US tariffs' impacts starting to show up in macro data: Fitch

ISTANBUL

International credit rating agency Fitch Ratings on Thursday reported that the effects of the US tariffs have started to be reflected in international trade data.

In a statement, the agency said that the US' imports rose in January as businesses tried to increase their shipments before the tariffs took effect.

This increase was attributed to higher demand for industrial materials and consumer goods.

Canada's exports to the US also rose sharply in January, led by industrial machinery and equipment, motor vehicles and metals.

Canadian automobile exports, more than 90% of which are destined for the US, rose 17% in January compared to the previous month.

Japan's exports also rose markedly in January, including a sharp jump in exports to Mexico.

South Korea's exports continued to decline and semiconductor exports to China fell sharply in February, partly as a result of restrictions imposed by the US administration on the sale of high-bandwidth chips to China in December last year, according to the statement.

"Our chart pack also shows the sharp fall in US equity prices in March, when financial markets started to reflect concerns about the effect of tariffs on US economic growth," it noted.