A massive tariff on millions of Americans' purchases just went into effect — cue the chaos [CNN]
DEUTSCHE POST AG S/ADR (DPSGY)
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Source: CNN
That's because a major shipping loophole expired at one minute past midnight on Friday. The de minimis exemption, as it's known, allowed shipments of goods worth under $800 to come into the US duty free, often more or less skipping time-consuming inspections and paperwork. The loophole helped reshape the way countless Americans shop, allowing ultra-low-cost Chinese e-commerce sites like Shein, Temu and AliExpress to pour everything from yarn to patio furniture, clothes to photography equipment and more into US homes. Its impending end has rung alarm bells across social media, with a baseline tariff as high as 145% depending on the carrier set to take effect on Chinese imports, potentially more than doubling the cost for all those cheap products deal-hungry Americans scooped up. And the end of the de minimis exemption for Chinese goods will also distill abstract, complicated, messy, hard-to-follow trade policy into something much easier to understand: a receipt. Major carriers
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