00:00While President Trump has backed off on reciprocal tariffs for now and most of the world's economies face a baseline 10% tariff on goods exported to the United States, ports across the country are already seeing an impact on their business.
00:14Some are reporting cancellations on scheduled shipments, including the nation's largest, the port of Long Beach in California, which is expecting major changes to the amount of cargo it receives this year.
00:26Right now, we're estimating a 20% reduction in volume for the second half of 2025.
00:32The port's CEO, Mario Cadero, says the expected 20% reduction accounts for the return of the reciprocal tariffs.
00:39As President Trump says, his administration is already negotiating with many countries after pausing the tariffs last week.
00:47The uncertainty is still causing a reduction at the Long Beach port, which has already had 17 cancellations.
00:54Our concerns about reduction, I think, are going to really start being elevated as we move towards May.
00:59As those cancellations begin to pile up at the port, Cordero says it will also lead to fewer jobs and a potential downturn in the economy.
01:07When you lose jobs, unemployment goes up, there's less consumer spending, and two-thirds of our GDP is based on consumer spending.
01:14Meanwhile, unions are telling members the tariffs are a major concern, as many workers remain uncertain about how much work they will have in the future.
01:23There's thousands of workers down here that are watching the news every day, seeing what's going to happen.
01:29Some port workers say the added tariffs are already impacting their jobs.
01:34They're turning around container ships that were headed our way, just saying, just forget it, come on back.
