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American consumers are on the cusp of tough choices because of President Donald Trump’s trade war. Ships now pulling into the US harbor from China are the first to be subject to the massive tariffs that America is imposing on most Chinese imports. That means, in a matter of weeks, consumers will face higher prices and shortages of certain items. It said that imports from China have dropped dramatically since the US President Trump imposed a high tariff starting last month.
The report said that the drop-off in imports from China on the boats now coming into port is more than 50%. Many importers have canceled previous orders because US businesses aren’t interested in paying the steep tariff, which can more than double the price of Chinese goods. The Port of LA had expected 80 ships to arrive in May, but 20% of those have been canceled, the reason was that the customers have already canceled 13 sailings for June.
SOURCE: CNN BUSINESS
The report said that the drop-off in imports from China on the boats now coming into port is more than 50%. Many importers have canceled previous orders because US businesses aren’t interested in paying the steep tariff, which can more than double the price of Chinese goods. The Port of LA had expected 80 ships to arrive in May, but 20% of those have been canceled, the reason was that the customers have already canceled 13 sailings for June.
SOURCE: CNN BUSINESS