Tariffs to reduce US imports by 20% in May-September, predicts NRF
- April imports came in higher than expected as shippers front-loaded to beat tariff deadlines, but volumes will fall significantly starting this month
- National Retail Federation’s new forecast projects imports in May-September will be 20% lower than in the same period last year, and down 8% versus 2023
- US imports are expected to bottom out in June, down 20% year on year and down 22% versus April levels
It’s time for US retailers to plan peak season orders — ‘the most important time in the buying process’, says the NRF’s Jonathan Gold. It also happens to be a time when retailers don’t know what their costs will be, courtesy of ever-changing tariffs