The Port of Los Angeles, the busiest container port in North America, has warned of a potential 35 percent downturn in cargo arriving at the port resulting from U.S. tariffs starting in early May.
“It’s my prediction that in two weeks’ time, arrivals will drop by 35 percent as essentially all shipments out of China for major retailers and manufacturers have ceased, and cargo coming out of Southeast Asia locations is much softer than normal,” Gene Seroka, executive director of the Port of Los Angeles, said during a Los Angeles Board of Harbor Commissioners meeting on April 24.
In 2024, China was the port’s top trading partner at $120 billion in cargo value, according to the port. The remainder of the top five included Japan, Vietnam, South Korea, and Taiwan….