Overview

• Donald Trump has proposed blanket tariffs of 10% to 20% on almost all imports, with specific tariffs of 60% or more on goods from China.
• Shipping and retail experts predict these tariffs will cause ocean freight rates to soar, similar to the 70% spike seen in 2018 during Trump's first term.
• The National Retail Federation and other industry groups oppose the tariffs, arguing they will increase costs for consumers and hurt businesses.
• Current global supply chains are already strained due to geopolitical conflicts and potential port strikes, exacerbating the potential impact of new tariffs.
• The Biden administration has delayed its own proposed tariff increases on Chinese goods, contributing to current market uncertainties.