Leaders at big U.S. seaports report escalating global trade tensions could drive down cargo volumes at the gateways and hit jobs and businesses that depend on the flow of goods across supply chains, according to the Wall Street Journal. Economists say the impact could spread beyond the specific categories of imports and exports that may be subject to tariffs.
Gene Seroka, executive director of the Port of Los Angeles, said the tariffs recently enacted or proposed by the U.S. and its trading partners would affect 15% of all cargo that moves through Los Angeles, the nation’s largest container port.
Last year, Chinese trading partners accounted for $145 billion in import and export trade at the port, more than half of the port’s total of $284 billion. Based on a staff analysis, Seroka said 59% of that trade could be subject to new tariffs.