Trump’s tariffs are under threat, but ports aren’t seeing a big rebound yet. That’s bad news for prices
CNN
US ports have been seeing pandemic-level declines in imports, so good news on tariffs was just what port officials were hoping for.
US ports have been seeing pandemic-level declines in imports, so good news on tariffs was just what port officials were hoping for. For awhile on Wednesday, it looked like retailers and ports got exactly that, with a court blocking many of President Donald Trump’s tariffs. But a federal appeals court on Thursday quickly paused that ruling. That kind of whiplash underscores why, even when there’s news of tariffs easing, goods don’t start flowing into US ports right away. And that could mean fewer goods on store shelves in the coming months, cutting into available choices and raising prices for everyday Americans. “I think there was an expectation that all of a sudden everything would start coming in again. I don’t think you’ve seen that huge rush to bring everything in again because I think folks are still being cautious on how this is going to proceed,” said Jonathan Gold, vice president of supply chain and customs policy at the National Retail Federation. Even after Trump lowered tariffs on China from 145% to 30% earlier this month, America’s largest ports have yet to see a rebound. The Port of Los Angeles reported a 30% import decline during the final week of May compared to last year. The Northwest Seaport Alliance, which represents the ports of Seattle and Tacoma, says imports also dropped by 30% from the last week in April to the first week in May, and volume is significantly lower compared to last year. Then Wednesday evening’s decision by a US court in Manhattan injected new chaos into the trade picture. The ruling blocked a swath of Trump’s tariffs, including a 10% tariff on most imports and the higher duties on China, Mexico and Canada. The White House filed an appeal, and by Thursday afternoon a federal appeals court restored the tariffs until both sides provide written arguments by early next month.
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