Major Tariff Loophole Ends Tomorrow—Here’s What That Means For Cheaper Imports From China
The post Major Tariff Loophole Ends Tomorrow—Here’s What That Means For Cheaper Imports From China appeared on BitcoinEthereumNews.com. Topline The “de minimis” trade exemption allowing online retailers and marketplaces to ship low-cost items without paying duties will be closed Friday, likely increasing the prices of items sold on Temu, Shein, eBay and Etsy, among others. Trump referred to the commonly used trade exemption as a “big scam going on against our country, … More against really small businesses.” NurPhoto via Getty Images Key Facts President Donald Trump signed an executive order on April 2 eliminating the de minimis trade exemption for imported goods from China and Hong Kong starting May 2. The U.S. Postal Service will choose whether to charge a 120% tariff on low-priced packages shipped from China and Hong Kong or include a flat fee of $100 per shipment, though the fee may increase to $200 by June, according to The Washington Post. If packages are shipped through an express mail carrier like DHL or FedEx, the shipments will be subject to tariffs as high as 145%, The New York Times reported. Neither Temu nor Shein—major low-cost retailers whose goods are mainly produced in China—immediately responded to requests for comment. Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you’ll always know the biggest stories shaping the day’s headlines. Text “Alerts” to (201) 335-0739 or sign up here. Crucial Quote During a Cabinet meeting Wednesday, Trump referred to the de minimis provision as “a big scam going on against our country, against really small businesses.” He added, “We put an end to it.” What Is The ‘de Minimis’ Trade Exemption? The de minimis trade provision allowed companies to import packages valued at $800 or less to the U.S. without paying duties or certain taxes. Originally implemented under the Tariff Act of 1930, American tourists previously used the exemption to send back goods they…
The post Major Tariff Loophole Ends Tomorrow—Here’s What That Means For Cheaper Imports From China appeared on BitcoinEthereumNews.com.
Topline The “de minimis” trade exemption allowing online retailers and marketplaces to ship low-cost items without paying duties will be closed Friday, likely increasing the prices of items sold on Temu, Shein, eBay and Etsy, among others. Trump referred to the commonly used trade exemption as a “big scam going on against our country, … More against really small businesses.” NurPhoto via Getty Images Key Facts President Donald Trump signed an executive order on April 2 eliminating the de minimis trade exemption for imported goods from China and Hong Kong starting May 2. The U.S. Postal Service will choose whether to charge a 120% tariff on low-priced packages shipped from China and Hong Kong or include a flat fee of $100 per shipment, though the fee may increase to $200 by June, according to The Washington Post. If packages are shipped through an express mail carrier like DHL or FedEx, the shipments will be subject to tariffs as high as 145%, The New York Times reported. Neither Temu nor Shein—major low-cost retailers whose goods are mainly produced in China—immediately responded to requests for comment. Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you’ll always know the biggest stories shaping the day’s headlines. Text “Alerts” to (201) 335-0739 or sign up here. Crucial Quote During a Cabinet meeting Wednesday, Trump referred to the de minimis provision as “a big scam going on against our country, against really small businesses.” He added, “We put an end to it.” What Is The ‘de Minimis’ Trade Exemption? The de minimis trade provision allowed companies to import packages valued at $800 or less to the U.S. without paying duties or certain taxes. Originally implemented under the Tariff Act of 1930, American tourists previously used the exemption to send back goods they…
What's Your Reaction?
