the lean beef that goes into things like McDonald's Bergers
for example, actually complements the US production. So you know,
any measures against New Zealand farmers will potentially impact US
farmers as well. So now as I say that, it's
very much a latency approach. Beef and lamb is a
US or Washington, DC based trade relationship manager, so you
(08:04):
through him, we're able to keep a really close eye
on those issues as they arise.
Speaker 2 (08:08):
Right, So he's going to be pretty busy over the
next few months and of course next year as well.
Speaker 1 (08:11):
Hey, yes he is, So you know we're keeping a
really close eye through the US Trade and Relationship Manager,
but also really close contact with New Zealand government officials
over the next few months, just as we try and
see some certainty.
Speaker 2 (08:23):
So the figures from STATS and Z show that in
May a rise in exports was led by an increase
in exports to the United States. It reached a billion
dollars for the first time. Now the US is our
second biggest export market, with an annual value of eight
point eight billion for the year ending May twenty twenty four,
behind only China seventeen point nine billion. In the year
(08:46):
end of June, I noticed that NZ exported nearly two
point five billion dollars of meat and edible offal to
the US, which included nearly one point six billion alone
of frozen beef. What could these kinds of tariffs anywhere
from ten to twenty percent. What would that mean for
New Zealand exports and especially New Zealand beef.
Speaker 1 (09:08):
Well, there's no doubt that the US is actually our
largest market for red meat, for both beef and man.
It's a really important market. Eighty five percent of what
we export to the US is lean meat, and that's
next the fatter US product ground beach. So it's really
key ingredients in Hamburger, so there's really strong demand currently
in New Zealand. It's got preferential access into the US
(09:29):
through our WTY of country specific terraf front quota, and
that makes us really competitive in the market in terms
of what measures could be taken. As I said, it's
worth fighting to see. We're keeping it really close on it,
but I think it's too early to speculate.
Speaker 5 (09:50):
We have got to wait till the twentieth of January
next year. Also, we have a very very strong case
to make ourselves an exception because of the thinness of
our market, the fact that we pay first world waged
when first world conditions, and so we're not an exploit
out of the country that you could bring those sorts
of tariffs against without having evidence. And so in our
(10:11):
case we're not overly confident, but we've got ourselves ready.
Speaker 2 (10:18):
In terms of what a tariff is, it's kind of
like a levey or a duty fee to be able
to export our meat or produce into the US. Have
I got that right? Yes, you do. So.
Speaker 1 (10:29):
Under our WCO quoture, we currently pay a lower tariff
than a lot of other countries. So we are export
currently to attract ter it's just where that might go
in the future. We do it not and so it's
very much even as relationships strong.
Speaker 2 (10:43):
How devastating could a tariff like that be on our
beef industry or would you just need to change tax
and focus on another country and build that relationship up.
Speaker 1 (10:51):
Look, I mean New zeal One ridmate seats that we
export to one hundred markets around the world, and you know,
political dynamics change in those markets all the time. So
we're really well experienced in dealing with the ambigulity and
building strong relationships. But the advantage we have is we
have really strong relationships in the US already is really
strong demand for our product, so it's just going to
(11:12):
be over the coming month just building on those relationships.
Speaker 2 (11:16):
Are there any other markets in the world that you
would want a stronger relationship with?
Speaker 1 (11:20):
Well, Novelle has a great advantage in how well diversified
our trade is. The US, says I said, is currently
our biggest market. China is another big market, but various
or successive governments have done a really great job of
nego sharing some good trade guild So we've just seen
the GCC come through in the last week. It's not
a huge market for us, but it's a really good, strong,
growing mark, so market diverisfication strategy as a company I
(11:44):
think fits us really well.
Speaker 2 (11:45):
Yeah, and we've got to have some of the best
beef in the world here.
Speaker 1 (11:48):
Hey, we absolutely have some of the best beef in
the world and that growing recognition for grass fed beef
is something that we're really pushing and trying to capitalize on.
