New Zealand has welcomed United States President Donald Trump’s decision, as he announced on Friday, to remove additional tariffs on a range of New Zealand agricultural products, including beef, offal, and kiwi fruit.

However, the New Zealand government said that it hopes to see all the additional US tariffs on its goods removed.

Trump removed tariffs he had imposed on more than 200 food products, including beef, on Friday, citing consumer concerns about rising US grocery prices.

New Zealand’s Reply:

According to the New Zealand government, these food products represent around 25 per cent of the country’s exports to the US and are worth roughly NZ$2.21 billion ($1.25 billion) annually.

In a statement on Sunday, New Zealand’s trade minister, Todd McClay, said, “The US remains an important trade partner for New Zealand and the decision to lift these tariffs is a step in the right direction and will be welcomed by exporters who have faced months of uncertainty and higher costs.”

He added that the broader reciprocal tariff framework by the United States continues to create uncertainty for New Zealand’s exporters. He also sought that the additional reciprocal tariffs on other exports be removed.

Industry Seeks Clarification:

Despite the tariffs on beef and other food products being reduced, Beef + Lamb NZ and Meat Industry Association (MIA) are seeking clarification on the exact details of the decision by the United States.

B+LNZ chair, Kate Acland, opined that the new tariff rate on New Zealand beef may restore a level-playing field with key competitors.

Meat Industry Association chief, Nathan Guy, welcomed the decision. Nathan said the decision by the United States would be a boost for New Zealand’s meat exporters. It would help in the reduction of the uncertainty with which country’s exporters had been dealing for the past couple of months, he added.

According to experts, New Zealand beef imports into the US have incurred a loss of over NZ$300million following the tariffs, despite strong demand and firm prices in the past couple of months.

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Amid an ongoing stalemate between the two countries over climate summit hosting, Prime Minister Anthony Albanese said on Monday that Australia would not co-host the COP31 climate summit with Turkey, slated to be held in 2026.

According to the reports, Turkey had proposed jointly leading 2025’s UN climate summit with Australia. The discussions on the hosting standoff have remained unresolved until now.

Speaking to the reporters in Melbourne, PM Albanese said, “No, we won’t be co-hosting because co-hosting isn’t provided for under the rules of the United Nations Framework Convention on Climate Change.”

He added, “So that’s not an option, and people are aware that it is not an option, which is why it has been ruled out.”

Earlier in 2022, both Australia and Turkey had submitted bids to host COP31. Details say no country has withdrawn its submission. The UN wants to finalise the bids at 2024’s COP30 meeting, currently taking place in Brazil’s Belem.

What Australian Expert Says?

A senior fellow at Australia’s Smart Energy Council, Thom Woodroofe, noted that it would be difficult for Australia and Turkey to co-host COP31. He cited that both countries have very different priorities.

Considering the United Nations needs unanimity among the 28-strong group of countries to host COP31, hosting duties would default to Bonn in Germany, in case Australia or Turkey do not compromise. Meanwhile, Germany said they don’t want to host.

The Conference of the Parties (CoP), though a forum for discussing policies on climate action, it has become a platform from diplomatic gatherings to vast trade shows  in recent years.

In these gatherings, host nations aim to promote their economic prospects. Also, the host nation of the CoP has the advantage of setting the agenda and leading the diplomacy needed to reach global agreements.

In the first week of November, PM Albanese had written to Turkish President Tayyip Erdogan, attempting to resolve the tussle. He expressed a wish that Australia seek to host the summit with Pacific island nations for the first time, since the Pacific Islands Forum, a regional diplomatic bloc of 18 countries, is backing Australia’s bid.

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After failing to tackle an alleged default of their graphite supply agreement for the second time in two months, Syrah Resources on Monday said that it had agreed with Tesla to extend the deadline.

Earlier in July, Tesla had issued a default notice to Syrah, following its alleged failure to deliver conforming active anode material samples from its Louisiana processing facility for Elon Musk-led electric vehicle batteries.

