4/24, 10:24 AM (Source: TeleTrader)
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ECB: Impact of increase in auto tariffs would be small

In case the United States increases import car tariffs for vehicles coming in from all countries but Mexico and Canada, the impact on the euro area and on the global economy in general would be minimal, the European Central Bank said in a report published on Wednesday.

Additionally, the ECB believes America's trading partners would introduce reciprocal measures on US imports which could have a negative effect on the US economy, as well as the economies of close trading partners such as Japan and South Korea.

The central bank of the Eurozone pointed out that any further escalation of trade tensions worldwide may have a greater negative impact on the economy.

Breaking the News / VP