Business leaders across New Zealand have voiced concerns that Donald Trump's tariffs could have a more severe global impact than the Covid-19 pandemic and the Global Financial Crisis. 

The months since Trump’s 'Liberation Day' announcement have seen sustained market volatility, tit-for-tat trade wars and fears of a resurgence in inflation.

New Zealand Initiative executive director Oliver Hartwich says experts are right to be concerned - as Trump's tariffs could potentially derail the economy for years to come.

"The GFC and the pandemic were over after three of four years, whereas the destabilisation of globalisation with the tariffs Trump is imposing - that could derail the economy for decades to come. There's so much uncertainty about it."

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