America's largest container port breaks century-old record
In January, the Port of Los Angeles, the largest container port in the United States, handled 924,200 TEU of containers, an increase of 8% over the same month last year, which was the busiest January in the 117-year history of the Port of Los Angeles.
The Los Angeles fire in January did not affect the port. The Port of Los Angeles imported about 484,000 TEU in January, up 9.5% from a year earlier, and shipped more than 327,000 TEU empty, up 14% from a year earlier. "It's typically a harbinger of more cargo coming into the port in the coming weeks and months," said Gene Seroka, executive director of the Port of Los Angeles.
He believes several reasons have contributed to the unusually busy port. In addition to high consumption driven by the strong U.S. economy and the impact of labor negotiations at eastern ports, the biggest reason has to do with tariff policy, with retailers trying to get ahead of the Trump administration's tariffs on China, Mexico and Canada.
Recently, the United States began to impose a 10% tariff on China, in order to save costs, many manufacturers are considering moving their factories out of China, which may further reduce imports from China. "China [related container volumes] used to be 57 per cent of our business, now it's about 45 per cent and it's likely to continue to decline," says Gene Seroka.
In addition, the suspension of the 25 percent tariff on Canada and Mexico will expire on March 6. Trump also recently announced that he would impose reciprocal tariffs on all US trading partners.
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