De minimis trade loophole that boosted Chinese online retailers to end May 2

A driver for an independent contractor to FedEx delivers packages on Cyber Monday in New York, U.S, on Monday, Nov. 27, 2023. President Donald Trump on Wednesday signed an executive order shutting the de minimis trade loophole, effective May 2. Trump in February abruptly ended the de minimis trade exemption, which allows shipments worth less than $800 to enter the U.S. duty-free. The order overwhelmed U.S. Customs and Border Protection employees and caused the U.S. Postal Service to temporarily halt packages from China and Hong Kong. Within days of its announcement, Trump reversed course and delayed the cancellation of the provision. Wednesday's announcement, which came alongside a set of sweeping new tariffs, gives customs officials, retailers and logistics companies more time to prepare. Goods that qualify under the de minimis exemption will be subject to a duty of either 30% of their value, or $25 per item. That rate will increase to $50 per item on June 1, the White House said. ... Read full article.