US imports see a rapid fall in June due to concerns over Donald Trump's tariffs, data shows
WHY IT'S IMPORTANT
The data comes as several of US 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.
BY THE NUMBERS
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. 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 on Friday.
CONTEXT
Apparel retailers, including Under Armour, Deckers Outdoor 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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
39 minutes ago
- News18
Trump Accuses Nancy Pelosi Of Using ‘Inside Information' For Stock Market Gains: ‘Degenerate'
Last Updated: Trump's remarks, targeting one of Washington's most prominent Democrats, come with potential implications for investor sentiment US President Donald Trump accused former House Speaker Nancy Pelosi of profiting from 'inside information" in the stock market, escalating long-standing political criticism of her family's investments. In a post on his Truth Social platform, Trump called Pelosi a 'disgusting degenerate" and claimed she and her husband 'beat every hedge fund in 2024." He alleged that 'these two very average 'minds' beat ALL of the Super Geniuses on Wall Street, thousands of them," implying the performance was due to insider trading. Trump also questioned whether authorities were 'looking into this?" 'Crooked Nancy Pelosi, and her very 'interesting" husband, beat ever Hedge Fund in 2024. In other words, these two very average 'minds" beat ALL of the Super Geniuses on Wall Street, thousands of them. It's all INSIDE iNFORMATION! Is anybody looking into this??? She is a disgusting degenerate, who Impeached me twice, on NO GROUNDS, and LOST! How are you feeling now, Nancy???" Crooked Nancy Pelosi, and her very 'interesting" husband, beat ever Hedge Fund in 2024. In other words, these two very average 'minds" beat ALL of the Super Geniuses on Wall Street, thousands of them. It's all INSIDE iNFORMATION! Is anybody looking into this??? She is a…— Trump Truth Social Posts On X (@TrumpTruthOnX) August 9, 2025 Pelosi has previously rejected accusations of wrongdoing related to her husband's trades. While critics have raised concerns about potential conflicts of interest, no official investigations have resulted in charges against her. Trump's remarks, targeting one of Washington's most prominent Democrats, come with potential implications for investor sentiment. Reports indicate that even without any substantiated evidence, high-profile allegations can stir short-term market volatility, particularly in sectors mentioned in political attacks. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
&w=3840&q=100)
First Post
an hour ago
- First Post
This Week in Explainers: Why Israel is planning to seize Gaza City despite calls to end war
Israel has decided to seize control of Gaza City despite Prime Minister Benjamin Netanyahu facing increasing pressure to end the war with Hamas. All this and more in our weekly wrap from around the world read more Israel is planning a military escalation in Gaza. The country has decided to seize control of Gaza City, a densely populated urban centre, despite domestic and international pressure. United States President Donald Trump's 25 per cent tariffs on India have come into effect. He has also threatened to impose an additional 25 per cent tax on Indian goods as a penalty on New Delhi for buying Russian oil. However, it is not just India, the world will be singed from the high tariffs on India. STORY CONTINUES BELOW THIS AD The US has sped up the space race. Nasa has decided to fast-track efforts to put a nuclear reactor on the Moon, with a goal to do it in the next five years. Here's all this and more in our weekly roundup from around the world. 1. Israel Prime Minister Benjamin Netanyahu has called on Israeli forces to seize control of Gaza City, which has already faced the brunt of the country's repeated bombings and ground incursions since the Hamas war began in October 2023. This comes even as pressure on Israel grows to reach a ceasefire in Gaza, as the Palestinian population is on the brink of a famine. Netanyahu's proposed strategy, citing the necessity of defeating Hamas through military pressure, has been condemned by the relatives of hostages who are held in the narrow strip and even by former Israeli military officials. As a ceasefire with Hamas remains elusive and a humanitarian crisis unfolds in Gaza, we take a look at the Israeli PM's plan to 'conquer' Gaza City. 2. US President Donald Trump has raised tariffs on India to 50 per cent, but left a 21-day window open for negotiations to avoid the steep taxes. While India's electronics and pharma exports to America remain exempt for now, the increased rates will hit labour-intensive exports like textiles and gems and jewellery. STORY CONTINUES BELOW THIS AD However, if the US president thinks the high tariffs on India will not impact the world, he is mistaken. The 50 per cent tariffs will hurt Indian exporters. The world will also suffer if New Delhi stops buying crude oil from Russia. We explain in this story how. 3. The image of an unidentified stealth aircraft in China has aviation experts wondering whether it is a jet or a drone. Two images of the aircraft showing a sleek, tailless design with a lambda-wing layout surfaced this week. Soon, conjectures began whether it was a sixth-generation crewed jet, similar to the J-36, or one of its new advanced drones. Some say it is a carrier-based fighter, while others believe it to be a 'loyal wingman' drone. But what is it? We bring you the answers. 