Kiwi businesses say Trump's tariffs more impactful than Covid, Global Financial Crisis
Kiwi businesses say US President Donald Trump's tariffs will have a more severe global impact than Covid-19 and the Global Financial Crisis, according to ASB's latest Business Survey.
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RNZ News
2 hours ago
- RNZ News
Trump and Xi hold long-awaited trade call
By Kevin Liptak and Simone McCarthy , CNN Chinese President Xi Jinping (L) and US President Donald Trump. Photo: Evgenia Novozhenina and SAUL LOEB / AFP President Donald Trump emerged from a long-awaited 90-minute telephone call with President Xi Jinping of China encouraged that ongoing trade tensions could soon be resolved. Calling the conversation "very good," Trump said in a social media post after the call that follow-up talks would soon be arranged with his economic team, and that he and Xi had invited each other to visit each other's respective nations. Trump said the call focused almost entirely on trade, without touching on other geopolitical issues like Iran and Ukraine. The call "resulted in a very positive conclusion for both Countries," Trump wrote on Truth Social. It comes after a long period of silence between the leaders, and the discrepancy in how each side was talking - or not talking - about the call ahead of time only underscored a widening gulf between the world's two largest economies. Tensions have been rising between the two sides in the weeks after they agreed to a 90-day trade truce last month, which hit pause on their tit-for-tat escalation of tariffs. Trump accused China last week of "violating" the agreement - a charge Beijing has denied, while it accused the US of taking steps to "seriously undermine" that consensus. In his readout of the Thursday call, Trump singled out the issue of rare earth minerals - which China had placed restrictions on - as an area where he made progress with his counterpart. "There should no longer be any questions respecting the complexity of Rare Earth products," Trump wrote. He said a meeting between the economic teams would occur "shortly" in a location to be determined. And he said the leaders look forward to visiting each other. "During the conversation, President Xi graciously invited the First Lady and me to visit China, and I reciprocated. As Presidents of two Great Nations, this is something that we both look forward to doing," Trump wrote. US officials had signaled in recent days that a call between the two leaders could help jump-start progress in expected upcoming trade talks, which had appeared to stall following the initial truce reached in Geneva. As CNN reported ahead of Thursday's call, Chinese officials - who were deeply wary of Trump's unpredictability and track record of putting foreign leaders in awkward or embarrassing situations - had put off a phone call, according to people familiar, even as Trump stated on multiple occasions this spring that he expected to speak with Xi soon. The president's Oval Office ambushes of Ukraine's Volodymyr Zelensky and South Africa's Cyril Ramaphosa caught the attention of officials in China, those people added, and officials wanted to avoid anything similar, even in a private conversation. But Trump regards securing a new agreement with Beijing both as a critical component of his broader trade agenda and as a necessary follow-up from his first term, when trade deals with China got derailed during the Covid-19 pandemic. The two leaders are known to have last spoken on 17 January, days before Trump's inauguration. They are navigating a fractious relationship, with recent points of contention stretching beyond their gaping trade imbalance. Following the Geneva talks last month, US officials had expected China to ease export restrictions on rare earth minerals, which had been imposed in April in retaliation against Trump's "reciprocal" tariffs on Chinese goods. The minerals are an essential part of everything from iPhones and electric vehicles to big-ticket weapons like F-35 fighter jets and missile systems. But the restrictions haven't been lifted, causing intense displeasure inside the Trump administration and prompting a recent series of measures imposed on China, three administration officials told CNN last week. Beijing, meanwhile, has bristled as Washington warned companies against using AI chips made by China's national tech champion Huawei, moved to limit critical technology sales to China and announced that the US would "aggressively revoke visas" for Chinese students in the US with connections to the Chinese Communist Party or studying in critical fields. - CNN
Scoop
11 hours ago
- Scoop
Nauru, Metals Company Revise Deep Sea Mining Agreement
