By Lisa Baertlein LOS ANGELES (Reuters) -Imports to the busiest U.S. seaport at Los Angeles dropped 9% year-on-year in May, offering insight into how many shipments were canceled or put on hold after President Donald Trump slapped tariffs of 145% on goods from China.

Consumer prices rose 2.4% over the year, and the month-over-month increase was lower than expected.

The inflation rate is inching higher, with Wall Street expecting tariffs to increase prices throughout the remainder of 2025.

Inflation moved up in May as Trump's tariffs threatened to filter into consumer prices, CPI report shows. Gasoline prices declined for fourth month

U.S. producer prices increased less than expected in May, restrained by lower costs for services like air fares.

Inflation ticked slightly higher in May, rising 2.4%, in line with expectations, according to the U.S. Consumer Price Index released Wednesday. Prices rose 0.1 percent for the month, according to the Bureau of Labor Statistics. The month-over-month increase is less than expected.

After complaints from farm and hotel owners, Trump said he may halt ICE raids in those industries. If he does, experts say he will struggle to meet his goal of 3,000 detentions a day.

BEIJING (Reuters) -Chinese banks extended 620 billion yuan ($86.34 billion) in new loans in May, rising from the previous month as reassuring monetary measures and a trade truce achieved between Beijing and Washington in mid-May boosted borrowers' confidence.