Port of Los Angeles says shipping volume will plummet 35% next week

"According to our own port optimizer, which measures the loadings in Asia, we'll be down just a little bit over 35% next week compared to last year. And it's a precipitous drop in volume with a number of major American retailers stopping all shipments from China based on the tariffs," Seroka said. Gene Seroka, executive director of the Port of Los Angeles, said Tuesday on CNBC's "Squawk Box " that he expects incoming cargo volume to slide by more than a third next week compared with the same period in 2024. Shipments from China to the West Coast of the U.S. will plummet next week as the impact of President Donald Trump 's tariffs leads companies to cut their import orders. Shipments from China make up about 45% of the business for the Port of LA, though some transport companies will be looking to pick up goods at other points in Southeast Asia to try to fill up their ships, Seroka said. "Realistically speaking, until some accord or framework can be reached with China, the volume co ... Read full article.