Miles Hurrell: Fonterra CEO on the Impact of Donald Trump’s Tariffs on the Global Economy
Source: dairynews.today
Fonterra Chief Executive Miles Hurrell discusses the potential global economic slowdown triggered by tariffs imposed by Donald Trump.
As global economic uncertainty looms, Fonterra Chief Executive Miles Hurrell expressed concerns over a potential global slowdown sparked by tariffs imposed by former President Donald Trump, as reported by iHeartMedia.
In a conversation with Mike Hosking, Hurrell revealed that the impacts of these tariffs could initiate a slowdown starting in the US and eventually affecting markets worldwide. This economic context has led Infometrics to drastically reduce New Zealand's GDP growth forecast from 2.6% to just 1%. Despite the fears of inflation and an economic slowdown, many economists are anticipating further cuts to the Official Cash Rate by the Reserve Bank. Hurrell emphasized the importance of adapting and seeking high-value markets, particularly in sectors such as high-value medical nutrition and sports nutrition, to mitigate the effects of economic downturns.
He remains cautiously optimistic, noting that, while challenges exist, Fonterra's strategic focus on high-value products and international markets will help navigate the turbulent economic landscape. Furthermore, despite rising tariffs, Fonterra's presence in high-value ingredient markets offers a buffer against the shifting global trade dynamics, as these products generally have less direct competition in the US market.
In a conversation with Mike Hosking, Hurrell revealed that the impacts of these tariffs could initiate a slowdown starting in the US and eventually affecting markets worldwide. This economic context has led Infometrics to drastically reduce New Zealand's GDP growth forecast from 2.6% to just 1%. Despite the fears of inflation and an economic slowdown, many economists are anticipating further cuts to the Official Cash Rate by the Reserve Bank. Hurrell emphasized the importance of adapting and seeking high-value markets, particularly in sectors such as high-value medical nutrition and sports nutrition, to mitigate the effects of economic downturns.
He remains cautiously optimistic, noting that, while challenges exist, Fonterra's strategic focus on high-value products and international markets will help navigate the turbulent economic landscape. Furthermore, despite rising tariffs, Fonterra's presence in high-value ingredient markets offers a buffer against the shifting global trade dynamics, as these products generally have less direct competition in the US market.
