Tags: rise | cargo | consumers | fear trade wars | tariffs

WSJ: Tariff Fears, Strong Economy Raise Cargo Imports Nearly 4 Percent

WSJ: Tariff Fears, Strong Economy Raise Cargo Imports Nearly 4 Percent
Cargo containers can be seen at Port of Oakland on June 14, 2018. U.S. President Donald Trump is set approved tariffs on Chinese goods worth about $50 billion, according to Bloomberg.  (Photo by Yichuan Cao/Sipa USA)(Sipa via AP Images)

By    |   Wednesday, 20 June 2018 09:37 PM

The amount of goods exported to the United States rose nearly 4 percent in the first half of this year compared to 2017, a potential signal that consumers fear prices will rise because of tariffs.

According to The Wall Street Journal, cargo volume — measured in 20-foot equivalent units — is up 3.8 percent in 2018. The increase is being felt at all levels of the supply chain, from shipping companies to warehouses.

The reasons for the jump, the Journal reported, are anxieties over trade policies but also the strengthening economy that is boosting consumer spending.

"In the face of uncertainty, people are building up inventories," Supply Chain Insights analyst Lora Cecere told the Journal. "I don't know in the last two decades when we've had this level of nervousness in the supply chain."

Numbers-wise, imports for retail use will hit 10.2 million 20-foot equivalent units in the first half of the year. From January-May, 46 percent of all imported goods in cargo containers came from China.

The port of Savannah, Georgia saw an 8.3 percent increase in cargo volume from January-May compared to the same time period in 2017. Imports at the ports of Los Angeles and Long Beach, California were up a combined 4.6 percent.

President Donald Trump announced a 25 percent tariff on $50 billion worth of Chinese products last week. Beijing responded by instituting tariffs on the same amount of U.S. goods. Trump fired back this week by threatening a 10 percent tariff on $200 billion worth of additional Chinese-made goods.

Trump has instituted and/or threatened to place tariffs on other countries as well, which has resulted in threats of trade wars between the nations.

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The amount of goods exported to the United States rose nearly 4 percent in the first half of this year compared to 2017, a potential signal that consumers fear prices will rise because of tariffs.
rise, cargo, consumers, fear trade wars, tariffs
278
2018-37-20
Wednesday, 20 June 2018 09:37 PM
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