US imports fall more than expected in June on tariff concerns, trade body data shows
The data comes as several of U.S. President Donald Trump's sweeping tariffs went into effect this week. As of August 7, duties range from 10% to 50%, with India, Brazil, and Switzerland facing some of the highest rates.
Since April's "Liberation Day" announcement of a 10% baseline tariff, Trump has adjusted rates frequently. A temporary truce with China in May reduced tariffs to 30%, but new hikes resumed in July.
U.S. ports covered by NRF's report handled 1.96 million 20-foot containers or its equivalent in June, which was down 8.4% year-over-year, but up 0.7% from May.
That was a bigger drop from the NRF forecast from a month ago, opens new tab. The trade body had then projected ports would handle 2.06 million TEU in June, up 5.9% from May but down 3.7% year over year.
Moreover, import cargo volume at major container ports in the U.S. is tentatively expected to end 2025 5.6% below 2024's volume, NRF's forecast showed, opens new tab on Friday.
Apparel retailers, including Under Armour (UAA.N), opens new tab, Deckers Outdoor (DECK.N), opens new tab have reported tariff impacts in the past couple of months and are taking steps to diversify their supply chain to avoid tariffs on goods routed through or sourced from Southeast Asian countries like Vietnam.
"The uncertainty around tariffs has impacted retailers' ability to forecast holiday orders and shipments. As tariff rates increase, consumers will ultimately face higher prices and less choice and availability during the holiday season," NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said.
"We need binding trade agreements that open markets by lowering tariffs, not raising them."
Tariffs will result in higher prices for U.S. consumers, less hiring, lower business investment and a slower economy, he added.
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The Independent
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MTG cashed in on ICE contractor's big win but Trump goes after ‘disgusting degenerate' Nancy Pelosi over stocks
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