Tariff \u201cwhipsaw effect\u2019\u2019 boosts Port of LA June cargo numbers to new record
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As we reported earlier, the impact of tariffs saw May cargo volumes at the Port of Los Angeles hit a ten year low. Yesterday, the port reported that what it termed a tariff \u201cwhipsaw effect,\u201d saw it record the busiest June in its 117-year history.<\/p>\n
The Port of LA handled 892,340 TEUs in June, 8% more than last year.<\/p>\n
\u201cSome importers are bringing in year-end holiday cargo now ahead of potential higher tariffs later in the year,\u201d said Port of LA\u2019s executive director Gene Seroka. \u201cJuly may be our peak season month as retailers and manufacturers bring orders in earlier than usual, then brace for trade uncertainty.\u201d<\/p>\n
\u201cThe Port of Los Angeles closed its fiscal year on June 30, ending the period handling 10.5 million TEUs,\u201d Seroka added. \u201cThat marks our third fiscal year exceeding 10 millionTEUs, the only western hemisphere port to do so. and this time we reached that mark without a single vessel backed up.\u201d<\/p>\n
Bobby Djavaheri, president of Yedi Houseware, a family-owned business in Los Angeles, joined Seroka for his monthy cargo briefing. Giving some insights into why the tariff whipsaw effect is happening, Djavaheri discussed the impacts tariffs have had on small and mid-sized businesses.<\/p>\n