Hawkesby told a parliamentary committee: “We know from our experience, from the COVID experience, that supply side impacts are significant, and that are long-lasting and can create real challenges.”
Hawkesby noted the RBNZ is “revising down projections for global growth” as higher tariffs are “unambiguously” slowing global economic activity.
“The level of tariffs is still high — we know that. That will have an impact globally,” Hawkesby said, adding the situation remains fluid and uncertain.
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