With global trade teetering on uncertainty, Kiwi exporters are bracing for impact. However, some businesses see opportunity in the disruption.
According to research commissioned by ASB Bank, two-thirds of New Zealand business leaders believe US-imposed tariffs will cause greater global disruption than recent historic economic crises. The sentiment is even stronger among exporters, with nearly 80 per cent citing deep concern.
The sweeping tariff policy, part of Trump’s “America First” agenda, aims to curb the US trade deficit and shield domestic industries. A blanket 10 per cent tariff has been announced for most countries, including New Zealand. Though a 90-day pause has been placed on the baseline tariffs, the uncertainty around future policy direction is already influencing business decisions.
While the prospect of increased trade barriers has rattled many, a quarter of businesses surveyed believe the situation could open new doors. The survey also highlighted a growing trend among Kiwi businesses to focus on nearby trading partners. With volatility in the global market, proximity is becoming a strategic advantage. Trans-Tasman trade and connections across the Asia-Pacific region are now receiving more attention as New Zealand firms seek stability and resilience.
Businesses are also sharpening their value proposition, and exporters are relying on New Zealand’s reputation for quality, ethics, and innovation. While premium products may come at a higher cost to consumers, they offer differentiation in saturated markets.
The shifting economic climate is also highlighting the role of financial institutions in supporting businesses through turbulent times. Nearly four in ten surveyed business leaders view their banks as essential partners. Working capital support, trade finance, and risk management advice are the top three services businesses say they need to navigate this new environment.
Over the past five years, ASB Bank has reportedly extended $4.6 billion in support to local businesses. In this environment, the bank is encouraging exporters and importers alike to engage more actively with trade advisors and financial experts to position themselves in a landscape marked by rapid shifts.
As the world awaits the outcome of fresh trade negotiations between the US and China, New Zealand businesses are bracing for a more protectionist global economy. Whether through adaptation, innovation, or closer regional ties, the path forward will demand resilience, agility, and strategic thinking from Kiwi firms.
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