Imported automobiles are parked in a lot at the port of Newark New Jersey, U.S., February 19, 2019. REUTERS/Eduardo Munoz
April 9, 2019
(Reuters) – Ratings firm Moody’s said on Tuesday that potential auto tariffs by the United States would be a risk to global growth, hindering economic momentum in Germany, Japan and Korea.
However, such a move would be less severe for China as Chinese vehicle exports were already subject to trade restrictions, Moody’s said in a report, adding that it would also be broadly credit negative for the global auto industry.
“Auto trade restrictions would cause a broader hit to business and consumer confidence globally in an already slowing global economy,” Moody’s Associate Managing Director Elena Duggar wrote.
(Reporting by Philip George in Bengaluru)
