With the U.S. and China agreeing to scale back their tariffs imposed on each other for 90 days, expect cargo on the trans-Pacific trade lane to kick back up imminently – facilitating an earlier peak shipping season. While import volumes into the U.S. cratered more than 35 percent at the San Pedro Bay port complex in early May after tariffs on Chinese goods escalated to 145 percent, with retailers cancelling bookings and carriers blanking sailings, the new agreement breathes new life into trade between both countries.
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