Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


US Steel Decision Damaging

The World Trade Organisation (WTO) will ultimately determine whether the US President’s decision to impose safeguard duties on steel is legal.

Mr Jacobi said that New Zealand and other affected governments would need to examine whether the President’s decision was justified under WTO rules.

“Safeguards are permitted under the WTO but there are rules and processes to follow. Our lamb dispute with the US showed that even when large and powerful trading partners act illegally their decisions can be overturned.”

Mr Jacobi suggested the President’s decision could be explained by the need to appease protectionist elements in the US Congress. “It also gives comfort to similar minded groups here in New Zealand, who think we should abandon further trade reform and close our own market to imports.”

Mr Jacobi said the US decision would penalise New Zealand workers at Glenbrook and stood in contrast to US support for the cause of freer and fairer trade around the world.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news