President Donald Trump has repeatedly told the American people his trade war pitch:“Tariffs are the greatest!”
Except they are not — and a new report from the Associated Press (AP) indicates tariffs are stirring uncertainty at many US points of entry for imports.
Across the nation, at least 10 percent of imports at many ports could vanish if President Trump’s trade proposals take full effect, according to an exclusive investigation of government data by the AP.
Port officials said it is becoming a growing concern that tariffs could trigger a domestic slowdown in shipping that would ripple through the transportation industry. Since March, President Trump unleashed new duties of up to 25 percent on $85 billion worth of aluminum, steel, and other various Chinese manufacturing related products.
“Tariffs are working big time. Every country on earth wants to take wealth out of the U.S., always to our detriment. I say, as they come, Tax them. If they don’t want to be taxed, let them make or build the product in the U.S. In either event, it means jobs and great wealth,” Trump tweeted in early August.
While President Trump has claimed tariffs will protect American workers and spark an economic boom, his administration is also preparing an alarming set of tariffs of up to 25 percent on an additional $200 billion on Chinese imports — many of which are consumer based products.
US manufacturers are now starting to feel the pinch, as tariffs are causing havoc on global supply chains. On Friday, Ford stated that it would abandon plans to import a crossover version of its Focus compact car from China to the US because of tariffs that took effect in July. Ford has already warned that it will cut most of its US car business as it shifts toward trucks and SUVs.
In New Orleans, Port NOLA generates $100 million in revenue annually through four lines of business — cargo, rail, industrial real estate and cruises for the State of Louisiana. More than 90 million short tons of cargo passes through the port per year, where officials have cautioned that a tariff-related drop in shipments is coming.
