International Trade
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The initial effects of the U.S. attack on global trade are starting to show up in macroeconomic data, Fitch Ratings says.

In a new report, the rating agency said that U.S. imports surged in January, as businesses sought to get ahead of higher U.S. tariffs. 

Demand for both industrial supplies and consumer goods rose, as companies accelerated shipments to beat incoming tariff hikes, it said.

“The value of Canada’s exports to the U.S. also rose rapidly in January, driven by industrial machinery and equipment, motor vehicles and metals,” Fitch reported. 

For instance, Canadian auto exports jumped by 17% on a month-over-month basis in January, “with shipments of passenger cars and light trucks reaching their highest level in almost six years.”

Additionally, Japan’s exports ramped up in January, “including a sharp jump in exports to Mexico,” Fitch noted.

At the same time, Korea’s exports fell, “with semiconductor exports to China experiencing a big drop in February,” it said — noting that this trend, “was partly a result of restrictions imposed by the U.S. administration on the sale of high-bandwidth memory chips to China…”