THE Trump administration's proposal to impose US$200 billion of tariffs on Chinese imports would affect 37.3 per cent, or four million TEU, of US imports from China.
The move would mark a sharp escalation compared to the 5.3 per cent of US containerised imports from China exposed to the tariffs that went into effect on July 6, reported IHS Media.
Along with the $34 billion that went into force on July 6, and the $16 billion still pending, the new tariffs bring the potential volume of US imports from China impacted by tariffs to 47.5 per cent or 5.1 million TEU, according to PIERS IHS Markit data.
'Now is the time to get back to the negotiating table with China while working through a global coalition that shares our concerns,' said the National Retail Federation (NRF) in a statement.
'The way things are shaping up it may be too late but we hope the administration changes course before we lose the momentum from tax and regulatory reform and return to an era of high prices, job loss and negative growth in our economy.'
The due date for public comment on this latest round of tariffs is August 17, with the public hearing dates set for August 20 to 23, some point after which the tariffs will take place. A similar public comment period and hearings accompanied the first round of $50 billion in tariffs, after which the percentage of cargo impacted rose 1.5 percentage points.
The tariff list is extensive and touches on everything from bicycles and refrigerators to chemical products and rare earth minerals. The list includes chassis used for transporting containers and gantry cranes, adding to the pain for transporters and shippers as the $34 billion in tariffs included forklifts and material handling equipment and parts.
The ports of Los Angeles and Long Beach are the most at risk, accounting for 37.6 per cent or 1.9 million TEU of the targeted volume, according to PIERS. New York-New Jersey is the second most exposed with 8.3 per cent of the total or 420,665 TEU, followed by Savannah with seven per cent or 356,436 TEU.
It is unclear how the tariffs will ultimately impact the transpacific trade but as trade tensions rose US imports from Asia fell 2.7 per cent and 5.9 per cent year on year in April and May, respectively, before rising 4.8 per cent in June. US imports from Asia fell 1.3 per cent in the second quarter after an 8.8 per cent increase in the first quarter.
The move would mark a sharp escalation compared to the 5.3 per cent of US containerised imports from China exposed to the tariffs that went into effect on July 6, reported IHS Media.
Along with the $34 billion that went into force on July 6, and the $16 billion still pending, the new tariffs bring the potential volume of US imports from China impacted by tariffs to 47.5 per cent or 5.1 million TEU, according to PIERS IHS Markit data.
'Now is the time to get back to the negotiating table with China while working through a global coalition that shares our concerns,' said the National Retail Federation (NRF) in a statement.
'The way things are shaping up it may be too late but we hope the administration changes course before we lose the momentum from tax and regulatory reform and return to an era of high prices, job loss and negative growth in our economy.'
The due date for public comment on this latest round of tariffs is August 17, with the public hearing dates set for August 20 to 23, some point after which the tariffs will take place. A similar public comment period and hearings accompanied the first round of $50 billion in tariffs, after which the percentage of cargo impacted rose 1.5 percentage points.
The tariff list is extensive and touches on everything from bicycles and refrigerators to chemical products and rare earth minerals. The list includes chassis used for transporting containers and gantry cranes, adding to the pain for transporters and shippers as the $34 billion in tariffs included forklifts and material handling equipment and parts.
The ports of Los Angeles and Long Beach are the most at risk, accounting for 37.6 per cent or 1.9 million TEU of the targeted volume, according to PIERS. New York-New Jersey is the second most exposed with 8.3 per cent of the total or 420,665 TEU, followed by Savannah with seven per cent or 356,436 TEU.
It is unclear how the tariffs will ultimately impact the transpacific trade but as trade tensions rose US imports from Asia fell 2.7 per cent and 5.9 per cent year on year in April and May, respectively, before rising 4.8 per cent in June. US imports from Asia fell 1.3 per cent in the second quarter after an 8.8 per cent increase in the first quarter.