A new trade war sparked by U.S. automotive tariffs has the potential to do much ...
WASHINGTON - A new trade war sparked by U.S. automotive tariffs has the potential to do much more damage to global economic growth than the U.S.-China trade conflict has done, International Monetary Fund chief economist Gita Gopinath said on Thursday.
“We are concerned about what auto tariffs would do to the global economy at a time when we are more in the recovery phase,” Gopinath said on the sidelines of the IMF and World Bank annual meetings in Washington. U.S. President Donald Trump has threatened to levy tariffs of some 25 percent on imported vehicles and auto parts on national security grounds, invoking a 1962 trade law aimed at safeguarding the Cold War-era military industrial base.
Should he impose tariffs, they would hit hard in the second half of 2019, about the time when the IMF is predicting a rebound in global growth due to a pause in interest rate hikes by the Federal Reserve and other major central banks.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IMF raises its 2019 growth forecast for ChinaThe International Monetary Fund said China is projected to grow by 6.3 percent this year, higher than the previous forecast of 6.2 percent.
Read more »
Fight Over Tariffs On Auto Imports Approaches A Deadline In WashingtonThe auto industry expects to hear next month whether the Trump Administration will seek to impose tariffs of as much as 25% on imported autos and auto parts. That's not far off, but it's still anybody's guess what the outcome will be, an economist said.
Read more »
Ford shakes up management in a move to retool business model to high-tech auto market
Read more »
Trump backing off Mexico border shutdown a big relief for US carmakers as auto sales tumbleNearly every major automaker saw sales fall during the first quarter with forecasts that US demand will be off as much as 7% this year.
Read more »
Potential U.S. auto tariffs would hurt Germany, Japan, Korea: Moody'sRatings firm Moody's said on Tuesday that potential auto tariffs by the Uni...
Read more »
Maybe Lower Tax Refunds Won't Ding U.S. Auto Sales That Badly, After AllAnalysts watching the U.S. auto industry are less worried than they were, about lower tax refunds potentially hurting auto sales. The latest IRS statistics show the pace of processing returns and the size of the average return are not that different from last year,
Read more »
California Files Suit in New Challenge to Federal Auto Emissions RollbackCalifornia is escalating its battle with the Trump administration over cars and climate change, filing suit to demand that two federal agencies release data they used to justify a rollback of auto emissions standards.
Read more »
Mexican auto firms eye air cargo to jump huge U.S. border linesMexican exporters are looking into sending their goods to the United States by air freight to avoid a five-mile-long line of trucks at the border caused by the Trump administration moving federal agents away from customs checks to immigration duties. Autoparts and medical equipment makers were among
Read more »
Trump says Mexico auto tariff threat supersedes new NAFTA pactTrump said that the deal his administration struck with Mexico on its auto exports won't count if the country fails to stop Central American migrants from illegally crossing into United States
Read more »