Trump postpones tariffs on cheap packages from China
Photo: Trump postponed tariffs on cheap packages from China (Getty Images)
US President Donald Trump signed an executive order delaying tariffs on goods from China. The order temporarily bans new tariffs on low-cost parcels from China, The Hill reports.
The executive order signed by Trump on Wednesday, February 5, amended the original order regarding China to allow the de minimis rule to remain in effect until the Department of Commerce establishes systems for efficiently processing and collecting tariff revenue from goods that have lost their value.
It was reported that the de minimis provision had been used as a loophole for the delivery of fentanyl and other chemicals, with Trump’s tariffs on China primarily focusing on combating the synthetic opioid supply chain.
A source from The Hill reported that Trump’s order is not a long-term measure but a temporary solution to address parcels from China.
The de minimis threshold refers to a value set by a country for applying customs duties and taxes to imported goods. It pertains to the minimum value of goods below which customs does not collect duties and taxes.
Tariffs on China
At the beginning of February, the US announced new tariffs on goods from Canada and Mexico. Trump has also threatened tariffs on the European Union.
In response to the Trump administration's 10% tariffs on Chinese imports to the US, Beijing announced tariffs on certain types of American imports, including fuel. However, these measures were delayed.
For more on the trade war, read RBC-Ukraine's article: "Trump's new trade war: What it means for the world and Ukraine."
