Another round of tariffs on Chinese goods caused retail imports at U.S. container ports to reach "unusually high numbers" before the tariffs were implemented Sept. 1, the National Retail Federation said.
The industry group said imports are expected to surge again before more tariffs take effect in December. The 15% tariffs that hit Sept. 1 covered a range of consumer goods from China, with a planned expansion to additional goods on Dec. 15, affecting approximately $300 billion in imports. On Oct. 1, tariffs on $250 billion worth of imports will increase to 30% from 25%, according to the NRF.
The U.S. imported 1.96 million 20-foot equivalent units, or TEU, in July, the latest month with available data, the NRF said in its Sept. 10 Global Port Tracker report with maritime consulting firm Hackett Associates. This was up 2.9% year over year, and up 9.1% from June. A TEU is a 20-foot-long cargo container or its equivalent.
"Retailers are still trying to minimize the impact of the trade war on consumers by bringing in as much merchandise as they can before each new round of tariffs takes effect and drives up prices," Jonathan Gold, the NRF's vice president of supply chain and customs policy, said in a news release. "That's the same pattern we've seen over the past year, but we're very quickly going to be at the point where virtually all consumer goods will be subject to these taxes on American families. The upcoming October talks with China are an opportunity to put a stop to this escalation, repeal the tariffs that have been imposed and focus on growing the economy."
The NRF forecast 1.93 million TEU for August and issued the following forecasts for the coming months:
September: 1.85 million TEU, down 0.7% year over year.
October: 1.92 million TEU, down 5.5% year over year.
November: 1.97 million TEU, up 8.8% year over year.
December: 1.77 million TEU, down 9.8% year over year.
If the numbers stick, November would be the highest monthly total of imports since the record 2 million TEU in October 2018.
Full year 2019 is expected to have 21.9 million TEU, which would be up 0.7% year over year.
