Retailers: Imports surged in November ahead of December tariffs

Container volume at the nation’s major ports bumped up significantly in November as retailers imported merchandise ahead of new tariffs set to take effect this month, according to the Global Port Tracker report released yesterday by the National Retail Federation (NRF) and Hackett Associates.

President Trump announced a tentative agreement on a partial trade deal with China in October, but the measure has yet to be finalized and a new round of tariffs on consumer goods is still scheduled to take effect Dec. 15.

“At this point, holiday merchandise is already in the country, so the direct impact of new tariffs won’t be seen until the season is over,” said NRF Vice President for Supply Chain and Customs Policy Jonathan Gold in a press release.

Nonetheless, tariffs are bad for consumer and business confidence, Gold added.

“We need a deal with China as soon as possible so we can bring an end to the trade war that has put a drag on the U.S. economy for far too long," he said.

U.S. ports covered by Global Port Tracker handled 1.88 million 20-foot equivalent units (TEUs) in October, up 0.6 percent from September’s level but down 7.5 percent from the all-time monthly record of 2 million TEUs set in October 2018.

November volume jumped to 1.95 million TEUs, up 8 percent year over year as retailers front-loaded imports ahead of this month’s scheduled tariffs. That was the highest number since 1.97 million TEUs registered in August, when retailers took the same approach ahead of tariffs that took effect in September, NRF officials said.