Port of Los Angeles Executive Director Gene Seroka stated on Friday that imports to the country's busiest seaport may drop as early as May as companies stop orders as a result of President Donald Trump's increasing tariffs against China and other trading partners.

Trump raised tariffs on Chinese goods this week to 145%. This puts the number one source of imports at the Port of Los Angeles in danger. Imports from China are the No. 1 source of imports to the Port of Los Angeles.

Seroka said that the global trade would slow down as companies tried to understand what it meant. He reiterated his prediction for the Port of Los Angeles imports to drop at least 10% by the second half of the year.

Seroka stated, "We don't really know what it is. It may be something more."

This is going to be a bumpy ride for us.

(source: Reuters)