Japan’s exports rose at a slower pace as the first salvo of Donald Trump’s tariff campaign started disrupting commerce with the introduction of a high levy on steel and aluminum.
Exports measured by value gained 3.9% in March from a year earlier, the Ministry of Finance reported Thursday. Exports missed the median estimate of a 4.4% increase. Imports gained 2%, compared with the median estimate of a 3.1% gain.
Japan’s trade balance stayed in the black, with a surplus of ¥544.1 billion.
The trade surplus, with ongoing gains in exports, gives a boost to the Japanese economy while domestic consumption remains under pressure due to persistent inflation. But the outlook appears increasingly uncertain as Trump deepens his tariff campaign, prompting nations like China to retaliate.
Trump’s tariff campaign is hitting Washington’s allies and foes and risks causing major disruptions in the flow of goods across the world. Japan’s shipments to the U.S. rose 3.1% by value in March. Those to China, which has retaliated against the U.S. measures, declined 4.8%, while exports to Europe, which has also struck back at Washington, fell 1.1%. Japan has indicated it won’t take retaliatory measures.
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