Aug 8 (Reuters) - Imports into the United States fell
more than expected in June as concerns around shifting tariff
policies hit retailers, raising fears of fewer product options
in stores for shoppers, data from the National Retail Federation
showed on Friday.
WHY IT'S IMPORTANT
The data comes as several of U.S. President Donald Trump's
sweeping tariffs went into effect this week. As of August 7,
duties range from 10% to 50%, with India, Brazil, and
Switzerland facing some of the highest rates.
Since April's "Liberation Day" announcement of a 10%
baseline tariff, Trump has adjusted rates frequently. A
temporary truce with China in May reduced tariffs to 30%, but
new hikes resumed in July.
BY THE NUMBERS
U.S. ports covered by NRF's report handled 1.96 million
20-foot containers or its equivalent in June, which was down
8.4% year-over-year, but up 0.7% from May.
That was a bigger drop from the NRF forecast from a month
ago. The trade body had then projected ports would handle 2.06
million TEU in June, up 5.9% from May but down 3.7% year over
year.
Moreover, import cargo volume at major container ports in
the U.S. is tentatively expected to end 2025 5.6% below 2024's
volume, NRF's forecast showed on Friday.
CONTEXT
Apparel retailers, including Under Armour ( UAA ), Deckers
Outdoor ( DECK ) have reported tariff impacts in the past couple
of months and are taking steps to diversify their supply chain
to avoid tariffs on goods routed through or sourced from
Southeast Asian countries like Vietnam.
KEY QUOTE
"Tariffs are beginning to drive up consumer prices, and
fewer imports will eventually mean fewer goods on store
shelves," NRF Vice President for Supply Chain and Customs Policy
Jonathan Gold said.
"We need binding trade agreements that open markets by
lowering tariffs, not raising them."
Tariffs will result in higher prices for U.S. consumers,
less hiring, lower business investment and a slower economy, he
added.