Reported 1 day ago
In May, the Port of Los Angeles experienced a significant 19% drop in import volumes compared to April, primarily due to the impacts of President Trump's tariffs on US businesses. Port Executive Director Gene Seroka indicated that high tariffs and uncertainty are likely to affect inventory levels, especially as the peak retail season approaches. As importers face increased costs from tariffs, overall cargo handling at the port decreased to about 717,000 containers, with imports specifically declining to 356,000 units. Despite this, U.S. importers paid record customs duties, reflecting the financial strain of elevated tariffs.
Source: YAHOO