4. Nasa's acting administrator has issued a directive to accelerate efforts to put a nuclear reactor on the lunar surface. Sean Duffy wants to deploy the reactor on the Moon by the year 2030. STORY CONTINUES BELOW THIS AD In his memo sent out last month, he said the nuclear reactor should provide at least 100 kilowatts of power, which can power 80 houses in the US, and be ready for launch by late 2029. With this, the US space agency has started another space race. But why is Nasa rushing for such a reactor on the Moon? Read our report to find out. 5. This week marked 80 years since the United States' atomic bombing of Hiroshima and Nagasaki. On August 6, 1945, a US Air Force B-29 Superfortress, dubbed the Enola Gay, dropped a uranium bomb called 'Little Boy' on the Japanese city of Hiroshima, killing more than a lakh people. Three days later, another atomic bomb detonated in Nagasaki. Smoke billows over Nagasaki, Japan after the atomic bomb was dropped on the city in this August 9, 1945. File photo/ Reuters The two atomic bombings killed about 200,000 people in Japan and possibly more. There was one Japanese man, though, who survived both the attacks. Who was he? And how did he survive the explosions? We take a look at his story here. STORY CONTINUES BELOW THIS AD 6. Individuals seeking a US green card may get some relief in future. Two United States lawmakers have introduced a bipartisan bill that aims to increase the cap on green cards as well as reduce waiting times. The Dignity Act of 2025, brought in the US House of Representatives, could reduce immigration visa backlogs, which reached 11.3 million (1.13 crore) cases by the second quarter of FY2025. Here's our story on who will benefit if the bill becomes a law. 7. Indian-origin lawyer Mathura Sridharan has become Ohio's 12th Solicitor General. This makes her the US state's top appellate lawyer. Soon after Ohio Attorney General Dave Yost made the announcement, Sridharan was subjected to racist and xenophobic trolling online. AG Yost today named Mathura Sridharan as his pick for Ohio's 12th solicitor general, the state's top attorney for appeals in state and federal courts. Details: — Ohio Attorney General Dave Yost (@OhioAG) July 31, 2025 STORY CONTINUES BELOW THIS AD Some claimed she was not an American citizen, which was swiftly denied by Yost. Others took objection to her bindi in her official photo. We take a look at what happened. This is all we have for you this week. If you like the way we analyse news, you can bookmark this page to stay updated.
Indian Express
an hour ago
- Indian Express
Knowledge Nugget: Why is the IMF's World Economic Outlook relevant for UPSC Exam?
Take a look at the essential events, concepts, terms, quotes, or phenomena every day and brush up your knowledge. Here's your UPSC current affairs knowledge nugget for today on IMF's World Economic Outlook. (Relevance: International reports and organisations, especially the International Monetary Fund, form a crucial part of the UPSC CSE syllabus. Previously, various questions have been asked with regard to the IMF and its facilities and reports. Thus, knowing about it and its recently released report becomes important.) On July 29, the International Monetary Fund (IMF) released the latest update of its World Economic Outlook (WEO). The WEO is the IMF's benchmark publication as it provides a comprehensive picture of the global economy as well as details of individual countries. In this context, knowing about the WEO, its highlights becomes important. 1. The IMF releases the WEO twice every year, in April and October, apart from updating it twice — in January and July. The document released on 29th July is the July update to the WEO released in April. 2. The broader message of updated WEO is captured by its title— 'Global Economy: Tenuous Resilience amid Persistent Uncertainty'. There are two main takeaways for the state of the global economy. 3. First, the global economy has proven to be resilient, albeit tenuous, and second, the outlook is plagued by persistent uncertainty. 4. Despite all upheavals (such as the Covid-19 pandemic, the Russia-Ukraine conflict, and the tariff onslaught unleashed by the second Trump Administration), the global economy has managed to continue growing. That is the meaning of resilience. 5. According to the latest update by the IMF, 'Global growth is projected at 3.0 percent for 2025 and 3.1 percent in 2026. The forecast for 2025 is 0.2 percentage points higher than that in the reference forecast of the April 2025 World Economic Outlook (WEO) and 0.1 percentage points higher for 2026.' 6. However, this resilience is 'tenuous' (that is, unstable or with weak foundations). That's because, while the tariff situation isn't as bad as it appeared in April when US President Donald Trump first announced them on Liberation Day, it is not as if there is enough clarity about the eventual tariff rates. 