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 U.S. raised levies on China to 145% in early April, cargo shipments have plummeted, perhaps by as much as 60%, according to one estimate. That drastic reduction in goods from one of the largest U.S. trading partners hasn’t been felt by many Americans yet, but that’s about to change.
By the middle of May, thousands of companies — big and small — will be needing to replenish inventories. Giant retailers such as Walmart Inc. and Target Corp. told Trump in a meeting last week that shoppers are likely to see empty shelves and higher prices. Torsten Slok, Apollo Management’s chief economist, recently warned of looming “COVID-like” shortages and significant layoffs in industries spanning trucking, logistics and retail.
https://www.chicagotribune.com/2025/04/28/trump-tariff-battle-empty-shelves/
