Imports at the nation’s major retail container ports remained strong in August as retailers and product suppliers looked to beat a new wave of tariffs that took effect September 1.
Retail sales were up 0.9% in July seasonally adjusted from June and up 5.6% unadjusted year-over-year, according to the National Retail Federation. The numbers exclude automobile dealers, gasoline stations and restaurants.
The National Retail Federation has reported that retail sales, excluding automobile dealers, gasoline stations and restaurants, rose 0.5% in May seasonally adjusted from April and 3.2% unadjusted year-over-year.
Several housewares and home goods categories are in the crosshairs of a potential next round of 25% tariffs that could be imposed by the Trump administration on an additional $300 billion in Chinese-made goods. This follows the 25% tariffs that were imposed on $200 billion worth of Chinese-made products that went into effect on Friday, May 10.
With President Trump saying he plans to both increase and broaden tariffs on goods from China, imports at the nation’s major retail container ports are expected to see unusually high levels the remainder of this spring and through the summer, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.
President Donald Trump has threatened to move forward with a 25% hike in tariffs on $200 billion of Chinese imports this Friday, May 10, ahead of a meeting between U.S. and Chinese trade officials that was scheduled for this week in Washington, D.C.
Imports at the nation’s major retail container points, while down from records highs this past fall, remain strong as retailers look to stay ahead of a possible tariff increase on Chinese made goods in March.
Despite issues including the U.S./China trade war, a volatile stock market and the effects of the government shutdown, the NRF is forecasting sales to increase between 3.8% and 4.4%.
American adults will spend an average of $81.30 for items related to watching Super Bowl LIII set for February 3 in Atlanta, according to results of a survey from the National Retail Federation.