The New Zealand dollar fell to around $0.599 on Monday, approaching a three-week low and extending losses from the previous session, as sentiment weakened on fresh US tariff threats that reignited global trade war fears. President Trump announced a 30% tariff on EU and Mexican goods starting August 1 and warned of further levies on other nations while urging trade partners to resume talks. Domestically, the RBNZ held its cash rate at 3.25% last week, as expected, but signaled openness to a rate cut in August if conditions warrant. Markets are pricing in a 65% chance of a 25bps cut, with nearly even odds of a further reduction to 2.75%. The dovish tone follows persistently soft data, including continued contraction in the services sector in June amid weak consumer confidence, high living costs, and ongoing uncertainty. Meanwhile, offering some support was better-than-expected Chinese trade data, which helped ease concerns over risks to Kiwi exports, given strong NZ-China trade ties.