According to reports from Jinshi Data, Stephen Toplis, head of research at the New Zealand Reserve Bank, stated that the current uncertainty in economic outlook is largely due to the fluctuations in President Trump's tariff policies. Toplis pointed out that the net impact of these policies on global economic growth is negative and has adverse effects on the New Zealand economy.
Toplis believes that the New Zealand Reserve Bank has reason to lower its growth expectations and cut interest rates by 25 basis points on May 28, while also hinting at the possibility of further rate cuts.