Retailers bring in record imports to beat tariffs
NRF based its assertion that retailers are hustling to import enough goods to last the year on the number of containers coming into U.S. ports. The number of containers covered by NRF's Global Port Tracker increased 1.6% from May to June, and the June totals represent a 7.8% increase year over year.
The June number set a new record for the number of containers imported during a single month. Both July and August are expected to post record high numbers of containers coming in as well.
"Tariffs on most consumer products have yet to take effect but retailers appear to be getting prepared before that can happen," NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said in a press release. "The good news for consumers is that avoiding tariffs holds off price increases that will inevitably come if the reckless and misguided trade war is allowed to continue."
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