The Trump administration’s 90-day deal to lower tariffs on China is unlikely to result in a large jump in imports in the short term, Port of Los Angeles Executive Director Gene Seroka said Monday.
What happened: Seroka, speaking during a media briefing on tariff impacts, said the rapid changes to U.S. trade policy and the remaining 30 percent tariff on Chinese goods are still likely to result in lower inventory across retail sectors amid widespread uncertainty for American businesses.
“With trade policy shifts happening so quickly, it’s a challenge for businesses, economists and ports to forecast,” Seroka said. “At least for the short term, it’s clear that we’ll see a pullback in global trade.”
President Donald Trump agreed last week to reduce tariffs on China from 145 percent to 30 percent for 90 days as the two superpowers attempt to negotiate a trade deal, helping markets in both countries rebound.
