April 9, 2019 / 8:05 AM / 16 days ago

Potential U.S. auto tariffs would hurt Germany, Japan, Korea: Moody's

Imported automobiles are parked in a lot at the port of Newark New Jersey, U.S., February 19, 2019. REUTERS/Eduardo Munoz

(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

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