Trade between the U.S. and China is already down significantly. During the first six months of this year, exports from the U.S. to China fell 18% from the year ago period to $55 billion. Imports of Chinese goods to the U.S. fell 12% to $235 billion.
All the ship traffic hoping to beat the tariffs is leading to record volumes at the Port of Los Angeles. As a result, containers are starting to stack up, potentially creating the same congestion headaches the port went through a year ago during the first round of tariffs. Commercial real estate services firmreports vacancy rates at local warehouses storing holiday goods are down to 1.7%, less than half the national rate. Soon there may be no space left, leaving containers stuck at the port.
Now all the excess storage charges to warehouse the products will cause prices to jump ahead of the tariffs. Guess who will pay in the long run! Trump has created a monster he cannot control and will not accomplish what he wanted!
Bullshit. It’s a 10% tax on $110 billion of a $22 trillion economy. Fake bullshit from CNBC Propaganda
With the RMB losing value they may end up paying more. $100 no tariff. $90 + 10% = $99 with 10% devaluation. China owes a ton of money. There may be no floor under their currency once it gets to dropping.