Latest news with #PortofLosAngeles
Bloomberg
6 days ago
- Business
- Bloomberg
Tariff Disruption Is Skipping the Shipping Industry — for Now
While disruptive, the tariffs that President Donald Trump has been glibly tossing out, including new ones last week, haven't yet produced the widespread damage to the economy that many had predicted. In large part that's because Trump has tweaked and pulled back enough on them to prevent a catastrophe. This has earned him the moniker of TACO, or Trump Always Chickens Out, but this is a bit misplaced because the tariffs are real and the money flowing in from these duties is large — to the tune of $26.6 billion in June compared with $6.3 billion in the month a year earlier. Even after calling a truce on the 145% tariffs on Chinese goods until August, the import duties on those products averaged 55%, according to the Port of Los Angeles.
E&E News
15-07-2025
- Business
- E&E News
Port of Los Angeles has record-breaking June on ‘tariff whipsaw effect'
LOS ANGELES — The Port of Los Angeles had its busiest June on record amid uncertainty about the Trump administration's tariff policies, its executive director said Monday. What happened: Port of Los Angeles Executive Director Gene Seroka, speaking at a media briefing, said that the country's busiest port brought in 892,000 container units in June, an 8 percent increase compared to last year. That uptick came after a slow May and the first half of June, following the implementation of a 145 percent tariff on Chinese goods. Seroka credited the increase in goods arriving at the port to Trump's May 12 decision to pause that levy, saying the news caused a 'tariff whipsaw effect.' Advertisement Seroka said he anticipates a strong July as retailers rush to bring stuff in for the holiday season but warned of impending uncertainty as the Trump administration prepares to enact a new 30 percent tariff on the European Union and Mexico starting Aug. 1, and the pause on the Chinese tariff lifts on Aug. 11.
Yahoo
15-07-2025
- Business
- Yahoo
Port of LA just had its best June on record as importers rushed to beat tariff deadlines
The Port of Los Angeles rebounded in June for a record-breaking month as importers raced to get cargo into the port before the 'reciprocal' tariff pause ended July 9, port executive director Gene Seroka announced Monday. President Donald Trump has since pushed that deadline to August 1. The Port of Los Angeles, which gets more goods from China than any other country, saw an 8% jump in cargo from last June, the best on record, the port said. Five extra vessels not normally scheduled to arrive at the port helped boost volume. 'After a very slow start, the Port of Los Angeles bounced back strong in the second half of June,' Seroka said at the port's monthly media briefing. 'While record-setting volume is welcome news, it also highlights the tariff whipsaw effect.' June's record volume also marks a 32% increase from May. Imports slowed after the Trump administration placed baseline tariffs on nearly every country around the world in April. 'When tariffs kicked in, imports slowed significantly in May and continued to drop through the first half of June — then with a pause on some tariffs — cargo began moving once again,' Seroka said. Trump set a new deadline for reciprocal tariffs last week and has threatened higher tariff rates on dozens of countries since then. That includes a 30% tariff rate on the European Union and Mexico, 35% on Canada, 24% on Japan, 32% on Malaysia, and 50% on Brazil. The United States and China agreed to a framework trade agreement that imposed 30% tariffs on goods before an August 12 deadline. The port is expecting a second surge in July as US businesses rush to get ahead of the higher tariffs. An additional seven vessels beyond normal volume, it says, will bring in cargo to beat the August 1 deadline on reciprocal tariffs. 'With pushing back the trade tariffs with nations around the world to August 1, were probably going to get one last push on imports coming to the United States, and doing as much as they can to sneak in under that new August 1 deadline,' Seroka said. Seroka then expects a dip in volume in August. 'Retailers are unlikely to order high volume speculatively and risk deep discounts over the holiday season later this year. It's too late to try to negotiate orders at this point in time for that year end (holiday) product,' he said. Despite the tariff turmoil, port volume in 2025 is tracking 5% ahead of this time last year. Overall imports into the United States are expected to rise in July, but then fall by double digits through the end of the year, according to the National Retail Federation's port tracker. 'The tariff situation remains highly fluid, and retailers are working hard to stock up for the holiday season before the various tariffs that have been announced and paused actually take effect,' said Jonathan Gold, vice president for supply chain and customs policy at the National Retail Federation. Gold said retailers have brought in as much merchandise as possible ahead of the reciprocal tariffs taking effect, and appreciates the August 1 extension. 'Nonetheless, uncertainty over tariffs makes it increasingly difficult for retailers to plan, especially small businesses that have no capacity to absorb tariffs,' he added The tariffs set to increase in August will drive up prices for American consumers and impact availability of product on store shelves, the National Retail Federation said in its port tracker report. The impact from the tariffs will be felt by consumers as soon as this month, according to John Zolidis, retail analyst and founder of Quo Vadis Capital, Inc., an investment advisory. Zoldis expects to see prices increase within the next three to six week, mostly on infrequently purchased items, like backpacks for back to school. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
NHK
15-07-2025
- Business
- NHK
Imports bounce back at LA port in June in tariff 'whipsaw effect'
The Port of Los Angeles saw a jump in inbound cargo in June, after the United States and China agreed to slash the steep tariffs they had imposed on each other. Port authorities said on Monday that the volume of import cargo rose 32 percent from May. They said unscheduled container vessels also arrived in the latter half of June. The agreement on tariffs in mid-May apparently led to a surge in shipments from China. The LA port is a key gateway to Asia. Port of Los Angeles Executive Director Gene Seroka told reporters that the rebound in imports highlighted what he called a "tariff whipsaw effect." US President Donald Trump has extended the pause on what he calls "reciprocal tariffs" on US trading partners until August 1. Seroka predicted that there will be "one last push" in cargo coming to the United States before the new tariff deadline.