7. Another big downside risk comes from the geopolitical tensions (such as the ones in the Middle East and Ukraine), which could 'disrupt global supply chains and push commodity prices up'. 1. The US, from where most of the policy uncertainty is emanating at present, is expected to lose growth momentum in 2025, as against the past two years. By the end of 2025, US GDP would be close to $31 trillion. In 2026, the US growth is expected to slow down even further to just 1.2%. 2. In sharp contrast, China, which is the main economic threat to the US, is expected to slow down only marginally and still manage to grow at a respectable rate of 4.8% for an economy with an annual GDP of over $19 trillion. 3. India continues to be a bright spot in the global economy. It is expected to grow 6.4% in 2025. While this rate is substantially slower than 2023, the fact is that by growing at over 6% in a world where competing economies are struggling to grow even at one-third that rate, India is fast bridging the gap and ensuring that it overtakes one developed economy after another, at least in terms of total GDP. 1. Set up in 1945 , the IMF works to achieve sustainable growth and prosperity for all of its 191 member countries. It does so by supporting economic policies that promote financial stability and monetary cooperation, which are essential to increase productivity, job creation, and economic well-being. 2. It has three critical missions: (i) Furthering international monetary cooperation, (ii) Encouraging the expansion of trade and economic growth, and (iii) Discouraging policies that would harm prosperity. 3. According to official website of IMF, 'Unlike development banks, the IMF does not lend for specific projects. Instead, the IMF provides financial support to countries hit by crises to create breathing room as they implement policies that restore economic stability and growth. It also provides precautionary financing to help prevent crises.' 4. Board of Governors is the highest decision-making body of the IMF. It normally meets once a year. It consists of one governor and one alternate governor for each member country. The governor is appointed by the member country and is usually the minister of finance or the governor of the central bank. 5. All powers of the IMF are vested in the Board of Governors. The Board of Governors may delegate to the Executive Board all except certain reserved powers. 6. As per the IMF, the Executive Board is responsible for conducting the day-to-day business of the IMF. It is composed of 25 Directors, who are elected by member countries or by groups of countries, and the Managing Director, who serves as its Chairman. IMF funds come from three sources: member quotas, multilateral and bilateral borrowing agreements. Quotas are the IMF's main source of financing, wherein each member of the IMF is assigned a quota, based broadly on its relative position in the world economy. Kristalina Georgieva has been serving as Managing Director of the International Monetary Fund since October 1, 2019. She began her second term on October 1, 2024. The IMF lends money to the economies in peril in the form of Special Drawing Rights (SDRs), which is a basket of five currencies — US dollar, Euro, Chinese Yuan, Japanese Yen and British Pound. It can be executed in the form of loans, cash, bonds, or stock purchases. Released by the IMF, the Global Financial Stability Report provides an assessment of the global financial system and markets and addresses emerging market financing in a global context. It focuses on current market conditions, highlighting systemic issues that could pose a risk to financial stability and sustained market access by emerging market borrowers. It draws out the financial ramifications of economic imbalances highlighted by the IMF's World Economic Outlook. (1) 'Rapid Financing Instrument' and 'Rapid Credit Facility' are related to the provisions of lending by which one of the following? (UPSC CSE 2022) (a) Asian Development Bank (b) International Monetary Fund (c) United Nations Environment Programme Finance Initiative (d) World Bank (2) 'Global Financial Stability Report' is prepared by the (UPSC CSE 2016) (a) European Central Bank (b) International Monetary Fund (c) International Bank for Reconstruction and Development (d) Organization for Economic Cooperation and Development (Sources: ExplainSpeaking: Key takeaways from IMF's latest World Economic Outlook on India, the US, and the world, Knowledge Nugget: Why IMF, its Bailouts, and Extended Fund Facility (EFF) should be in focus for your UPSC Exam) Subscribe to our UPSC newsletter. Stay updated with the latest UPSC articles by joining our Telegram channel – Indian Express UPSC Hub, and follow us on Instagram and X. 🚨 Click Here to read the UPSC Essentials magazine for July 2025. Share your views and suggestions in the comment box or at Roshni Yadav is a Deputy Copy Editor with The Indian Express. She is an alumna of the University of Delhi and Jawaharlal Nehru University, where she pursued her graduation and post-graduation in Political Science. She has over five years of work experience in ed-tech and media. At The Indian Express, she writes for the UPSC section. Her interests lie in national and international affairs, governance, economy, and social issues. You can contact her via email: ... Read More
