WELLINGTON, March 2 (Xinhua) -- Protectionism under the new United States administration of President Donald Trump poses the greatest potential risk to
the New Zealand economy, the head of the Reserve Bank of New Zealand (RBNZ) said
Thursday.
Before the U.S. election, Trump had suggested tariffs of 45 percent should be imposed on Chinese imports, while House Republicans were pushing hard for border
tax adjustments that would disallow deduction of import costs and exempt export
revenues.
"Such calls for protectionism are contrary to the global trend in trade liberalization over recent decades," RBNZ governor Graeme Wheeler told a
gathering of investors in Auckland.
"They also come at a time when the growth in merchandise trade volumes over the past five years is the weakest since the early 1980s and new
trade-restrictive measures by G20 countries are at their highest level since the
GFC (Global financial Crisis)," he said in a published speech.
"There is much uncertainty around the objectives of trade policy under the new U.S. administration, and the specific policy instruments that will be used
in pursuit of these goals."
Trump's administration had withdrawn from the 12-nation Trans-Pacific Partnership, negotiations around the Transatlantic Trade and Investment
Partnership between the European Union and the United States were in jeopardy,
and the administration had signaled it wanted to renegotiate the North American
Free Trade Agreement.
"Higher tariffs would raise prices for U.S. consumers, could require a more accelerated tightening in monetary policy by the Federal Reserve, and could be
expected to put upward pressure on the U.S. dollar exchange rate," said Wheeler.
"Furthermore, U.S. tariffs would invite retaliatory actions by other countries. This would raise prices to consumers, and distort global supply
chains as producers in the U.S. and elsewhere change sources of supply and
product destination," he said.
"Increased protectionist measures would represent a negative global supply shock."
Even if New Zealand exports of goods and services to the U.S. - currently exceeding 8 billion NZ dollars (5.71 billion U.S. dollars) - were not directly
subject to higher tariffs, it would be hard hit by a downturn in the global
economy, including among its main trading partners, in response to the direct
and indirect impact of protectionist measures.
"We would experience lower global demand and weaker commodity prices. Our exporters would also experience efficiency losses and increased costs if they
faced disruptions to established supply chains. We would also experience
spillovers as foreign producers' diverted trade in response to tariffs and more
general trading conditions," said Wheeler.
Domestic uncertainties around the economy included the future path for commodity prices, the high exchange rate, migration, the soaring housing market,
and household saving, according to him.
SINGAPORE Arizona Coyotes Throwback Jersey , Jan. 8 (Xinhua) -- Singapore's President Tony Tan Keng Yam, Prime Minister Lee Hsien Loong and former Prime Minister Lee
Kuan Yew all expressed their condolences to the family of late Hong Kong movie
industry giant Sir Run Run Shaw on Tuesday and Wednesday.
Run Run Shaw passed away on Tuesday at his home in Hong Kong, China. He was 107.
Lee Kuan Yew Anaheim Ducks Throwback Jersey , the founding prime minister of modern Singapore, praised Shaw on Tuesday for his contributions to Asian cinema.
"Run Run will be remembered for his vision and determination in building up the Shaw Brothers' movie empire that has touched the lives of many across the
region from Hong Kong to Southeast Asia and beyond," he wrote in a letter to
Shaw's wife Mona.
Lee said that he has been friends with Run Run Shaw for more than 50 years. They met frequently in Singapore and Hong Kong.
"Whenever I visited Hong Kong Custom Vegas Golden Knights Jersey , Run Run would graciously host Geok Choo (Lee's wife) and me, place one of his Rolls-Royces at my disposal, and
update us on the latest developments. I have always benefited from Run Run's
insights Custom Winnipeg Jets Jersey ," Lee wrote.
Lee said they last met in May 2012 in Hong Kong.
"Run Run was already frail but his spirit was still strong," he said.
The younger Lee wrote in a Facebook post that he was saddened to hear about the death of the kung-fu film pioneer.
"He lived in Hong Kong, but was a good friend of Singapore Custom Washington Capitals Jersey ," he wrote. "The Shaw Brothers (Run Run and Run Me) were a major player in our movie industry. Generations of
Singaporeans enjoyed their movies and TV shows. The Shaw Foundation has
contributed to many charitable causes here," he said.
Lee Hsien Loong said he first met the movie pioneer in 1985, when Run Run Shaw flew in to Singapore to share his views on how Singapore could grow its
media-related services.
Tony Tan Keng Yam also paid tribute to Run Run Shaw on Wednesday.
Writing in a Facebook post Custom Vancouver Canucks Jersey , Tan said that Shaw, though living in Hong Kong, made many contributions to Singapore.
Shaw made a special visit to Singapore to contribute to the discussions of Singapore's Economic Committee in 1985 Custom Toronto Maple Leafs Jersey , when Tan was minister for trade and industry.
Tan said he was impressed by Shaw's drive, perceptiveness and vision each time they met.
Many in Singapore and around the world have been touched by Run Run Shaw, who was an iconic figure in the entertainment and filming industry Custom Tampa Bay Lightning Jersey , and brought Chinese cinema beyond China to thousands in Southeast Asia and the world.
He and his brother Run Me started the Shaw Organization in Singapore to produce films for both the Singapore market and the region. The first
air-conditioned cinema in Singapore was developed by Shaw Organization, whose
cinemas have remained a significant part of Singapore's leisure landscape over
the years.
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