Speaker 2 (11:57):
Thanks for joining us, Kate. That's it for this episode
of The Front Page. You can read more about today's
stories and extensive news coverage at enzherld dot co dot nz.
The Front Page is produced by Ethan Siles with sound
engineer Patti Fox. I'm Chelsea Daniels. Subscribe to The Front
(12:21):
Page on iHeartRadio or wherever you get your podcasts, and
tune in on Monday for another look behind the headlines.
Kyota.
Speaker 2 (00:05):
I'm Chelsea Daniels and this is the Front Page, a
daily podcast presented by The New Zealand Herald. Donald J.
Trump will become the forty seventh president of the United
States of America.
Speaker 3 (00:24):
This will truly be the Golden Age of America.
Speaker 1 (00:27):
That's what we have done.
Speaker 2 (00:28):
Democrat Kamala Harris called the former president to congratulate him
and offer their support for a peaceful transition of power.
Speaker 4 (00:37):
A fundamental principle of American democracy is that when we
lose an election, we accept the results.
Speaker 2 (00:42):
Trump won't take up office until January twenty next year,
and there are a few things that will happen between
now and then. He faces sentencing for his felony conviction
for a start that's put down for November twenty six.
A judge, though, could decide to throw it out before then.
There are then some formalities like appointing some four thousand
(01:04):
political positions in a new administration. And it'll be next
year when the idea of tariffs will come to the fore,
but it's something the rest of the world is already anticipating.
On the campaign trial, Trump promised anywhere from ten to
twenty percent tariffs on imports. So what does that mean
for New Zealand exporters, especially given the US is one
(01:27):
of our biggest trading partners. Today on the front page,
Beef and Lamb and Z chair Kate Ackland is with
us to discuss. But first we speak to nzed US
Council Executive Director Fiona Cooper about our blossoming relationship with
the United States and why we should probably all take
a deep breath. First off, Fiona, what was your initial
(01:53):
reaction to the US election result.
Speaker 4 (01:56):
Well, it's been a big build up and it was
quite dramatic it. You know, we were watching all the
polling of the polls and it became a very strong
result for Trump. We went sure where we're even going
to get a result on the night, So I guess
that's one good thing is that there's a clear outcome
and hopefully that paves the way for, you know, a
(02:16):
smooth transition of power.
Speaker 2 (02:18):
What's our relationship with the United States like.
Speaker 4 (02:21):
Well, this is the very good thing is that we
have an excellent relationship. It's been growing. You know, it's
strong in terms of trade and it's strong right across
the board. And New Zealand worked very well with President
Trump's first administration, our Foreign Minister Winston Peters, he had
strong relationships with his counterparts and he was very engaged
(02:43):
with them. And in fact, I certainly am delighted to
see that the Prime Minister and Foreign Minister Peter's were
quick to welcome the result last night and congratulate President
Trump on his victory. I think that's good. So, you know,
New Zealand's not starting from scratch. We have worked with
Trump before and we look forward to working with them again.
Speaker 2 (03:02):
Well, the New Zealand US trade relationship topped twenty seven
point five billion in twenty twenty three. That's no small feet, hey,
And it's getting bigger and bigger every year, isn't it.
Speaker 4 (03:12):
Certainly it's now our second largest export market. It's valuable,
it's growing, and that's a really good news story because
New Zealand companies who export to the United States, they
are well known for having high quality, innovative products that
United States consumers want and that US businesses use in
their manufacturing. So it's a really good news story. We'd
(03:36):
like to see that continue and we look forward to
sharing that story with the new administration.
Speaker 2 (03:40):
When it comes to tariffs, though, that's the thing that
has been a stickler for basically every country in the world.
When looking at the results and looking at this election,
we actually don't know anything about them really yet, do
we No.