The updated 'sponsorship agreement' was announced in a press release from The Metals Company. Nauru has revised its commercial agreement with Canadian mining group The Metals Company for deep sea mining in international waters. The updated 'sponsorship agreement' was announced in a press release from The Metals Company. It comes at a time of increasing uncertainty in the deep sea mining industry with both the US and International Seabed Authority (ISA) respectively stating each offers a licencing pathway to mine the seabed in international waters. Nauru president David Adeang said in the press release that The Metals Company has been a 'trusted and respectful' partner to Nauru. 'We have worked to establish a responsible pathway for deep sea mineral development, one that can serve for a model for other developing states.' The area of international waters currently under the spotlight is the Clarion Clipperton Zone – a vast area of the Pacific Ocean that sits between Hawai'i, Kiribati and Mexico, and spans 4.5 million square kilometres. The zone is of high commercial interest because it has an abundance of polymetallic nodules that contain valuable metals like cobalt, nickel, manganese and copper, which are used to make products such as smartphones and electric batteries. The minerals are also used in weapons manufacturing. Nauru has special rights in the Clarion Clipperton Zone through the ISA, which under the UN Convention on the Law of the Sea (UNCLOS) has jurisdiction over it. Since 2011, Nauru has partnered with The Metals Company to explore its area of the zone for minerals through that framework. At the same time, the ISA – which counts all Pacific nations among its 169-strong membership – has been developing a commercial mining code. The process, which began in 2014 and is ongoing, has been criticised by The Metals Company as effectively blocking it and Nauru's commercial mining interests. The company has also praised the US deepsea mining licencing pathway, which was effectively reactivated through an executive order President Donald Trump issued in April. That legislation, the Deep Sea Hard Mineral Resources Act, states the US can grant mining permits in international waters. At face value, it offers an alternative licencing route to commercial seabed activity in the high seas to the ISA. However, any cross-over between jurisdictions and authorities remains untested. In the press release from The Metals Company, its chief executive Gerard Barron made direct reference to Trump's order, titled 'Unleashing America's Offshore Critical Minerals and Resources'. He said he was heartened by its call 'for a joint assessment of a seabed benefit-sharing mechanism' and was certain that 'big ocean states' like Nauru would continue to play a leading role in the deep sea mining industry. The company confirmed two weeks ago it would not be applying for a commercial mining license through the ISA in June. Instead, it has said it would apply exclusively apply through US regulations. No mention of that decision was made in the press release. 'We remain unshakeable in our commitment to developing this project responsibly, transparently, and in a way that delivers real benefits to Nauruans,' Barron said. ISA secretary general Leticia Carvalho has previously said the US had no authority to offer permits in the Clarion-Clipperton Zone. 'Circumventing the regulatory authority of the ISA not only breaches international law, but also erodes trust,' Carvalho said. In addition to Nauru, Tonga, Kiribati and the Cook Islands have special rights in the Clarion Clipperton Zone through the ISA.
Scoop
11 hours ago
- Scoop
Urgent Reform Needed To Address Mental Health Crisis In NZ Construction
Press Release – The Professional Builder Marti Amos says as part of a move to improve financial management in the sector he has now authored a book, The Profitable Builders Playbook, which is aimed at equipping builders with the business acumen needed to navigate these challenges. More needs to be done to address the high rates of suicide in the construction industry, according to the head of one of the world's largest mentoring services for the sector. Recent research shows New Zealand's construction sector is facing a mental health crisis, with suicide rates 25% higher than other sectors and Māori, Pasifika, female, migrant workers, apprentices and labourers among those at higher risk. This is due to a number of factors including financial instability, low pay and lack of mental health support. [1] Marti Amos (Ngāpuhi), a former marketing lecturer at Otago University and the New Zealand-based head of The Professional Builder, says these issues are amplified by the industry's boom-and-bust cycle, cost-of-living crisis and a training model that prioritises trade skills over business acumen. [2] 'Kiwi tradespeople are trained to excel on-site, they are underprepared to manage the multimilliondollar business aspects of their work, with dire consequences for their mental wellbeing. 'Our construction workers account for about 7% of workingage male suicides – with nearly one worker losing his life to suicide each week and the avoidable burden and impact of suicide in the NZ construction industry has been estimated at $1.1 billion per annum,' he says. Amos, whose coaching service has supported over 2,500 building companies worldwide over the past 21 years, says the growing mental health crisis among Kiwi builders requires a radical overhaul of the country's traditional construction model – with greater emphasis on financial literacy a priority. 