An election victory for Donald Trump means retailers may soon race to import more cargo into the U.S. ahead of a slate of new tariffs.
Shippers are mirroring decisions made during Trump’s first go-around as president, in which he announced tariffs of $200 billion worth of Chinese goods in July 2018.Tuesday’s presidential election, retailers could soon be racing to import more product into the U.S. ahead of tariffs expected to be imposed by his incoming administration.
“You could see that in volumes, they were pulled forward to the previous year. You still had relatively strong volumes in 2019, but you saw some of that shift,” said Judah Levine, head of research, Freightos Group. “In terms of available capacity and behavior of rates, that would probably be something that we will see again.”
“Importers will incur higher inventory costs or warehousing costs because they’re going to have to store higher levels of inventory than they otherwise would have,” Levine said. “It’s more of a financial calculation of ‘What are my costs going to be if I wait and have to pay these tariffs?’”
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