Trump's tariffs to further slash West Coast port traffic
Share this @internewscast.com


LOS ANGELES () The U.S. and China have signed an agreement on trade, President Donald Trump said, adding he expects to soon have a deal with India.

Commerce Secretary Howard Lutnick told Bloomberg TV that the deal was signed earlier this week. Neither Lutnick nor Trump provided any details about the agreement.

“We just signed with China the other day,” Trump said late Thursday.

Lutnick said the deal was “signed and sealed” two days earlier.

It was unclear if the latest agreement was different from the one Trump announced two weeks earlier that he said would make it easier for American industries to obtain much-needed magnets and rare earth minerals. That pact cleared the way for the trade talks to continue, while the U.S. agreed to stop trying to revoke visas of Chinese nationals on U.S. college campuses.

China’s Commerce Ministry said Friday that the two sides had “further confirmed the details of the framework.” But its statement did not explicitly mention U.S. access to rare earths, minerals used in high-tech applications that have been at the center of the negotiations.

The agreement follows initial talks in Geneva in early May that led both sides to postpone massive tariff hikes that were threatening to freeze much trade between the two countries. Later talks in London set a framework for negotiations, and the deal mentioned by Trump appeared to formalize that agreement.

The tariff war, however, has led to a huge drop in volume at the Port of Los Angeles.

The port’s executive director, Gene Seroka, told that overall volume is still down by more than 10% for this time of the year. He predicts the unpredictable tariff situation will likely impact back-to-school shopping season, Halloween and even potentially Christmas.

“The port’s really slow. Cargo volume in the month of May was the lowest it’s been in more than two years,” he said. “And even though we’ve seen a bit of an uptick in June picking up some of the cargo that was completed over in Asia, it’s still lower than what June should look like for us. So that means fewer jobs by the dock workers, the truckers and the warehouse people.”

But despite the uncertainty, China remains one of America’s biggest trade partners, and word of a new U.S.-China trade deal should bring more traffic for the time being.

Share this @internewscast.com
You May Also Like

30 Individuals Charged Following Colorado Undercover Probe into Tren de Aragua

DENVER (KDVR) Thirty people, including several members of the Tren de Aragua…

Trump Overheard on Hot Mic: ‘Looks Like He’s Negotiating on My Behalf’

() President Donald Trump was caught on a hot microphone Monday saying,…

Numerous Meetings Held on Russia’s Ukraine Conflict, Yet Peace Faces Significant Hurdles

The recent Oval Office meeting, marking the second such gathering in six…

“Teen from Michigan Paralyzed After Suffering Multiple Strokes”

GRAND RAPIDS, Mich. (WOOD) Family members are working to raise money to…

Vessel Carrying Massive Food Aid for Gaza Approaches Israeli Port After Departing from Cyprus

LIMASSOL – A ship carrying 1,200 tons of food supplies to aid…

Pay Increases Decline for Lowest-Earning Workers

(The Hill) – Wage increases are decelerating for all employees after their…

Map: The Tax Bite on a $643M Powerball Jackpot—How Much Would You Actually Keep?

(NEXSTAR) — The Powerball jackpot has increased once more. With no winner…

Veteran from Iraq and Afghanistan announces Democratic campaign challenging Sen. Susan Collins in Maine

Graham Platner, a 40-year-old veteran of both the Army and Marine Corps…

16 Senior Leaders Propel Arthur-Lovington-Atwood-Hammond Toward Successful Season

ARTHUR, Ill. (WCIA) — The Knights from Arthur-Lovington-Atwood-Hammond are returning with an…

University of Illinois Police Look into Stolen E-Scooters

CHAMPAIGN-URBANA, Ill. (WCIA) — The University of Illinois Police Department is currently…

Former California Lawmaker Cautions Against ‘Deceptive’ Credit Letters

Many consumers in Southern California have been receiving unnecessary notices claiming that…

Steven Goncalves and Journalist Olivia Vitale: A Love Story Unfolds

() Steven Goncavles and independent journalist Olivia Vitale met amid trying circumstances…