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The drop in port activity came as importers and retailers — especially those with business in China — grappled with the uncertainty of Trump’s trade war.

The IMF is seeing signs that the rise in trade and activity to front-run President Donald Trump’s tariffs is beginning to unwind as the global economy still faces heightened uncertainty.

After fresh negotiations in London, tariff rates remain essentially unchanged. Rare earth shipments from China are set to return to pre-April 2 conditions.

U.S. customs duties climbed to a record in May, helping shrink the budget deficit for the month, while doubts remain about the persistence of the inflows.

At the heart of the policy shift is China’s stranglehold over rare earths and its decision to restrict supply to American manufacturers reliant on the key inputs.

President Donald Trump announced June 11 that the United States will get magnets and rare earth minerals from China under a new trade deal and that tariffs on Chinese goods will go to 55%.

The U.S. and China resumed talks into a second day in London, with financial markets on edge as the world’s largest economies try to agree to allow exports of key tech and industrial goods.

Trade talks between the U.S. and China will continue into a second day, according to an official, as the two sides look to ease tensions over shipments of technology and rare earth elements.

High-level delegations from the United States and China are meeting in London on June 9 to try to shore up a fragile truce in a trade dispute that has roiled the global economy.

President Donald Trump said U.S. and Chinese negotiators will resume trade talks on June 9 in London, as the world’s two largest economies look to resolve a simmering dispute over tariffs.