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The Latest Breaking News from Gene Seroka

Less selection, higher prices: How tariffs are shaping the holiday shopping season

Midway through summer, U.S. retailers are sweating a different season

The Independent UK

Scott Bessent Takes Premature Victory Lap on Tariff Revenues

Collections represented a surge in imports trying to beat higher rates—with a slump to follow.

Reason

Port of LA executive director: Shipping spike is sign Trump's tariffs sparking stockpiling

The trade environment “is still really uncertain, which means you're going to stockpile, you're going to put as much inventory as possible,” one expert told Fortune.

Fortune

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read the most diverse news in one place.

Port of LA imports fell nearly 20% in May, and it may mean higher prices and fewer choices on back-to-school and Halloween items

“Consumers will likely see lower inventories, fewer selections on store shelves, and higher prices in some cases,” Port of LA Executive Director Gene Seroka told reporters.

Fortune

Trump calls emptying U.S. ports a 'good thing' despite supply-chain panic because 'that means we lose less money'

The president has repeatedly claimed the U.S. has a $1 trillion trade deficit with China, though economists argue a trade deficit isn’t inherently negative.

Fortune

RSM chief economist: 'Recession will start on the docks of Los Angeles'

“The price of those policies will be first paid at the ports and then spread to the rest of the economy,” RSM’s Joseph Brusuelas wrote, referring to the president’s tariff and trade policies.

Fortune

When Tariff Shortages Arrive, Here's What Might Be Missing

Sex toys, blenders, baby strollers, microwaves, hair dryers, and other affordable goods that Americans take for granted could soon be in short supply.

Reason

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Trump's Tariffs Bite At Quiet US Ports

At the Port of Los Angeles, the frenetic choreography of cranes unloading containers from Asia has slowed to a tiptoe, and the noise of the busiest docks in the US is quieting.

International Business Times

Trump's tariffs loom over the economy as shipments from China fall

American businesses are cancelling orders from China, postponing expansion plans and hunkering down to see what trade policy surprises President Donald Trump plans to spring on them next

The Independent UK

Port of L.A. executive director says retailers will soon have only about 7 weeks of full inventories left amid U.S.-China trade war

“Nobody wins,” Gene Seroka said. “China is America’s factory.”

Fortune

Trump’s trade war has already sparked a massive cancellation of shipments from China to the U.S.

The Port of Los Angeles, the largest port in the U.S., predicts a 35% drop in shipments, nearly all from China, in a matter of weeks.

Fortune

Southern California ports are losing to East Coast rivals, threatening LA-area jobs

From the peaceful vantage point of Angels Gate Park, high above San Pedro Bay in San Pedro, California, a huge floating traffic jam of cargo ships was clearly visible when it reached its peak of 109 vessels in January, stranding toys, clothing, semiconductors, cars and a long list of items…

Los Angeles Times

Biden visiting LA port as high prices persist as threat

President Joe Biden is set to speak at America’s busiest port without having vanquished high inflation

The Independent UK

Contract talks near for thousands of West Coast dockworkers

Contract negotiations between 22,000 workers at 29 West Coast ports and representatives of shipping companies will begin next week with automation and its impact on jobs emerging as a major point of contention amid supply chain issues

The Independent UK

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Tribune News Service

East Coast ports rushed to attract mega ships. Now, one is stuck outside DC

The $5.25 billion expansion of the Panama Canal doubled its capacity in 2016, allowing the world’s largest cargo ships to sail more easily to America’s East Coast from Asia. Now, one of those giant vessels has been stuck near the U.S. capital for more than a week.

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