LA Port Braces for 35 Percent Drop As Trump Tariffs Hit
Shipments from China to the West Coast are expected to fall sharply next week, with cargo to the Port of Los Angeles projected to drop by more than a third, as President Donald Trump's new tariffs prompt major U.S. retailers to curb import orders.
Gene Seroka, who heads the nation's busiest container port, told CNBC's "Squawk Box" that American retailers are halting large orders from China in response to the new duties, significantly reducing incoming cargo volume.
"According to our own port optimizer, which measures the loadings in Asia, we'll be down just a little bit over 35% next week compared to last year. And it's a precipitous drop in volume with a number of major American retailers stopping all shipments from China based on the tariffs," Seroka said.