The US tariffs had “shocked” financial markets, though Donald Trump’s pause on the highest levies -- excepting those on China -- was “welcome”, Prime Minister Christopher Luxon said.
Countries in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) -- accounting for about 15 percent of global economic activity -- could help promote free trade, he said.
“My vision is that includes action to prevent restrictions on exports and efforts to ensure any retaliation is consistent with existing rules.”
The trans-Pacific CPTPP has a dozen members including Canada, Mexico, Chile, Peru, Malaysia, Japan, Brunei, Vietnam, Singapore, Australia, New Zealand, and most recently Britain.
Some commentators had declared an end to the era of free markets, free trade, free people and the rules-based international order, Luxon said.
The prime minister said he would telephone world leaders to discuss how to strengthen the rules-based global trading system.
The world's rules-based trading system faced its biggest challenge since the 1947 signing of a global free trade agreement known as GATT, Luxon said.
“But the response for New Zealand cannot be retreat,“ Luxon added.
Trump said Wednesday he had authorised a 90-day pause on the highest import tariffs he put on countries that have a surplus in goods trade with the United States.
And he raised tariffs on China to 125 percent in response to Beijing's retaliatory levy of 84 percent on US imports.
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