17 Jul August Tariff Deadline Sees Upgraded Import Forecast
It is speculated that import volumes across American ports will experience a rebound throughout July before the implementation of tariffs on the 1st of August.
According to market reports, imports into the USA are expected to rise from 2.06 million twenty-foot equivalent units (TEUs) in June to 2.36 million in July. However, it is anticipated that this uptick in trade will be temporary, with imports expected to fall monthly to 2.08 million TEUs in August and 1.82 million in September, with further falls through to November.
This decrease can be primarily attributed to concern over tariffs as businesses attempt to stock up for the holiday season before various tariffs take effect, as well as the higher-than-normal import volumes in late 2024, which were a result of inventory brought in early due to potential industrial strikes across American ports.
As volumes in the trans-Pacific look to decrease beyond July, shipping organisations have responded with reductions to capacity, with plans to deploy 6.2% less tonnage from Asia to the US West Coast in August than in July.
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