US NCTO hails House move to permanently ban de minimis shipments
The US National Council of Textile Organizations (NCTO) recently commended the House Ways and Means Committee for including an important and critical provision in the broader budget reconciliation bill that would permanently end de minimis access for commercial shipments from all countries, effective July 1, 2027.
'This significant step….validates that the destructive de minimis loophole has harmed US textile manufacturing and impeded the fight against illicit fentanyl trafficking and must be permanently closed,' NCTO president and chief executive officer Kim Glas said in a statement.
US trade body NCTO has commended the House Ways and Means Committee for including an important and critical provision in the broader budget reconciliation bill that would permanently end de minimis access for commercial shipments from all countries, effective July 1, 2027. “We strongly support a more aggressive timeline to implement a permanent ban on de minimis globally,†it said.
'As the bill makes its way through the legislative process, we strongly support a more aggressive timeline to implement a permanent ban on de minimis globally given its significant harm to manufacturers, retailers, and the fight against fentanyl and other illegal products,' he said.
'Express shippers have already transitioned to processing all Chinese imports through sophisticated logistics systems, demonstrating their ability to comply with the president's executive orders and pivot quickly,' he added.
Fibre2Fashion News Desk (DS)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
an hour ago
- News18
Who Is Laura Loomer? All About The Trump Insider Who Wants 'Dream Job' To Vet Student Visas
Last Updated: Loomer has called for the deportation of Chinese President Xi Jinping's daughter as the US announced that it would 'aggressively' revoke visas of Chinese students A far-right provocateur, conspiracy theorist, and Donald Trump's close ally who has called for the deportation of Chinese President Xi Jinping's daughter as the United States announced that it would 'aggressively" revoke visas of Chinese students—Laura Loomer is all this and more. The American far-right MAGA activist hit the headlines on Thursday again when she threw her weight behind the Trump administration's efforts to tighten immigration controls and scrutinise international students. US Secretary of State Marco Rubio said in a post on X: 'The US will begin revoking visas of Chinese students, including those with connections to the Chinese Communist Party or studying in critical fields." In a statement, he added that the State Department will revise visa criteria to impose stricter scrutiny on all future applications from China and Hong Kong. WHO IS LAURA LOOMER? The 31-year-old Loomer first shot to the limelight through her far-right activism, putting forth her controversial views on Islam and her incendiary statements. According to Firstpost, Loomer ran for US Congress in Florida's 21st district in 2020, winning the Republican primary. However, she lost the general election to Democrat Lois Frankel and her subsequent bid in 2022 too was unsuccessful. Loomer is no stranger to controversies. Her anti-Islam and anti-immigration stance has left many divided—for instance, in 2018, she called herself a 'proud Islamophobe" and suggested the creation of a ride-sharing service that excludes Muslims. Banned from social media platforms such as Twitter (now X), Facebook, and Instagram for her divisive comments, she quickly made a comeback to X after Elon Musk acquired it. One of Laura Loomer's most controversial claims is her insistence that the 9/11 attacks were an 'inside job" carried out by the US government—a theory she has promoted frequently on social media, despite extensive evidence disproving it. At one point, she falsely connected the attacks to a comment made by then Secretary of Defence Donald Rumsfeld about $2.3 trillion in unaccounted funds. However, Rumsfeld's remarks referred to inefficiencies in outdated accounting systems, not evidence of a conspiracy. Loomer had also infamously tweeted that if then US vice-president Kamala Harris were elected, 'the White House will smell like curry" and that speeches would be 'facilitated via a call centre." Despite her controversial persona, Loomer is considered a part of Trump's close coterie. Although she does not hold an official role in his campaign, Loomer has been a frequent presence at Trump events, including rallies and private meetings at his Mar-a-Lago resort and Bedminster golf club. She has also traveled with Trump on his campaign plane and attended significant events such as the 2024 presidential debate in Philadelphia and the September 11 commemorations. Trump has publicly praised Loomer, describing her as a 'fantastic person" and a 'woman with courage," and has shared her content on his Truth Social platform. He has also acknowledged her as a 'very important person, politically," and commended her for her strong opinions. Loomer has been actively involved in advocating for restrictive immigration policies, particularly targeting