'The New Zealand building industry is seeing its lowest levels of annual growth over a decade with a rate of just 0.6% in the second quarter of 2024 – a factor that is likely to exacerbate mental health concerns for many in the trade. 'Kiwi builders have been taught how to create outstanding projects, they're brilliant with the tools – but no one has taught them how to build a great business. 'In New Zealand and Australia, builders often employ their own teams and handle every aspect of a project themselves. This contrasts sharply with the U.S. model, where general contractors delegate tasks – reducing the burden on the individual,' he says. Amos says his concerns extend beyond the daily operational stresses that plague many builders. He says that without a proper understanding of financial management, many are left grappling with severe cashflow challenges, working long hours and sacrificing their personal lives – a situation that has, in many cases, led to overwhelming stress and deteriorating mental health. 'When you're constantly worrying about how to pay your subcontractors or secure payroll for the next week, it isn't just your business that suffers – it's your whole life,' he says. Amos says demand for targeted support from builders around the world is growing rapidly and his service, The Professional Builder (TPB), which started with a team of three people in 2004, has expanded to 56 and is projected to reach 100 employees within the next 18 months. Company revenue is also projected to double to $30 million within the same timeframe. He says TPB operates in five main countries: the US, Canada, the UK, New Zealand and their fastest growing market – Australia. The company has launched an expansion programme to grow the US market, with plans to increase their physical presence there and establish partnerships with hardware wholesalers, similar to their relationships with Carters, ITM and Mitre 10 in New Zealand. Amos says as part of a move to improve financial management in the sector he has now authored a book, The Profitable Builders Playbook, which is aimed at equipping builders with the business acumen needed to navigate these challenges. 'At the moment they're stuck on the builder's 'hamster wheel', caught in the weeds of daily operations without the skills to manage the large sums of money and complex challenges that come with running a construction company. 'What we need is to implement business training into apprenticeship programmes to ensure that our future generations of builders are as adept at managing large-scale financial responsibilities as they are at delivering quality craftsmanship. 'With a vital sector at risk and the mental health of thousands hanging in the balance, my message is clear: reform is essential. 'As New Zealand's construction industry stands at a crossroads, stakeholders must adopt a more balanced training model – one that nurtures not only technical excellence but also financial literacy and sustainable business practices. 'This call for change is more than an economic imperative; it is a matter of safeguarding the well-being of those who build our nation,' he says. More information on The Profitable Builders Playbook is available here [1] BRANZ. (2024). Workplace psychosocial stressors in the construction industry. Retrieved from here. [2] BRANZ. (2024). Workplace psychosocial stressors in the construction industry. Retrieved from here. Marti Amos Marti Amos (Ngāpuhi) is a business strategist, entrepreneur, and global mentor who has helped over 2,500 building company owners scale their businesses and achieve financial independence. As the founder of The Professional Builder (TPB), he has built a team of 56 professionals operating across New Zealand, Australia, Canada, the UK, the US, and Puerto Rico, delivering business growth strategies for the construction sector. Born and raised in Stewart Island, Marti studied commerce at Otago University, where he pursued PhD research on branding. He lectured in Marketing and MBA programs, examined MCom theses, and worked as a Māori students' tutor and thesis officer in Otago's Commerce Division. As a Mannaki Scholarship recipient, he was also awarded the Otago University Postgraduate Māori Scholarship in 1998. Beyond academia, Marti has built eight businesses across wholesale, insurance, mortgage banking, cleaning, and coaching. As founder of Action Coach New Zealand, he ranked NZ's #1 business coach and #2 globally out of 1,250 coaches worldwide. His expertise in business scaling and financial strategy led him to develop TPB, which helps construction business owners increase profitability and efficiency through structured business systems and mentorship. His insights on business growth and financial resilience will be shared in his upcoming book, launching in May 2025.
