Trump Targets Trade Loophole Affecting Online Retailers
In a significant move, Trump has suspended the de minimis trade exemption that allowed Chinese online retailers like Shein and Temu to import goods into the US without tariffs. This decision has raised concerns among US consumers, as many could face new fees of up to $50 on their packages. Analysts predict that the closure of this loophole could lead to price hikes for online shopping, affecting the business models of Shein and Temu. As uncertainty looms over the future of e-commerce, both companies are reportedly adjusting their strategies to mitigate potential losses from increased tariffs on imported goods. This development comes amid ongoing tensions between the US and China, particularly in relation to trade practices and economic policy.
Reuters, CNBC, Bloomberg, FOX 5 DC, Deccan Herald, The Wall Street Journal, The Guardian, The Economist, The New York Times, Fast Company