Tariff Truce Tempers Port Activity: California Ports Brace for Modest Uptick
Gene Seroka, head of the Port of Los Angeles, predicts a slight increase in freight following the temporary tariff reduction between the US and China, not a surge. Importers are likely to rush pre-imposed duty cargoes, with US ports a key economic indicator due to extensive trading activities.
Despite a temporary tariff truce between Washington and Beijing, the head of the U.S.'s busiest port anticipates only a modest rise in imports. Gene Seroka, executive director of the Port of Los Angeles, said last week's duty adjustment to 30% from 145% wouldn't spark a deluge of freight.
'We'll witness a slight uptick in Asian bookings,' Seroka noted, referring to reservations for cargo ships en route to the port. This increase may stem from importers snapping up goods completed before the previous tariffs were imposed, rather than new orders readying when the truce ends.
The port handles 31% of U.S. sea trade, serving as a bellwether for economic activity. Amidst this, Port of Long Beach CEO Mario Cordero predicts over a 10% import drop in May, as retailers like Walmart adjust prices to offset tariffs, impacting consumer purchase decisions.
(With inputs from agencies.)
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