Threats Of Tariffs, Strike Spur Record Exports To US

U.S. exports are expected to reach record levels in November and December as retailers prepare for President-elect Donald Trump's proposed tariffs and a potential strike by dockworkers next month.

The National Retail Federation and Hackett Associates estimated Monday that the equivalent of 2.17 million 20-foot cargo containers arrived in the U.S. last month, up 14.4% over November 2023.

December is expected to bring the equivalent of 2.14 million containers, up 14.3%.

Those amounts would represent new monthly records, according to Reuters.

Additional increases of 6.6% to 12.7% are also forecast in January, March and April, with a 4.1% decrease in February due to Lunar New Year factory closings in Asia.

"The window to frontload goods on vessels arriving before a potential strike is quickly closing. Then there are issues as President-elect Trump promises to increase tariffs when he takes office," Hackett Associates founder Ben Hackett said in a prepared statement.

Although it's unclear when or if the tariffs would be imposed, "shippers are moving up as much cargo as they can before then," Hackett said.

Trump campaigned on a pledge of across-the-board tariffs of 20% on all imported goods, except for a 60% tariff on those from China.

Following his election victory last month, Trump said he would impose 25% tariffs on goods from Mexico and Canada, and an additional 10% on Chinese imports.

Meanwhile, a contract extension between the International Longshoremen's Association and the U.S. Maritime Alliance is set to expire on Jan. 15. Talks over a new agreement broke down last month over what the union called a management attempt to eliminate jobs through automation.

The contract extension was reached after a three-day strike by about 45,000 dockworkers shut down ports along the East and Gulf Coasts in early October.