Donald Trump's tariffs are having ripple effects here and everywhere.
Infometrics is drastically reducing its GDP growth forecast from 2.6% to just 1%.
Many economists now expect the Reserve Bank to go further with OCR cuts than previously forecast, in spite of a likely rise in inflation.
Fonterra Chief Executive Miles Hurrell told Mike Hosking there will be some kind of global slowdown.
He says it will start in the US, where consumers are already feeling the impact of the tariffs, but any slowdown in the world's largest economy will ultimately be felt everywhere.
LISTEN ABOVE
See omnystudio.com/listener for privacy information.
The Mike Hosking Breakfast