Goldman Sachs Tariff Tracker: US Import Flows Remain Firm, but West Coast Trucking Has Softened - FJElite

US-bound vessel volumes from China rose 3% week-on-week and 10% year-on-year. Port of Los Angeles TEUs are expected to fall 15% next week after an 11% weekly increase, before rebounding 28% the following week. Year-on-year growth is expected to move from -6% to +54% across those two weeks, keeping the focus on whether importers are restocking, whether peak shipping began early this spring, and how lower effective tariff rates are influencing orders.

West Coast trucking activity weakened through July and August, suggesting some of the May-June pull-forward may be fading. However, LA imports are still pointing to year-on-year growth, intermodal volumes remain positive, and the latest trucking loads rose 6% week-on-week. If order activity improves, rates and load volumes could stabilise and recover later in the year, although trade uncertainty remains high.