Under the offtake agreement, Syrah’s original deadline was 16 September, but then it was extended until 15 November. Now, it has been further extended to 16 January 2026.

Releasing an official statement, Syrah claimed it does not accept that it is in default under the agreement, so the parties have extended the cure date to 16 January 2026.

According to the 2021 contract, Syrah is supposed to supply 8,000 metric tons of graphite anode materials over a four-year period to Tesla. It is supposed to be supplied from Syrah’s Vidalia plant in the US state of Louisiana.

Syrah’s Vidalia plant is the only vertically integrated facility outside China, which helps reduce the US dependence on Chinese supplies.

What Syrah Said?

In the statement, Syrah clearly said that the Elon Musk-led electric car manufacturing firm can terminate the offtake agreement, in case the Australian firm fails to provide active anode material by 9 February 2026.  

Among other things, Syrah also said that its subsidiary had received $8.5 million under its United States International Development Finance Corporation loan of $150 million. This would support its Balama graphite operations in Mozambique, which were hit in 2024 following nationwide protests.

What The 2021 Agreement Say?

In December 2021, Syrah Resources Ltd signed a four-year deal to supply graphite anode materials to electric carmaker Tesla from its US plant, based in Louisiana.

Tesla had signed the contract aiming to secure supplies of components used in making electric vehicles.

Under the contract, Tesla would buy the majority of graphite output from the Syrah facility in Vidalia.

As per the details, Graphite is used in the lithium-ion batteries that power electric vehicles.

Since 70 per cent of all graphite comes from China, and the United States is allegedly not capable of producing graphite to the required specifications needed for the lithium-ion batteries production, Tesla agreed to sign a contract with the Australian firm. 

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Days after South Korea finalised a trade deal with the United States, in which the latter reduced tariffs on South Korean autos from 25 percent to 15 per cent, Hyundai Motor Group announced on Sunday that it will invest 125.2 trillion won ($86.47 billion) in South Korea from 2026 to 2030.

Earlier, the firm had made investments with its group affiliate Kia Corp of 89.1 trillion won from 2021 to 2025.

On Sunday, South Korean President Lee Jae Myung met with Hyundai Motor Group Chairman Euisun Chung and other business leaders.

Speaking after the meeting, the Hyundai Motor Group chief said that the firm is well aware of the concerns related to the decline in exports and shrinking domestic production following the US tariffs of 15 per cent on South Korea.

He added that Hyundai would now aim to diversify export markets, increase exports from domestic factories, and double auto exports through new electric-vehicle factories by 2030. Apart from this, he also added that the group will also provide support to auto parts makers, who have been hit by the US tariffs.

According to the details, the Hyundai Group plans to invest 50.5 trillion won in AI and other future business opportunities, while 48.4 trillion won of the domestic investment will be allocated for research and development. Apart from this, the group will spend 36.2 trillion won on optimising production facilities and building a skyscraper.

US-South Korea Trade Agreement:

Earlier on Friday, the US and South Korea released a joint fact sheet on a trade deal. Both Washington and Seoul agreed to set tariffs on US imports of Korean autos and auto parts at 15 per cent. This brings the tariff rate on South Korea in par with Japanese competitors.

Previously, the US imposed a 25 per cent tariff on Korean goods.

Under the trade agreement, South Korea would make an investment of $350 billion in the United States, which would be capped at $20 billion a year in an effort to maintain won stability.

The Asian country would pay $200 billion in cash in phased installments to the US, while the remaining $150 billion would be earmarked for shipbuilding cooperation.

What Has The US Agreed On?

The United States agreed on a 15 per cent tariff rate for South Korean imports of wood products and pharmaceuticals. The US relaxed tariffs on imports of South Korean aircraft parts and generic drugs.

The US also agreed on providing assistance to South Korea in building nuclear-powered strategic submarines at a shipyard in Philadelphia-run by South Korean conglomerate Hanwha.

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