Speaker 4 (03:52):
You know, there's not room for a lot of nuance
in election campaigns, so all we've seen is very high
level talk about imposing a universal tariff. But we don't
have any details, and I would caution against speculating about
the tariff policy until it's more fully formed. Trump won't
be sworn in until the twentieth of January, so we're
(04:14):
not going to find out the detail until after that.
But the policy details do matter, and we'll be looking
at it very closely once it's known. You know, the
devil will be in the details. It's clear there will
be implications for New Zealand, and it's something that we're
really focused on.
Speaker 2 (04:30):
I noticed last month in an interview at the Economic
Club of Chicago, Trump said, and I quote to me,
the most beautiful word in the dictionary is tariff. It
needs a public relations FIM.
Speaker 1 (04:43):
We're going to.
Speaker 3 (04:44):
Bring the companies back. We're going to lower taxes so
further for companies that are going to make their product
in the USA, we're going to protect those companies with
strong tariffs. To me, the most beautiful word in the
dictionary is tariff, and it's my favorite word.
Speaker 2 (05:01):
What did you make of that statement.
Speaker 4 (05:03):
Well, I think New Zealand's trade policies has starts from
quite a different angle. New Zealand has spent many years
trying to remove tariffs. So that's his perspective, and that's
a perspective that he's bringing. We have a different view,
and we will certainly be reminding him of the value
that New Zealand exports add to the United States market.
Speaker 2 (05:24):
Is there any possibility that New Zealand, given our notoriously
good relationship with the US, could become exempt of a
sweep of tariffs.
Speaker 4 (05:33):
Well, we just don't know. We just don't know, and
it's probably not useful to speculate. I mean, we're in
the same boat as all of the United States trading partners.
You know, this is something that's going to affect everybody,
and it's going to be top of mind for all
the countries that partner with the United States. So I'm
sure that New Zealand companies are thinking about what that
(05:54):
possible impacts could be, But none of us can make
an informed judgment about that until we see the detail.
Speaker 2 (06:00):
Thanks for joining us for the owner. New Zealand has
some of the best beef and lamb in the world,
and it's not just us saying that the US is
our biggest customer of beef products, bringing in one point
(06:22):
seven billion dollars in the year to May. Beef and
lamb and Z chair Kate Ackland is with us to
discuss what tariffs could mean for this industry. So, Kate,
first off, what was your initial reaction to the US
election result?
Speaker 1 (06:41):
Well, Lewis, you know, it's a really important market for US.
It's the largest market for beef and for lamb, so
of course we were watching the results pretty closely.
Speaker 2 (06:50):
On the campaign trial I noticed Donald Trump promised either
a ten or twenty percent tariff on all US imports,
as well as a sixty percent levy on Chinese made products. Now,
can you explain to us what that actually means?
Speaker 1 (07:04):
Well, you know, the president that made a lot of
comments during campaign travel what that actually means in practice?
That comes twenty to January when he's inaugurated. That remains fifteen.
What we do know is that we've got really strong
relationships with the US both across the sector but also
with customers. And there's a really strong demand shrubber because
our products are quite complimentary rather than a substitute for
(07:24):
American beef and lamb. So these sects will stand up
in really good stead going forward. But you know, essentially
it's a wait and see.
Speaker 2 (07:32):
Yeah, I know, economists worldwide have warned that these tariff
plans could push the US import duty rates back up
to nineteen thirties era levels. What does that mean?
Speaker 1 (07:42):
I think essentially New Zealand no extra confliments. You know,
the lean beef that goes into things like McDonald's Bergers
for example, actually complements the US production. So you know,
any measures against New Zealand farmers will potentially impact US
farmers as well. So now as I say that, it's
very much a latency approach. Beef and lamb is a
US or Washington, DC based trade relationship manager, so you
(08:04):
through him, we're able to keep a really close eye
on those issues as they arise.
Speaker 2 (08:08):
Right, So he's going to be pretty busy over the
next few months and of course next year as well.
