Impact effect? Risk-off and lower Treasury yields. No break of prior ranges on market rates but it smells like they want to go lower ahead. It feels like this could unravel further negative.

Wednesday’s upcoming tariff announcements provide a wide range of possible outcomes. The uncertainty and downside risks to the economy and earnings have rattled markets.

New Zealand’s dairy exports formed more than a quarter (29%) of all goods exports to the rest of the world in the year to December 2024. The country exported NZ$20.5bn worth of dairy during the period, with the US only its fourth largest export market for dairy, where it shipped NZ$980m worth of product.