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Investing.com -- The governor of the Bank of Japan, Kazuo Ueda, expressed concerns on Wednesday about the potential global impact of new tariffs planned by the U.S. His warning came just hours before President Donald Trump was scheduled to announce reciprocal tariffs.
These new tariffs would be in addition to the existing U.S. tariffs on aluminum and steel imports, as well as higher duties on all goods from China. President Trump has frequently threatened to impose additional tariffs, although some of these have been cancelled or delayed.
Ueda expressed his intention to discuss the potential effects of higher U.S. tariffs on the global economy with his counterparts in the G20. This discussion is planned to take place during a meeting of the finance leaders of the G20 later this month in Washington.
Ueda addressed Japan’s parliament, stating the impact of U.S. tariff policy on the global economy is highly uncertain. He explained that the range and scale of U.S. tariffs could significantly affect the trade activity of each country.
Ueda further added another major concern is how these tariffs could influence the sentiment and spending behavior of households and companies.
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