“With proposed tariffs yet to be officially imposed, retailers are stocking up on merchandise that could soon cost considerably more,” said Jonathan Gold, NRF vice president of supply chain and customs policy. “If tariffs do take effect, there’s no quick or easy way to switch where these products come from. American families will simply be stuck paying higher prices and hundreds of thousands of U.S. jobs could be lost.”

The NRF believes the proposed tariffs on $50bn of Chinese imports, coupled with retaliation promised by China, would reduce U.S. gross domestic product by nearly $3bn and destroy 134,000 American jobs.

Ports covered by Global Port Tracker handled 1.54 million TEUs in March, the latest month for which after-the-fact numbers are available. That was down 8.6 percent from February because of Lunar New Year factory shutdowns in Asia but down only 0.7 percent year-over-year.

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