Oil prices dropped an almost 1% on Wednesday, following a surprise build in the U.S. crude inventories led by a concern within the trading and analytical communities that a new round of tariffs on Chinese goods might be imposed in the following days.
After 11 months of 2019, total volumes have increased .4% in the Port of Los Angeles- America’s premier port- compared to its record-braking 2018. In a statement, it is said that the Port moved 728,918 Twenty-Foot Equivalent Units (TEUs) in November, a 12.4% decrease compared to last year.
Port of Los Angeles issued the “By the Numbers: Jeopardizing the National Benefits of Trade through America’s Busiest Port Complex” report, highlighting that tariffs have a negative impact on jobs, income and tax revenue.
Although in the first place US and China top negotiators discussed on removing the additional tariffs imposed to China, in a “phase one” trade deal, the Trump administration never fully agreed to these changes, with President Donald Trump stating that the two countries haven’t come to an agreement yet.
Tariffs are taking their toll at the Port of Los Angeles, United States’ busiest container port, with container counts and vessel calls dropping sharply in October and exports of american goods being in decline for 12 consecutive months. On Thursday, November 7, The Port of Los Angeles announced that it moved 770,189 Twenty-Foot Equivalent Units (TEUs) in October, a 19.1% to 392,768 TEUs decrease compared to 2018’s record-breaking October. Total volumes have increased 1.8% compared to last year, which was the busiest year ever at America’s top port.
UNCTAD published a report discussing the ongoing trade dispute between US and China, highlighting that the trade war played a crucial part in the reduction of the bilateral trade, higher prices for consumers and trade diversion effects, increased imports from countries not directly involved in the trade war.
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