Global trade disruptions pose the biggest threat to New Zealand's economic recovery

Kiwibank's latest Economic Outlook has found global uncertainty, driven by Donald Trump's tariff changes, is holding the economy back.

It's revised this years growth forecast from 1.4 to 0.9 percent.

Senior Economist, Mary Jo Vergara says the US's 10 percent tariff on New Zealand imports won't have a material impact.

She says it's the indirect effect of the US and China being in conflict that will have the most impact.