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Total container traffic through the Port of Los Angeles dropped 12% in January as exports and imports weakened from a year earlier, when shippers rushed to move freight in anticipation of tariffs.

The head of the U.S.’s second-busiest container seaport said he has seen no letup in import volumes, though there may be some slowing in coming months as high inflation and growing services spending threaten to temper consumer demand for goods.

Lucid Group Inc. slumped after lowering its production target for this year to between 12,000 and 14,000 cars, down from a previous goal of 20,000, citing “extraordinary” challenges with logistics and its supply chain.