The New Zealand dollar held its recent decline to around $0.599 on Wednesday as investor attention continues to center on ongoing tariff uncertainty. US President Trump’s latest threat to double tariffs on steel and aluminum imports will come into effect later today. Meanwhile, markets are closely watching for a possible meeting between President Trump and Chinese President Xi Jinping later this week, days after both sides accused each other of violating the trade truce. China is New Zealand’s top trading partner and any developments in Sino-US trade relations could have a significant effect on the Kiwi dollar. Domestically, the Reserve Bank of New Zealand recently trimmed its official cash rate, but the May move suggests the easing cycle may be approaching its end. Markets now expect the RBNZ to hold rates steady at its July meeting and assigning about a 70% probability to a rate cut in August instead — which would mark the final move of the current easing cycle.