Retailers will soon have only about 7 weeks of full inventories left (fortune.com)

Article summary

The Port of Los Angeles anticipates a significant drop in cargo traffic due to the US-China trade war, with retailers expected to have only about 7 weeks of full inventories left. The trade war has led to a decline in imports, with some major American retailers stopping all shipments from China. The situation is expected to worsen unless a deal on tariffs is reached. The US has imposed a 145% tariff on China, which has retaliated with a 120% duty on American goods.

Main themes

• US-China trade war
• tariffs and trade policy
• economic impact
• consumption tax
• free market principles
• global trade

What commenters say

• The current administration's trade policies are seen as a threat to the US economy and a departure from free market principles.
• Tariffs have been used by countries throughout history and are not a new or unprecedented phenomenon.
• The impact of tariffs on the US economy will be significant, with potential disruptions to the supply chain and increased prices for consumers.
• A consumption tax would disproportionately affect lower and middle classes, who spend a larger percentage of their income on essentials.
• The trade war is seen as a lose-lose situation, with both the US and China expected to suffer economic losses.
• Some argue that the US has been too soft on China in the past and that the current tariffs are a necessary measure to address trade imbalances.
• Others believe that the tariffs are a form of central planning and will lead to unintended consequences, such as higher prices and reduced economic growth.
• The idea of abolishing the IRS and replacing the tax code with a consumption tax is seen as unrealistic and potentially harmful to the economy.