CNN
14-07-2025
- Business
- CNN
Port of LA just had its best June on record as importers rushed to beat tariff deadlines
The Port of Los Angeles rebounded in June for a record-breaking month as importers raced to get cargo into the port before the 'reciprocal' tariff pause ended July 9, port executive director Gene Seroka announced Monday. President Donald Trump has since pushed that deadline to August 1. The Port of Los Angeles, which gets more goods from China than any other country, saw an 8% jump in cargo from last June, the best on record, the port said. Five extra vessels not normally scheduled to arrive at the port helped boost volume. 'After a very slow start, the Port of Los Angeles bounced back strong in the second half of June,' Seroka said at the port's monthly media briefing. 'While record-setting volume is welcome news, it also highlights the tariff whipsaw effect.' June's record volume also marks a 32% increase from May. Imports slowed after the Trump administration placed baseline tariffs on nearly every country around the world in April. 'When tariffs kicked in, imports slowed significantly in May and continued to drop through the first half of June — then with a pause on some tariffs — cargo began moving once again,' Seroka said. Trump set a new deadline for reciprocal tariffs last week and has threatened higher tariff rates on dozens of countries since then. That includes a 30% tariff rate on the European Union and Mexico, 35% on Canada, 24% on Japan, 32% on Malaysia, and 50% on Brazil. The United States and China agreed to a framework trade agreement that imposed 30% tariffs on goods before an August 12 deadline. The port is expecting a second surge in July as US businesses rush to get ahead of the higher tariffs. An additional seven vessels beyond normal volume, it says, will bring in cargo to beat the August 1 deadline on reciprocal tariffs. 'With pushing back the trade tariffs with nations around the world to August 1, were probably going to get one last push on imports coming to the United States, and doing as much as they can to sneak in under that new August 1 deadline,' Seroka said. Seroka then expects a dip in volume in August. 'Retailers are unlikely to order high volume speculatively and risk deep discounts over the holiday season later this year. It's too late to try to negotiate orders at this point in time for that year end (holiday) product,' he said. Despite the tariff turmoil, port volume in 2025 is tracking 5% ahead of this time last year. Overall imports into the United States are expected to rise in July, but then fall by double digits through the end of the year, according to the National Retail Federation's port tracker. 'The tariff situation remains highly fluid, and retailers are working hard to stock up for the holiday season before the various tariffs that have been announced and paused actually take effect,' said Jonathan Gold, vice president for supply chain and customs policy at the National Retail Federation. Gold said retailers have brought in as much merchandise as possible ahead of the reciprocal tariffs taking effect, and appreciates the August 1 extension. 'Nonetheless, uncertainty over tariffs makes it increasingly difficult for retailers to plan, especially small businesses that have no capacity to absorb tariffs,' he added The tariffs set to increase in August will drive up prices for American consumers and impact availability of product on store shelves, the National Retail Federation said in its port tracker report. The impact from the tariffs will be felt by consumers as soon as this month, according to John Zolidis, retail analyst and founder of Quo Vadis Capital, Inc., an investment advisory. Zoldis expects to see prices increase within the next three to six week, mostly on infrequently purchased items, like backpacks for back to school.
