Shipping volume will plummet 35% next week, LA port official says in CNBC interview

The Los Angeles port is expecting a 35% drop in cargo from Asia next week, Gene Seroka, the port's executive director, said in a CNBC interview on Tuesday.

"It's a precipitous drop in volume with a number of major American retailers stopping all shipments from China based on the tariffs," Seroka said.

Major American retailers have now stopped all shipments from China and that contributes to around 45% of traffic in Los Angeles, he said.

Seroka said that until some accord or framework is reached with China, the volume coming out of the country, except for some commodities, would be very light at best.

Seroka also reiterated his forecast for imports at the Port of Los Angeles to fall at least 10% in the second half of this year.

The adjacent ports of Los Angeles and Long Beach are the most exposed to the boiling trade war between the United States and China. Those Southern California ports are the preferred entry gates for goods from China, which is the No. 1 source of imports.