The volume of U.S. imports from overseas jumped 9.1 percent in July, weeks before new 15% trade tariffs took effect this month, the National Retail Federation reports.
Projections are that import volumes by the end of this year will be up 0.7 percent compared to 2018 and set a new import record for the nation. The federation attributed the spikes to retailers trying to beat this month’s new 15% tariffs on a range of consumer goods and additional 25% tariffs due to come online on December 15 on additional consumer goods.
The federation traditionally measures import volumes as a general indicator of the mood of retailers, whether to stock warehouses sufficiently for the holiday season rush of sales or, in this case, to avoid higher costs.
