How trade through the San Pedro Bay ports touches every corner of the U.S. economy.
In December 2019, the Port of Los Angeles published a study BY THE NUMBERS: Jeopardizing the National Benefits of Trade Through America’s Busiest Port Complex.
There’s nothing like a map to illustrate the impact of tariffs on U.S. jobs and the nation’s economy. A recent study of containerized cargo shipped through the LA-LB port complex features such a map, and the ramifications are staggering.
About half of all goods moving through these two ports have been hit by these tariffs. They affect every U.S. congressional district because each either exports products it makes, imports goods and parts it needs, or both. Under normal conditions, this economic activity supports about 3 million jobs nationwide. Tariffs threaten about half these jobs.
Uncertainty is now baked into the economy, prompting companies to sit on trillions of dollars that could be invested in new jobs and equipment. The only certainty has been higher prices for U.S. consumers and manufacturers, who forked over an extra $30 billion for goods and components by the end of last year thanks to the trade war.
International trade and the economy will find new footing. But this will take time and money, even if tariffs were to end today. The challenge is compounded by a new battle: the fight to survive a global pandemic. The combined fallout will last years to come.Uncertainty prompt companies to sit on trillions of dollars that could be invested in new jobs and equipment. Click To Tweet