A new trade agreement has led to a significant change in how the United States taxes low-value packages shipped from China. The 'de-minimis' tariff rate, which allows certain goods to enter the country duty-free, is now subject to a 54% tariff. This means that small packages shipped directly from China to U.S. consumers will now be more expensive.
The 'de-minimis' rule was originally intended to simplify customs procedures and reduce costs for low-value shipments. However, concerns have grown that it was being exploited, giving Chinese sellers an unfair advantage over domestic businesses. The new tariff is designed to address these concerns and create a more level playing field.
The impact of this change is still being assessed. Some experts believe it will lead to higher prices for consumers, while others argue that it will encourage more domestic production. Businesses that rely on low-value imports from China will need to adjust their strategies to account for the increased costs. The long-term effects of the tariff on trade relations between the U.S. and China remain to be seen.
US Tariffs on Low-Value Chinese Goods Rise to 54%
The United States has increased tariffs on small packages shipped directly from China. This new 54% tariff impacts goods entering the U.S. under the 'de-minimis' rule, which previously allowed duty-free entry for low-value items. The change follows a recent trade agreement aimed at leveling the playing field. Experts are analyzing the potential effects on consumers and businesses.
Source: Read the original article at CBS