New York: International credit rating agency Fitch Ratings on Thursday reported that the effects of the US tariffs have started to be reflected in international trade data.

According to Anadolu Agency, the agency noted in a statement that the US' imports rose in January as businesses sought to increase their shipments before the tariffs took effect. This increase was driven by higher demand for industrial materials and consumer goods.

Canada's exports to the US experienced a substantial rise in January, primarily led by industrial machinery and equipment, motor vehicles, and metals. Notably, Canadian automobile exports, more than 90% of which are destined for the US, surged 17% in January compared to the previous month.

Japan also saw a significant increase in exports in January, including a sharp rise in exports to Mexico. Meanwhile, South Korea's exports continued to decline, with semiconductor exports to China falling sharply in February. This decline was partly due to restrictions imposed by the US administration on the sale of high-bandwidth chips to China in December last year, as mentioned in the statement.

Fitch Ratings further highlighted that their chart pack indicates a sharp fall in US equity prices in March, as financial markets began to reflect concerns about the impact of tariffs on US economic growth.