Tariffs set to unleash supply shock on economy

FILE PHOTO: China Shipping containers are seen at the port of Oakland, as trade tensions escalate over U.S. tariffs with China, in Oakland, California, U.S., April 10, 2025. REUTERS/Carlos Barria/File Photo

PRESIDENT Donald Trump’s tariff onslaught has roiled Washington and Wall Street for nearly a month. If the trade war persists, the next upheaval will hit much closer to home.

Since the United States raised levies on China to 145% in early April, cargo shipments have plummeted, perhaps by as much as 60%, according to one estimate.