Speaker 1 (08:11):
Hey, yes he is, So you know we're keeping a
really close eye through the US Trade and Relationship Manager,
but also really close contact with New Zealand government officials
over the next few months, just as we try and
see some certainty.
Speaker 2 (08:23):
So the figures from STATS and Z show that in
May a rise in exports was led by an increase
in exports to the United States. It reached a billion
dollars for the first time. Now the US is our
second biggest export market, with an annual value of eight
point eight billion for the year ending May twenty twenty four,
behind only China seventeen point nine billion. In the year
(08:46):
end of June, I noticed that NZ exported nearly two
point five billion dollars of meat and edible offal to
the US, which included nearly one point six billion alone
of frozen beef. What could these kinds of tariffs anywhere
from ten to twenty percent. What would that mean for
New Zealand exports and especially New Zealand beef.
Speaker 1 (09:08):
Well, there's no doubt that the US is actually our
largest market for red meat, for both beef and man.
It's a really important market. Eighty five percent of what
we export to the US is lean meat, and that's
next the fatter US product ground beach. So it's really
key ingredients in Hamburger, so there's really strong demand currently
in New Zealand. It's got preferential access into the US
(09:29):
through our WTY of country specific terraf front quota, and
that makes us really competitive in the market in terms
of what measures could be taken. As I said, it's
worth fighting to see. We're keeping it really close on it,
but I think it's too early to speculate.
Speaker 5 (09:50):
We have got to wait till the twentieth of January
next year. Also, we have a very very strong case
to make ourselves an exception because of the thinness of
our market, the fact that we pay first world waged
when first world conditions, and so we're not an exploit
out of the country that you could bring those sorts
of tariffs against without having evidence. And so in our
(10:11):
case we're not overly confident, but we've got ourselves ready.
Speaker 2 (10:18):
In terms of what a tariff is, it's kind of
like a levey or a duty fee to be able
to export our meat or produce into the US. Have
I got that right? Yes, you do. So.
Speaker 1 (10:29):
Under our WCO quoture, we currently pay a lower tariff
than a lot of other countries. So we are export
currently to attract ter it's just where that might go
in the future. We do it not and so it's
very much even as relationships strong.
Speaker 2 (10:43):
How devastating could a tariff like that be on our
beef industry or would you just need to change tax
and focus on another country and build that relationship up.
Speaker 1 (10:51):
Look, I mean New zeal One ridmate seats that we
export to one hundred markets around the world, and you know,
political dynamics change in those markets all the time. So
we're really well experienced in dealing with the ambigulity and
building strong relationships. But the advantage we have is we
have really strong relationships in the US already is really
strong demand for our product, so it's just going to
(11:12):
be over the coming month just building on those relationships.
Speaker 2 (11:16):
Are there any other markets in the world that you
would want a stronger relationship with?
Speaker 1 (11:20):
Well, Novelle has a great advantage in how well diversified
our trade is. The US, says I said, is currently
our biggest market. China is another big market, but various
or successive governments have done a really great job of
nego sharing some good trade guild So we've just seen
the GCC come through in the last week. It's not
a huge market for us, but it's a really good, strong,
growing mark, so market diverisfication strategy as a company I
(11:44):
think fits us really well.
Speaker 2 (11:45):
Yeah, and we've got to have some of the best
beef in the world here.
Speaker 1 (11:48):
Hey, we absolutely have some of the best beef in
the world and that growing recognition for grass fed beef
is something that we're really pushing and trying to capitalize on.
Speaker 2 (11:57):
Thanks for joining us, Kate. That's it for this episode
of The Front Page. You can read more about today's
stories and extensive news coverage at enzherld dot co dot nz.
The Front Page is produced by Ethan Siles with sound
engineer Patti Fox. I'm Chelsea Daniels. Subscribe to The Front
(12:21):
Page on iHeartRadio or wherever you get your podcasts, and
tune in on Monday for another look behind the headlines.
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