'Essentially all shipments’ from China have ceased at Port of L.A.
The head of the Port of Los Angeles says the port is already feeling the effects of President Donald Trump's 145% tariff on Chinese imports, and it's only going to get worse.
“It's my prediction that in 2 weeks' time, arrivals will drop by 35%, as essentially all shipments out of China for major retailers and manufacturers have ceased,” Executive Director Gene Seroka told KNX News.
Seroka said many large importers have “hit the pause button on cargo from China” because they don't want to pay the tariffs.
He said retailers have about a six-to eight-week supply of goods on hand, “but that will quickly dry up” and customers will begin to see those changes on store shelves.
Trump administration officials insist they're getting close to a deal with China, but the Chinese denies that talks are happening. However, China is exempting some U.S. imports from its 125% tariff, a signal that the trade war could be de-escalating.
https://www.audacy.com/knxnews/news/local/essentially-all-shipments-from-china-cease-at-port-of-l-a
The head of the Port of Los Angeles says the port is already feeling the effects of President Donald Trump's 145% tariff on Chinese imports, and it's only going to get worse.
“It's my prediction that in 2 weeks' time, arrivals will drop by 35%, as essentially all shipments out of China for major retailers and manufacturers have ceased,” Executive Director Gene Seroka told KNX News.
Seroka said many large importers have “hit the pause button on cargo from China” because they don't want to pay the tariffs.
He said retailers have about a six-to eight-week supply of goods on hand, “but that will quickly dry up” and customers will begin to see those changes on store shelves.
Trump administration officials insist they're getting close to a deal with China, but the Chinese denies that talks are happening. However, China is exempting some U.S. imports from its 125% tariff, a signal that the trade war could be de-escalating.
https://www.audacy.com/knxnews/news/local/essentially-all-shipments-from-china-cease-at-port-of-l-a
