New Zealand Halts Tariff-Reduction Plan; Job Losses Cited

New Zealand Acting Minister of Commerce Trevor Mallard has announced a five-year freeze on unilateral tariff reductions, reversing a planned cut from 19% to 15% in tariffs on footwear and clothing later this year. But the move doesn't affect a free-trade agreement currently under negotiation with Singapore, or any other international trade deals. New Zealand's readiness to cut tariffs ahead of other nations has cost too many jobs in domestic industry, Mallard says. "Of course, we want to get rid of tariffs in the long term . . . but let's do it at the same pace as most of our trading partners."