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Volume, one of the busiest ports in the United States, could drop dramatically as the trade war with China escalates, its executive director said.
In an interview with CNBC on Monday, LA Port of LA executive director Jeanseroka said it is expected to plummet by 35%, which could affect store shelves inventory as the summer season begins.
Shipments from China account for almost half of the operations carried out at the Port of LA, Celoka said. Last month, President Donald Trump struck China with a 145% tariff, rapidly increasing the prices of goods from the Chinese economy based on manufacturing.
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As a result, many American retailers are reducing their orders from China. The impact could result in a shortage of products on store shelves, experts warn.
Trump says one of the tariff goals is to bring manufacturing jobs back to the US. This is easier than I say, says Seroka.
“Even if there was a decision to put a factory in the US today, it would probably take about five years,” he said. “When you open the door, it’s probably automated with robotics and a very small number of workers.”
The Longshore Union, representing port workers across the country, denounced tariffs as anti-working class.
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