US to end shipping loophole for Chinese goods Friday / Photo: Kirill KUDRYAVTSEV - AFP/File
-
Missing passengers likely went down with sunken ferry: N.Cyprus official
-
George Clooney says US run by 'least qualified people'
-
Premier League clubs splash cash to smash transfer record
-
China's Xi urges against Mideast interference in rare Egypt visit
-
Melting glaciers an 'immediate' climate risk: author of UN report
-
Venice to roll out red carpet for 'lucky' Clooney on opening night
-
Folarin Balogun's move to Everton collapses
-
'Humiliated' Aubameyang quits Gabon national team
-
Pacific islands to face food shortages over global warming: scientists
-
France sees limited economic hit from drought, heatwaves
-
Venice jury head Maggie Gyllenhaal questions lack of women directors
-
Bus crash in Egypt's Sinai kills 22, including 10 Jordanians
-
Stocks drop, bond yields rally on Mideast flare-up
-
UN says world must navigate 'reality' of 1.5C overshoot
-
China expands Egypt investments in first Xi visit in a decade
-
Taliban govt defends ban on protest, citing Islamic law
-
Messi departure leaves Argentina facing rebuild after golden era
-
10 missing as Turkish cargo ship sinks after collision off Istanbul
-
Ourbit SuperCEX Launches "Cosmic Wheel Season 3. Oracle Realm" on September 2 with 3M USDT Prize Pool
-
easyMarkets Expands Commodity Offering with 24/7 Gold, Silver and Oil Trading
-
Ebola death toll passes 3,000 in DR Congo: official data
-
Australia defends Pacific climate meeting despite doubts on attendance
-
Hong Kong democracy activist Wong pleads guilty to foreign collusion
-
Iran attacks US sites after American strikes, wedding deaths
-
World record prize winner Romantic Warrior retires from horse racing
-
Stocks drop, yields at three-decade highs on Mideast flare-up
-
5,000 US sailors arrive in Thailand after months at sea
-
EU summons Russian envoy, eyes sanctions after Germany drone 'attack'
-
Joshua Wong, Hong Kong's pro-democracy poster child
-
Stocks drop as yields and oil prices spike on Mideast flare-up
-
Nepal tunnel rescuers seek trapped workers but hit dead ends
-
Cricketers to get best rooms at Asian Games, says Japan chief
-
Zverev wins wild five-setter, Rybakina and Gauff ease through at US Open
-
Zverev out-lasts Sonego in wild five-setter to advance at US Open
-
US energy secretary arrives in Venezuela to discuss oil deal
-
Amid war, Ukrainian soldiers celebrate love at ritual wedding
-
Meloni government becomes Italy's longest-lasting
-
Venice to roll out red carpet for Clooney on opening night
-
Funerals in Nepal for missing, a week after deadly floods
-
Hong Kong democracy activist Wong pleads guilty to foreign collusion: AFP
-
US aircraft carrier arrives in Thailand after months at sea
-
Stocks sink, yields at multi-decade highs and oil spikes on Mideast flare-up
-
US aircraft carrier approaches Thai port after months at sea
-
US defends Trump Venezuela oil deal as energy secretary lands in Caracas
-
Nepal's young PM faces gravest test after flood catastrophe
-
Jubilant Monfils celebrates birthday with US Open win
-
What rainbow? LGBTQ Indonesians on edge as hostility mounts
-
The Japanese idealist behind the last deradicalisation NGO in Somalia
-
O'Connor eyes Wallabies World Cup swansong after Force return
-
Rybakina, Gauff advance as Zverev launches US Open campaign
NYSE - LSE
US to end shipping loophole for Chinese goods Friday
The United States is set to end tariff exemptions on Friday for goods shipped from China worth less than $800, a move which could have significant ramifications on consumers' purchasing habits.
US President Donald Trump's decision to ban the so-called "de minimis" exemption from May 2 could affect some 4 million shipments every day, according to the White House.
The move announced last month means that goods shipped commercially will soon be subject to new tariffs of 145 percent -- the current level of levies imposed on goods coming from China.
Items sent through the US Postal Service will be hit with duties of 120 percent of their value, or a $100, which will increase to $200 next month.
The measures mark the latest salvo in a burgeoning trade war between the United States and China -- the world's two largest economies.
The White House has also slapped additional levies of 25 percent on several sectors including automobiles, steel and aluminum from China.
Beijing retaliated with sweeping 125 percent levies on US imports.
Most other US trading partners face a baseline tariff of 10 percent, except for Mexico and Canada which face a higher 25 percent tariff on goods not covered by a current North America free-trade deal.
The effect of the de minimis change is likely to be significant, changing overnight the cost of small-ticket, Chinese-made items that Americans have come to rely on, from clothes to toys.
The move threatens to hammer the business model of several large Chinese firms, including fast-fashion titans Shein and Temu.
The Financial Times reported earlier this week that Shein was postponing a long-standing plan to list on public stock markets due to the looming de minimis changes.
The company is exploring ways to restructure its business in the United States and is prioritizing finding "clarity" on tariffs over its initial public offering, according to the Financial Times.
Trump first floated cancelling the exemption in February before backtracking after the move caused logistical disruptions.
At the time, Beijing accused the United States of "politicizing trade and economic issues and using them as tools."
A.O.Scott--AT
