The OOCL Violet, a hulking shipping vessel that pulled into the Port of Long Beach on April 24, loaded with thousands of containers full of goods bound for the US, tells the story of President Donald Trump’s trade war in one ship.

The Violet is one of the first ships facing the 145% tariff rate on nearly half of its cargo. On board are fish, sneakers, forklifts, latex medical gloves, car windshields and more. When the Violet first began loading cargo in Dalian, China, most Chinese goods faced a 20% additional US tariff rate.

The tariffs surge means about 40% of the goods likely faced the new 145% top rate, according to Bloomberg News estimates. The data suggests importing companies face at least $417 million in new tariffs for all goods on the ship. That’s on top of preexisting import fees. The final tariff hike took effect just hours before the ship left Shanghai.

One example: the 5.7 million pounds of Chinese-sourced knitted apparel aboard the Violet incurred the highest estimated new tariffs of any category. Nearly three-quarters of these goods were likely subject to the top rate. This category included everything from major brands, such as women’s vests destined for Ross Stores, to work gloves valued at $230,000 headed to Kansas City.

Trump has said the first of new trade deals could be agreed as soon as this week. “It could very well be,” Trump told reporters on Sunday when asked whether any trade agreements were coming this week. He didn’t specify any countries.

If a deal is announced, it will be notable in the sense that it may offers a road map for others to follow. Governments, executives and trade lawyers will focus on which concessions the US accepted, which non tariff barriers were adjusted and what was agreed on tariff levels. How all of these are answered will be crucial nuggets for future trade negotiations. India, Japan and South Korea are among the contenders to reach a quick deal with Washington.

Yet skeptics say it will take months, if not years, to wade through protracted negotiations that ultimately lead to any in depth trade agreement. Whatever is signed by the Trump administration in the space of weeks will merely be a starting point for a much longer process.

Moreover, reaching agreement with trade allies is one thing, but finding an off ramp for the trade dispute with China is a whole other matter. As the cost of the goods on the OOCL Violet shows, the impact of the trade dispute has a long way to play out.

—Enda Curran in Washington and Andre Tartar in New York

Bloomberg’s tariff tracker follows all the twists and turns of global trade wars. Click here for more of Bloomberg.com’s most-read stories about trade, supply chains and shipping.

Charted Territory

US Border Towns | Canada’s boycott of all things American has caused the US measurable pain. Airline bookings from Canada to its southern neighbor have dipped significantly from last year, and the Federal Reserve’s latest snapshot of the US economy noted widespread declines in Canadian spending. But few places in the US are hurting more than the border towns of Washington state, where local economies are almost entirely dependent on the other side. “We do not survive without Canada — we just don’t,” said Ali Hayton, owner of the main grocery store in Point Roberts, Washington.  

Today’s Must Reads

• Investing titans and financial leaders at the Milken conference lined up to say they can live with tariffs and a reworking of trade — just get it settled soon.
• The European Union expects Trump’s trade investigations to boost the amount of the bloc’s goods facing US tariffs to €549 billion.
• China’s trade flows increased at the end of April, indicating the damage from US tariffs has yet to manifest in actual shipments. Meanwhile, consumers persevered at malls and restaurants during one of the country’s busiest holiday periods. Still, services activity deteriorated more than expected in April.
• Trump says he would meet with Hollywood executives after confounding the US film industry over his plan to impose a 100% tariff on movies made overseas. Meanwhile, the UK reaffirmed its support for the movie sector.
• California warned that a plunge in international travel is set to hit tourism revenue.
• Ford suspended its full-year financial guidance and said Trump’s auto tariffs will take a toll on profit, joining rivals stung by volatile global trade policies.

On the Bloomberg Terminal

• Trump’s plans to impose a 100% tariff on films produced overseas will likely create challenges for some audiovisual industries abroad, and for US content producers and distributors as well, Bloomberg Economics says. 
• The US services sector expanded more quickly than expected in April as customers shopped for cars ahead of tariffs, and others looked to increase their sourcing from domestic firms. However, commentary shows the dominant theme is still uncertainty, Bloomberg Economics says.
• For Bloomberg Economics trade analysis: BECO MODELS TRADE
• Click here for Bloomberg Intelligence’s Tariff Matrix.
• Run SPLC after an equity ticker on Bloomberg to show critical data about a company's suppliers, customers and peers.
• Use the AHOY function to track global commodities trade flows.
• See DSET CHOKE for a dataset to monitor shipping chokepoints. 
• For freight dashboards, see BI RAIL, BI TRCK and BI SHIP and BI 3PLS
• Click HERE for automated stories about supply chains.
• On the Bloomberg Terminal, type NH FWV for FreightWaves content.
• See BNEF for BloombergNEF’s analysis of clean energy, advanced transport, digital industry, innovative materials, and commodities.

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