financetom
Economy
financetom
/
Economy
/
US ocean imports from China tumbled 28% in June on tariff hikes
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US ocean imports from China tumbled 28% in June on tariff hikes
Jul 8, 2025 2:36 AM

LOS ANGELES -U.S. imports of containerized goods from China tumbled 28.3% year-on-year in June, after higher tariffs on goods from the country's top ocean trade partner extended a steep drop that began in May, supply chain technology provider Descartes said on Tuesday.

Overall U.S. container imports fell 3.5% from June 2024 levels, coming in at 2.2 million 20-foot equivalent units (TEUs). China imports totaled 639,300 TEUs last month, according to Descartes' analysis of bill of lading data from U.S. customs.

The retreat followed an extended run of near-record imports fueled by importers rushing in goods to beat tariff deadlines.

China's share of U.S. imports hit 28.8% in June, well below the July 2024 peak of 40%. As a result, popular imports from China, from furniture and toys to textiles and footwear, tumbled last month.

At the same time, imports from several Southeast Asian countries, including Vietnam, Indonesia and Thailand surged as retailers and other imports diversified sourcing.

U.S. ocean imports appear to be stabilizing after the 7.2% year-on-year drop in May, said Jackson Wood, director of industry strategy at Descartes.

Year-to-date, total imports through June are tracking 3.8% above 2024, though growth has slowed compared to earlier in the year, Descartes said.

"This isn't as bad as it could have been or as bad as we thought it was going to be," Wood said.

Still, uncertainty over U.S. tariffs is likely to persist.

The U.S.-China trade truce that lowered punitive tariffs is set to expire on August 10.

Trump on Monday signed an executive order extending the partial U.S. tariff rate reprieve on many countries, changing it from July 9 to August 1.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Search for Inflation Confidence to Keep Rates Cuts Off Table at FOMC Meeting, Eyes on Projections
Search for Inflation Confidence to Keep Rates Cuts Off Table at FOMC Meeting, Eyes on Projections
Jun 11, 2024
03:28 PM EDT, 06/11/2024 (MT Newswires) -- The Federal Open Market Committee is again expected to make no change to the range of its federal funds rate target, keeping it at 5.25% to 5.5%, turning the focus to the post-meeting statement, updated economic and rate projections and Federal Reserve Chairman Jerome Powell's press conference for signals that fewer rate cuts...
Fed expected to hold rates steady, project fewer cuts in 2024
Fed expected to hold rates steady, project fewer cuts in 2024
Jun 12, 2024
WASHINGTON (Reuters) - The Federal Reserve is expected to leave interest rates unchanged on Wednesday, with new economic projections from the U.S. central bank's policymakers likely to show fewer rate cuts this year and a delayed start to monetary policy easing. Fed officials will receive a new round of inflation data that could shape their outlook just hours before they...
US Dollar Falls in Europe as High Beta Currencies, Risk Assets Rise
US Dollar Falls in Europe as High Beta Currencies, Risk Assets Rise
Jun 12, 2024
06:25 AM EDT, 06/12/2024 (MT Newswires) -- US dollar exchange rates fell broadly in early European trade on Wednesday as high beta currencies and other risky assets outperformed ahead of an eagerly awaited inflation report in the US and the June Federal Reserve policy decision. The US dollar weakened against all counterparts in the G10 basket except the Japanese yen...
U.S. CPI and Fed Meeting: Things to Watch Out as BTC Nurses Losses
U.S. CPI and Fed Meeting: Things to Watch Out as BTC Nurses Losses
Jun 12, 2024
Dollar index, bitcoin at the mercy of core inflation, housing rent and Fed's take on inflation trajectory. Investment banks expects a decline in the housing rent. A hotter-than-expected CPI could shock risk assets. Wednesday could prove to be a make-or-break day for markets, as the pivotal U.S. consumer price index report will be released just hours before the Federal Reserve's...
Copyright 2023-2025 - www.financetom.com All Rights Reserved