WELLINGTON, April 3 (Xinhua) -- New Zealand Trade Minister Todd McClay said on Thursday the country will "continue to advocate for a rules-based trading system" following the U.S. tariff announcement.

Amid widespread opposition, U.S. President Donald Trump has signed an executive order on the so-called "reciprocal tariffs," imposing a 10-percent "minimum baseline tariff" and higher rates on certain trading partners.

Confirming New Zealand exporters will face a 10 percent tariff rate from this weekend, McClay said the country has no intention of responding with countermeasures to the U.S. tariffs, as doing so would increase prices for New Zealand consumers and contribute to inflation.

New Zealand exports approximately 9 billion NZ dollars (about 5.17 billion U.S. dollars) in goods to the United States, meaning a 10 percent tariff would cost exporters around 900 million NZ dollars, the Radio New Zealand (RNZ) reported.

"New Zealand's interests are best served in a world where trade flows freely," he said, adding that tariffs have consequences for the global economy, impacting inflation, demand, currency stability, and economic growth.

The minister highlighted the significance of New Zealand's efforts to open new trade opportunities and ease barriers for its exporters in the European Union, Britain, the Middle East and India.

The opposition Labor trade spokesperson Damien O'Connor said, "It's disappointing that the government hasn't been able to negotiate lower tariffs given the very low level of tariffs we impose on goods and services from the U.S."

RNZ cited McClay as saying that New Zealand's average tariff rate on U.S. goods is about 2 percent, noting that this low rate has been emphasized in discussions with the U.S. Enditem

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