Latest news with #2025TradePolicyAgenda
Yahoo
10-04-2025
- Business
- Yahoo
Trump Drives Another Nail Into De Minimis
President Donald Trump's latest trade action may be the death knell for the de minimis trade exception. After banning China's use of the duty-free import tool (which applies to shipments worth $800 or less) last week, the president effectively tripled the tariffs that China-originating parcels will face as they enter the U.S. More from Sourcing Journal Tariffs Giving Shoppers the Yips, ReturnPro Found US Trade Czar Grilled By Congress as Trump Moves Forward With Triple-Digit China Tariffs De Minimis Ban Alters Fate of 1.4 Billion Packages Annually Small shipments that would have once qualified for de minimis that are sent through the international postal network were slated to be subject to a duty rate of either 30 percent of their value or $25 per parcel—a fee that would rise to $50 after June 1. Now, those same shipments will face levies worth 90 percent of their value or $75 (which will rise to $150 after June 1). That spells trouble for giants like Shein and Temu, whose low-value products will now become exponentially more costly to American consumers. With the move, he aimed to hit back at the steep retaliatory duties China levied against the U.S. The president also said the tariff increase would ensure that China would not be able to circumvent the executive order or undermine the de minimis ban, which takes effect on May 2. U.S. Trade Representative (USTR) Ambassador Jamieson Greer explained the decision to lawmakers at a Ways and Means Committee hearing on the 'Trump Administration's 2025 Trade Policy Agenda' on Wednesday, saying, 'What we saw were foreign companies abusing the system and taking advantage of it and building a commercial…case for their entire business on it. And that ended up undermining a lot of a lot of retailers here in the United States.' Greer stated that the administration believes 'it's important to make sure that that tool is used for its original purpose, and not for… other countries to avoid duty payments or things like that.' News of the decision was naturally eclipsed by the spectacle of Washington and Beijing trading tariffs throughout the week. As it stands, U.S. goods will face 84-percent duties when imported into China, and Chinese goods will face tariffs worth 104 percent when they enter the U.S.
South China Morning Post
04-03-2025
- Business
- South China Morning Post
Trump policy labels China as ‘unique economic challenge' to US trade ambitions
The Donald Trump administration delivered the blueprint for its global economic strategy to Congress on Monday – a day before its threatened 25 per cent tariffs on Canada and Mexico and a further 10 per cent on China were due to take effect. Advertisement The 2025 Trade Policy Agenda, which labelled China a 'unique economic challenge', outlines a litany of what the administration considers to be past US mistakes, including squandering leverage and allowing free access to its 'valuable market' without gaining much in return. 'The United States faces unprecedented economic and national security challenges. President Trump has set out a plan to tackle those challenges in his America First trade policy … memorandum,' said US Trade Representative Jamieson Greer in a statement. 'The current moment demands action.' The document also suggests the administration will take up where it left off in Trump's first term, framing the 'historic and enforceable' phase-one trade agreement as a promising approach that was not followed through, adding that 'China has not lived up to its commitments'. Not surprisingly, it also justifies the use of tariffs – a bedrock of the new administration's policy – as effective, with their costs borne by foreign trading partners rather than American consumers. Advertisement 'These past successes on trade demonstrate the wisdom and efficacy of President Trump's America First approach,' the report said. 'By taking a strategic yet vigorous approach, the United States can finally address the structural challenges distorting the global trading system.' The administration also used the report to slam the World Trade Organization, saying it was 'mired in a development agenda' and degraded national sovereignty.
