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Japanese Minister of Economy, Trade and Industry Yoji Muto: We will strongly request the United States to exempt Japan from tariff measures and set up a special working group to provide information and grasp the impact.Japanese Minister of Economy, Trade and Industry Yoji Muto: The content of (US tariffs) needs to be analyzed and the impact on the Japanese economy examined.Japanese Economy, Trade and Industry Minister Yoji Muto: We have told the United States that the new tariff announcement is "extremely regrettable."On April 3, Kimberly Clausing, a former Biden administration official and nonresident senior fellow at the Peterson Institute for International Economics, called Trumps tariff announcement on Wednesday "very stubborn and much worse than I expected." "I expected things to be bad, but I didnt expect this level of self-harm. Its shocking that anyone thought this was a good idea. Id be shocked if we can get through this without a recession and Trump doesnt have to reverse his policies."On April 3, some economists worry that if Trump does not quickly cancel the latest round of tariffs, it may push the US economy into a recession. "If the US government implements these higher tariffs without major exemptions, it will be difficult for the economy to digest this. A recession seems more likely." said Mark Zandi, chief economist at Moodys Analytics. Zandi said, "In many ways, the tariffs announced by Trump are even worse than the worst case scenario he envisioned. If they stick to it, I will buckle up and prepare for the impact." Zandi added that on a static basis, tariffs account for nearly 2% of GDP (not considering the impact of tariffs on the economy and taxes), which makes this round of tariffs the largest tax increase since the tax increase used to finance the war during World War II.

Oil Prices Begin the Week Lower as Fears of a Chinese Covid Lockdown Fuel Demand Concerns

Charlie Brooks

Apr 12, 2022 09:18

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On the New York Mercantile Exchange, oil futures declined 4.04 percent to close at $94.29 a barrel, while Brent crude futures slid 4.2 percent to trade at $98.49 a barrel on the London's Intercontinental Exchange (NYSE:ICE).


China's travel ban has harmed travel activities in the world's second biggest economy, placing a squeeze on jet fuel and crude oil consumption. "Air traffic has been reduced to 10% of its normal level not just in Shanghai, but also in other parts of the nation," Commerzbank stated in a note.


According to Commerzbank, the effect of decreased transport demand is estimated to be between 1.2 million and 1.3 million barrels per day, with jet fuel consumption accounting for around half of this amount.


However, there looks to be some relief on the horizon, as Shanghai officials said Monday that they will begin relaxing lockdowns in certain neighborhoods. The announcement comes after China's financial capital recorded a record number of new Covid cases on Sunday, exceeding 25,000.


Demand is being slashed at a time when extra production is scheduled to come online, putting more downward pressure on oil prices. The International Energy Agency's member states agreed last week to release 60 million barrels over the next six months, assuaging concerns about a supply crisis.

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