Cheap Chinese goods are about to get pricier.
On Wednesday, President Donald Trump announced the elimination of the de minimis exemption for low-value ($800 and cheaper) Chinese imports. In addition to a 34 percent "reciprocal tariff" on Chinese imports and the 10 percent duty applied to all imports per Trump's executive order on regulating imports, the president signed another order ensuring that no Chinese imports escape tariffs. With de minimis eliminated, Americans will have to pay more as direct-to-consumer businesses are forced to pay 30 percent duties beginning May 2.
Trump originally eliminated the de minimis exemption for Chinese imports with an executive order signed February 1, to go into effect on February 4. This executive order was amended on February 5 (via another executive order), one day after the United States Postal Service announced a temporary suspension of service for inbound Chinese parcels. Trump also threatened Canada and Mexico with the elimination of de minimis on February 1, but these executive orders were paused before they could go into effect.
