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The Port of Los Angeles, the largest and busiest port in the United States, is expecting a 35% slump in shipments from Asia next week, the port's executive director said in an interview on CNBC's "Squawk Box" on Tue.
"And it's a precipitous drop in volume with a number of major American retailers stopping all shipments from China based on the tariffs," the executive director said.
Shipments from China make up about 45% of the business for the Port of Los Angeles.
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