foreign students and workers. She has publicly appealed to Trump for a position to vet the social media profiles of international students, describing it as her 'dream job". She has also been vocal in her opposition to the H-1B visa programme, which allows US employers to hire skilled foreign professionals. She has referred to Indian immigrants as 'third-world invaders" and criticised tech billionaires for exploiting the visa system for 'cheap labour". Loomer has criticised proposals to issue green cards to foreign students who graduate from US colleges, arguing that such policies could undermine American workers. She has called for a halt to visa issuance until issues like homelessness among veterans are addressed and illegal immigration is curtailed. Her latest comments on Jinping's daughter come amid rising US-China geopolitical tensions and reflect the US' broader agenda to restrict immigration, particularly targeting foreign students and skilled workers. Watch India Pakistan Breaking News on CNN-News18. Get breaking news, in-depth analysis, and expert perspectives on everything from geopolitics to diplomacy and global trends. Stay informed with the latest world news only on News18. Download the News18 App to stay updated! tags : 9/11 attack donald trump MAGA United states First Published:
Time of India
an hour ago
- Time of India
gold prices today: Gold price prediction: Why did gold fall after hitting a 4-week high and could it rebound soon amid U.S. dollar strength, trade tensions, and key economic data?
Why did gold prices fall despite hitting a near-month high? How are U.S. trade tensions influencing gold markets? ADVERTISEMENT What global economic factors are affecting gold demand? What U.S. data are gold traders watching this week? ADVERTISEMENT How did other precious metals perform? Silver fell by 1.5% to $34.26 an ounce Platinum declined 0.6% to $1,056.70 Palladium, however, bucked the trend and rose 0.5% to $993.63 ADVERTISEMENT FAQs: Gold prices dropped on Tuesday, June 3, after briefly touching a four-week high earlier in the day. The retreat came as the U.S. dollar rebounded, making the precious metal more expensive for foreign investors. Spot gold slipped by 0.7% to $3,356.75 an ounce by 11:25 GMT, following an earlier jump to its highest level since May 8. U.S. gold futures were also down, easing 0.5% to $3, to Ole Hansen, head of commodity strategy at Saxo Bank, the slight uptick in the dollar ahead of key U.S. economic data triggered profit-taking after Monday's sharp gains. "Today, the dollar trades a tad stronger... these developments are the main reason why we are seeing some light profit following yesterday's strong gain," Hansen main reason gold prices pulled back is the strengthening of the U.S. dollar. Earlier in the session, the dollar index had hit an over-a-month low, but then reversed course and moved higher. A stronger dollar makes gold, which is priced in dollars, less attractive for international dollar rebound came at a time when investors were also locking in profits after Monday's surge in gold prices, contributing further to the dip. These shifts reflect how sensitive gold is to currency movements and market sentiment, especially during uncertain economic tensions between the United States and China are keeping investors on edge. Market participants are now watching closely for a possible call this week between President Donald Trump and Chinese President Xi Jinping. This comes just days after Trump accused China of violating an agreement to reduce tariffs and trade Europe, the European Commission has pushed back, stating it will urge the U.S. to lower or eliminate tariffs. However, the U.S. is still moving ahead with plans to double steel and aluminum tariffs to 50%. According to a draft letter seen by Reuters, Washington is also pressing countries to submit revised trade offers by Wednesday to speed up negotiations before a five-week Organisation for Economic Co-operation and Development (OECD) added to the cautious outlook on Tuesday, stating that the global economy is expected to slow to 2.9% growth in 2025 and 2026. This is a downgrade from its earlier projections of 3.1% in 2025 and 3.0% in economic slowdown means investors are paying closer attention to safe-haven assets like gold, although short-term fluctuations—like currency shifts and profit-taking—continue to impact eyes are now on Friday's U.S. non-farm payrolls report, a major indicator of economic health. Alongside this, investors are tuning in to speeches from various Federal Reserve officials, seeking clues on the future path of interest generally performs well in low-interest-rate environments, since it doesn't yield interest. If the Fed signals that rates may stay lower for longer, this could boost gold demand dip in gold wasn't isolated. Other precious metals also felt the pressure:These shifts reflect broader market uncertainty and the influence of both currency and economic trends on precious metals dropped due to a stronger U.S. dollar and investor profit-taking after recent over tariffs and talks between Trump and Xi Jinping is keeping gold prices volatile.
