close

The next 100 people to upload a video to NepTime will receive 25 IMT and 250 points ($5)! Just make sure to update your BNB wallet address for IMT donations on your settings page.

Avanti il prossimo

...

5 Visualizzazioni 07/15/21
How To & Style
How To & Style
2 Iscritti
2

Our videos are made by the latest news in the world.
Do you enjoy the video? Find it helpful? Want to view more?
Why not subscribe our channel to save you searching next time http://bit.ly/2FRmyPR ?
Thank you so much!LOS ANGELES — An escalation of trade tensions between the U.S. and China, including President Donald Trump's threat to punish Beijing with additional tariffs, could deal a severe blow to California's ports and economy, potentially putting at risk thousands of jobs, according to experts.They say the major California ports, which serve as a gateway to trade with China, have already been hit on the export side due to Beijing's retaliatory tariffs on U.S. agricultural and other products. For one, China represents about 60% of the trade volumes at the Port of Los Angeles, the busiest container port in the nation.On Sunday, Trump tweeted he was prepared to increase tariffs from 10% to up to 25% on $200 billion of Chinese goods this week. In February, Trump announced he would delay an increase in Chinese tariffs, citing progress in talks — and then in early April the president indicated a deal was "very close." "On the export side, we've been hammered," said Gene Seroka, executive director of the Port of Los Angeles. "We call for a negotiated settlement so we can get moving in the direction that we need to."Last year, Seroka said exports to China declined by about 25%, and as a region and port declined on exports to China by about 22%. He said cargo that goes through the port includes items not only produced in California but coming via rail from Midwestern states, including soybeans. "We imported a heck of a lot more last year than we exported," he said.Besides food and agricultural items, Seroka said other sectors already hit by the trade war on the export side are electronic products, household goods and recyclables. He said many were down double-digit percentage levels in 2018 from the prior year.Overall, California represented a 15.4% share of total U.S. exports to China in the year-to-date period through Friday, according to U.S. Census Bureau data. The Golden State also accounted for nearly 30% of all imports from China, which includes goods received at seaports and airports.Experts warn California ports could see a further slowdown in volumes of trade between the U.S. and China from new tariffs. "The impact of that will be felt most directly at the ports of LA and Long Beach, and all of the tens of thousands of people whose livelihoods are directly tied to the fluid movement of containers through those two maritime gateways," said Jock O'Connell, a Sacramento, California-based international trade advisor for Beacon Economics, a research and consulting firm. "That in itself could have a very dramatic effect on employment in Southern California."Jobs at risk include dock workers and truckers, as well as rail and other trade-related jobs.According to Los Angeles County Economic Development Corp. estimates, the international trade sector is responsible for over 160,000 jobs in that county alone. Other estimates indicate the twin LA and Long Beach ports represent more than 500,000 jobs when including the five-county Southern California region. "We're concerned about the potential impact, not only with regard to the tariff as it applies to Chinese imports but of course the expected action by China — some form of retaliation on American exporters," said Mario Cordero, executive director of California's Port of Long Beach, the nation's second-largest container port. "Any time you have market uncertainty by way of tariff applications, I think that does put an additional factor that could impact the economy."Also, on the import side, experts say the uncertainty of not knowing how long the trading war will last and where it will go is a headache for U.S. retailers and others. Last year, some importers rushed to beat increased tariffs of 25% that the administration had previously threatened would go into effect Jan. 1, 2019.So far, observers say expansion of tariffs will likely impact everything from clothing and footwear to consumer electronics. "The public will definitely begin to feel the impact of the tariffs," said O'Connell. "That will happen nationally, but to the extent that California consumers are sensitive to higher prices because of other high costs of living here...

Mostra di più

 0 Commenti sort   Ordina per


Avanti il prossimo