US imports plunged in May, shipping data shows
Make us a preferred source
Make us a preferred source on Google
The news: Imports at several of the busiest US seaports dropped sharply in May after Donald Trump’s short-lived 145% tariffs on many goods from China stalled trade, Reuters reported citing data from Descartes Datamyne.
The numbers: Overall US imports of goods from China declined 28.5% year-on-year, according to the data provider.
West Coast ports saw large year-over-year hits, with Long Beach imports down 20.9%, Los Angeles 8.5%, Seattle 17.3% and Tacoma 39.4%.
On the East Coast, import volumes at New York and New Jersey fell 15.3%, Norfolk 14.7%, and Wilmington 17.6%. Gulf ports Houston and Mobile dropped 3.4% and 20.4%, respectively.
The context: The report comes after the US and China announced a trade deal framework that would set tariffs at the prior 30% rate, to be added to the 25% from Trump’s first term, bringing the total China rate to 55%, subject to final approval.
What they said: The Port of Los Angeles does not expect freight to sharply improve because 30% tariffs still translate into meaningfully higher costs for importers.
The source: Reuters