Economic Times
2 hours ago
- Economic Times
gold prices today: Gold price prediction: Why did gold fall after hitting a 4-week high and could it rebound soon amid U.S. dollar strength, trade tensions, and key economic data?
ADVERTISEMENT Why did gold prices fall despite hitting a near-month high? How are U.S. trade tensions influencing gold markets? ADVERTISEMENT What global economic factors are affecting gold demand? ADVERTISEMENT What U.S. data are gold traders watching this week? ADVERTISEMENT How did other precious metals perform? Silver fell by 1.5% to $34.26 an ounce Platinum declined 0.6% to $1,056.70 Palladium, however, bucked the trend and rose 0.5% to $993.63 ADVERTISEMENT FAQs: Gold prices dropped on Tuesday, June 3, after briefly touching a four-week high earlier in the day. The retreat came as the U.S. dollar rebounded, making the precious metal more expensive for foreign investors. Spot gold slipped by 0.7% to $3,356.75 an ounce by 11:25 GMT, following an earlier jump to its highest level since May 8. U.S. gold futures were also down, easing 0.5% to $3, to Ole Hansen, head of commodity strategy at Saxo Bank, the slight uptick in the dollar ahead of key U.S. economic data triggered profit-taking after Monday's sharp gains. "Today, the dollar trades a tad stronger... these developments are the main reason why we are seeing some light profit following yesterday's strong gain," Hansen main reason gold prices pulled back is the strengthening of the U.S. dollar. Earlier in the session, the dollar index had hit an over-a-month low, but then reversed course and moved higher. A stronger dollar makes gold, which is priced in dollars, less attractive for international dollar rebound came at a time when investors were also locking in profits after Monday's surge in gold prices, contributing further to the dip. These shifts reflect how sensitive gold is to currency movements and market sentiment, especially during uncertain economic tensions between the United States and China are keeping investors on edge. Market participants are now watching closely for a possible call this week between President Donald Trump and Chinese President Xi Jinping. This comes just days after Trump accused China of violating an agreement to reduce tariffs and trade Europe, the European Commission has pushed back, stating it will urge the U.S. to lower or eliminate tariffs. However, the U.S. is still moving ahead with plans to double steel and aluminum tariffs to 50%. According to a draft letter seen by Reuters, Washington is also pressing countries to submit revised trade offers by Wednesday to speed up negotiations before a five-week Organisation for Economic Co-operation and Development (OECD) added to the cautious outlook on Tuesday, stating that the global economy is expected to slow to 2.9% growth in 2025 and 2026. This is a downgrade from its earlier projections of 3.1% in 2025 and 3.0% in economic slowdown means investors are paying closer attention to safe-haven assets like gold, although short-term fluctuations—like currency shifts and profit-taking—continue to impact eyes are now on Friday's U.S. non-farm payrolls report, a major indicator of economic health. Alongside this, investors are tuning in to speeches from various Federal Reserve officials, seeking clues on the future path of interest generally performs well in low-interest-rate environments, since it doesn't yield interest. If the Fed signals that rates may stay lower for longer, this could boost gold demand dip in gold wasn't isolated. Other precious metals also felt the pressure:These shifts reflect broader market uncertainty and the influence of both currency and economic trends on precious metals dropped due to a stronger U.S. dollar and investor profit-taking after recent over tariffs and talks between Trump and Xi Jinping is keeping gold prices volatile.
