The NZX fell 28 points, or 0.2%, to 12,737 in morning trade on Tuesday, after being flat in the previous session, tracking a fall on Wall Street overnight as traders continued to monitor the development of trade tariffs. Worries grew after U.S. President Trump announced plans to impose a 25% tariff on imports from Japan and South Korea, along with a 25%–40% tariff range for another 14 countries, including South Africa and Thailand. Caution also built ahead of the RBNZ monetary policy decision on Wednesday, with the central bank expected to hold the interest rate at 3.25%. Traders also anticipated the release of consumer and producer price data from New Zealand's top trading partner, China, amid continued weak domestic demand on the mainland. Industrials, consumer staples, and communication services mainly weighed on the NZX 50. Early losers included Briscoe Group (-1.3%), Freightways Group (-0.8%), Mainfreight (-0.7%), A2 Milk (-0.5%), and Westpac Banking Corporation (-0.3%).