Bloomberg Surveillance Bloomberg Surveillance TV: February 4th, 2026
Feb 4, 2026
James Egelhof, Chief US Economist at BNP Paribas, offers macro views on labor, Fed policy and AI-driven productivity. Gene Seroka, Executive Director of the Port of Los Angeles, talks falling container volumes, shifting sourcing and major port investments. Libby Cantrill, PIMCO public policy lead, discusses fiscal moves, housing finance and short-term DHS funding risks.
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Port Volumes Facing Tough Yearly Comps
- Port volumes fell over 10% in January versus last year and Q1 likely down double digits. Gene Seroka attributes the drop to both tough comps and inventory timing around tariffs.
China's Share Of Imports Is Shrinking
- Shippers are diversifying sourcing away from China, dropping its share from ~60% to under 40%. Gene Seroka notes firms invest time and contracts to reorient supply chains amid tariff uncertainty.
Transshipment Undercuts Tariff Enforcement
- Transshipment and China-funded factories abroad complicate tariff enforcement. Gene Seroka warns tracking supply-chain origins and funding is very challenging for policymakers.