Former Economist Kala Lafar, former economist of Reagan, discussed the agreement for President Donald Trump for a decrease in the 90-day tariff on ‘The Bottom Line’ with China.
According to a new executive order signed by the President, the US is piled up on cheap goods from China on cheap goods on cheap goods from China ” Donald Trump.
Development comes after both countries Hit a business deal In which the US will temporarily reduce its tariffs on Chinese goods by 145%, while China will reduce its levy from 125% to 10% on US products.
Trump earlier known as “de minimis” discount, where valuable imports from China and Hong Kong were known as valuable imports, were not subject to tariffs or needed to undergo rigorous customs checks. The new signed executive order will now provide some relief to Chinese e-commerce companies like Sheen and Temu.
From Wednesday, “D Minimis” tariff will fall from 120% to 54%. A flat fee of $ 100 per parcel will be effective, but it will not increase to $ 200 on 1 June as was declared earlier, The executive order states.
An employee package clothes for an online Chinese e-commerce company Temu at a clothing factory in Guangzhou, China on 16 April. (Jade Gao / AFP / Getty Image)
Reuters, Citing two delivery experts, on Wednesday, it also reported that package from commercial shippers like UPS, Fedex and DHL – who have handled millions of items from Shin and Temu – will now be a default for 30% tariff rate which America was imposed on China.
The White House did not respond immediately on Thursday to request Fox Business’s comment.
The “de minimis” has been criticized for allowing the shipment of Phentineel forearm to first enter the country.
China temporarily removes the ban on boing delivery after a deal with us for a slash tariff
Workers make clothes in a garment factory that supplies Shin in Guangzhou, China in July 2022. (Jade Gao / AFP / Getty Image)
The White House said many Chinese-based shippers hide illegal substances, including synthetic opioides, to take advantage of de minimis discounts in low-value packages.
Shin and Temu have seen a rapid growth for cost-conscious consumers through DE minimis shipments of fashion, toys and other consumer goods in the US market.
A woman gets her order from fast-fashion e-commerce company Shin. (Rodrigo Aruang / AFP / Getty Images)
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A report by the Congress’s research service stated that Sheen and Temu included about 17% of the US discount market by November 2023.
Fox Business’ Michael Dorgan, Landon Mione and Reuters contributed to the report.
