Driven by a surge in tariffs that has significantly pushed up import prices, the U.S.National Retail Federation (NRF) has projected a marked decline in domestic import volumes over the coming two months.
According to a report released by the NRF, the volume of imported goods entering the United States is expected to decrease by 20.5 percent year-on-year in May and 26.6 percent in June, marking the lowest levels since February 2023.
In addition, the decline in supply is expected to further fuel price increases, creating a vicious cycle of inflationary pressure and reduced consumer access.
Industry estimates suggest that, even after factoring in stockpiling activities by some businesses ahead of the tariff implementation, U.S. retailers may begin to experience empty shelves between mid-May and early June.
U.S. retail imports set to decline sharply amid soaring tariffs
Chinese Foreign Minister Wang Yi co-chaired the Seventh Round of China-Pakistan Foreign Ministers' Strategic Dialogue with Pakistani Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar in Beijing on Sunday.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, said that China and Pakistan have forged an ironclad friendship amidst volatile international situations. Noting that the current international landscape is increasingly characterized by changes and instability, along with rising unilateral bullying, he stressed that the sovereignty and security of all countries should be fully protected under international law.
Dar said Pakistan reaffirms its commitment to the one-China principle and will continue to firmly support China on all issues related to its core interests.
Both sides agreed to abide by the purposes of the UN Charter and oppose acts of bullying that violate the sovereignty of other countries.
Chinese FM holds strategic talks with Pakistani counterpart
