News

On Tuesday, it was reported that Chinese shipments of Apple's ( AAPL ) iPhone and mobile devices to the US fell to their lowest since 2011 in April. The sharp drop highlights how US tariffs have severely disrupted trade between the world's two largest economies.

The busiest container hub in the US, the Port of Los Angeles , saw shipments drop by as much as 30% in early May as President Trump’s tariffs took a toll. Importers and retailers, especially those linked to China, were among the most affected.

“Fewer containers mean less work on the waterfront, from the number of labor gangs that are out there responding to the shift requirements of cargo, to the truckers and warehouse workers,” Port of Los Angeles Executive Director Gene Seroka said Monday. “The impact was felt almost immediately during that first week of May.”

Businesses and leaders continue to warn about the early effects of the tariffs. JPMorgan ( JPM ) CEO Jamie Dimon said Monday that markets are underestimating the long-term impact of tariffs, calling the current duties “pretty extreme.” He flagged rising risks of inflation and stagflation, saying trade tensions are reshaping globalization. Citigroup’s ( C ) Jane Fraser echoed the concern, noting companies are delaying investments amid tariff uncertainty.

Last week, Walmart ( WMT ) also previewed coming price hikes, sparking a rebuke from Trump, who told the company to "eat the tariffs."

The warnings come as the Trump administration has ratcheted up its rhetoric over the last several days. Treasury Secretary Scott Bessent said on Sunday that tariff rates will go back to "reciprocal" levels if countries do not make trade deals with the US during the 90-day pause.

“President Trump has put them on notice that if you do not negotiate in good faith, you will ratchet back up to your April 2 level,” Bessent told CNN , highlighting the 18 key partners with whom the US is prioritizing trade deals.

Trump said Friday that the US will set tariff rates for its trading partners within the next few weeks. He said his administration cannot negotiate trade deals with all countries at once due to limited capacity.

“I think we’re going to be very fair. But it’s not possible to meet the number of people that want to see us,” he said.

Here are the latest updates as the policy reverberates around the world.