US ports: So far so good, but tariff fallout ‘lag’ is ending
- US containerised imports in January-July increased 4% vs same period in 2024
- Negatives for US port demand were offset by frontloading and US businesses absorbing higher tariff costs
- Importers paid 161% more in aggregate US customs duties in 1H25 vs 1H24
Counterintuitively, US imports have risen amid skyrocketing tariff costs. Volumes in July reached peaks seen only once before, during the Covid pandemic boom. However, the upside for US ports looks like it has run its course
