The New Zealand dollar rose to around $0.598 on Tuesday, trimming losses from a two-day decline and rebounding slightly from a three-week low, as investors continued to assess ongoing global trade risks. President Donald Trump signaled openness to renewed trade talks with the European Union and other key partners but threatened to impose 100% secondary tariffs on Russia if a peace deal with Ukraine is not reached within 50 days. The EU also warned of potential countermeasures against the US’s 30% tariffs. Meanwhile, Chinese data showed stronger-than-expected Q2 GDP and June industrial output, offering some relief to New Zealand’s export outlook given its close trade ties with China. However, retail sales slowed more than anticipated. Domestically, the RBNZ held its cash rate at 3.25% as expected last week but signaled a possible cut in August. The dovish tone followed persistently soft data, including subdued activity in the manufacturing and services sectors.