Japan’s trade activity growth slowed to 5% on a year earlier in June, though that still represented the 19th straight month of growth. While exports expanded 7%, shipments to the U.S. fell for the first time since January 2017 as a result of lower metals shipments. The outlook could be even worse. The American section 232 review of automotive vehicle and parts imports covers 41% of Japan’s exports to the U.S. in the 12 months to May 31, while the U.S. in turn accounted for 19% of Japan’s exports. Put another way – the section 232 review has a direct impact on 8% of all Japanese exports w...
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