Takahide Kiuchi, Executive Economist at Nomura, notes that the focus of US trade policy has now shifted to additional tariffs on US automobile-related imports. Key Quotes “We have already seen an outpouring of comments in opposition to the tariffs from the Japanese government and auto industry, and even from the US auto industry. The common view expressed in these comments is that the tariffs will hurt the US economy and employment.” “If the Trump administration applies additional duties of 20% on all US imports of automobiles and automotive parts, US GDP would likely suffer a 0.3% dip in the near term. Japan’s GDP would likely be reduced by 0.5% over the medium and long term.” “In the relatively short term, the tariffs are estimated to have a bigger negative impact on the US economy than on Japan’s economy. However, if Japanese companies shift from exporting domestic-made vehicles and parts to the US to making those products in the US, the longer-term impact on the Japanese economy would probably be greater.” “The hope now is that strong criticism of the tariffs from US automakers at the public hearing will prompt the Trump administration to rethink its position on these tariffs.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Ripple Technical Analysis: XRP/USD finds support near mid-line of regression channel FX Street 4 years Takahide Kiuchi, Executive Economist at Nomura, notes that the focus of US trade policy has now shifted to additional tariffs on US automobile-related imports. Key Quotes "We have already seen an outpouring of comments in opposition to the tariffs from the Japanese government and auto industry, and even from the US auto industry. The common view expressed in these comments is that the tariffs will hurt the US economy and employment." "If the Trump administration applies additional duties of 20% on all US imports of automobiles and automotive parts, US GDP would likely suffer a 0.3% dip in the near… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.