Latest news with #duties
Yahoo
4 hours ago
- Business
- Yahoo
US end of parcel tax relief threatens eBay, Etsy trade
LONDON/NEW YORK (Reuters) -Americans shopping for secondhand, vintage or handmade items on platforms like eBay and Etsy face steep customs duties on international purchases next month, potentially hurting trade on those peer-to-peer sites. In a surprise move late on Wednesday, U.S. President Donald Trump ordered the removal of "de minimis" duty-free treatment on parcels under $800 from all countries, starting August 29 - bringing forward a change previously set for July 2027. The acceleration follows pressure from groups that argue the exemption facilitates fentanyl smuggling and has led to a flood of cheap products entering the U.S. duty-free, undermining U.S. retailers and manufacturers. Trump ended duty-free access for low-value parcels from China and Hong Kong at the start of May, disrupting ecommerce flows for online retailers like Shein and Temu. After asking for feedback on widening the removal of de minimis, some U.S. businesses had spoken out against the policy. "These exemptions are a powerful tool that helps small creators, artisans, and makers participate in and navigate cross-border trade," Etsy's global head of public policy and advocacy Jeffrey Zubricki wrote in a submission to Customs and Border Protection in March. "Many American Etsy sellers rely on de minimis to import and export products with key trading partners, sustaining their businesses and generating income to support their families." The majority of Etsy's 5.6 million active sellers and nearly 90 million buyers are in the U.S. Etsy did not immediately respond to a request for comment on Thursday. eBay also urged the customs agency to reconsider, arguing that de minimis gives American consumers access to "a global market to find value at lower prices, particularly for used goods and a unique, collectible inventory that is not available domestically". In a results call on Wednesday, eBay CEO Jamie Iannone flagged the elimination of de minimis outside of China as a potential disruption that may impact revenue. eBay did not immediately respond to a request for comment. Goods shipped through the postal system will face one of two tariffs: either an "ad valorem duty" equal to the effective tariff rate of the package's country of origin or, for six months, a specific tariff of $80 to $200 depending on the country of origin's tariff rate. It is the latest headache for small businesses grappling with hefty import tariffs imposed by Trump, driving up costs, forcing many to hike prices and fuelling concerns that Americans will be paying more for everyday goods. "The complexity of doing business with the U.S. has gone to levels nobody could have imagined," said Andrew Wilson, deputy secretary general of the International Chamber of Commerce. He also questioned whether U.S. authorities can handle the tariff collections, potentially leading to delays and backlogs. "Is border trade equipped to manage the checks and duties collection? If not, what happens with customs backlogs? It's a huge additional burden from next month," said Wilson. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
4 hours ago
- Business
- Reuters
US end of parcel tax relief threatens eBay, Etsy trade
LONDON/NEW YORK, July 31 (Reuters) - Americans shopping for secondhand, vintage or handmade items on platforms like eBay (EBAY.O), opens new tab and Etsy (ETSY.O), opens new tab face steep customs duties on international purchases next month, potentially hurting trade on those peer-to-peer sites. In a surprise move late on Wednesday, U.S. President Donald Trump ordered the removal of "de minimis" duty-free treatment on parcels under $800 from all countries, starting August 29 - bringing forward a change previously set for July 2027. The acceleration follows pressure from groups that argue the exemption facilitates fentanyl smuggling and has led to a flood of cheap products entering the U.S. duty-free, undermining U.S. retailers and manufacturers. Trump ended duty-free access for low-value parcels from China and Hong Kong at the start of May, disrupting ecommerce flows for online retailers like Shein and Temu. After asking for feedback on widening the removal of de minimis, some U.S. businesses had spoken out against the policy. "These exemptions are a powerful tool that helps small creators, artisans, and makers participate in and navigate cross-border trade," Etsy's global head of public policy and advocacy Jeffrey Zubricki wrote in a submission to Customs and Border Protection in March. "Many American Etsy sellers rely on de minimis to import and export products with key trading partners, sustaining their businesses and generating income to support their families." The majority of Etsy's 5.6 million active sellers and nearly 90 million buyers are in the U.S. Etsy did not immediately respond to a request for comment on Thursday. eBay also urged the customs agency to reconsider, arguing that de minimis gives American consumers access to "a global market to find value at lower prices, particularly for used goods and a unique, collectible inventory that is not available domestically". In a results call on Wednesday, eBay CEO Jamie Iannone flagged the elimination of de minimis outside of China as a potential disruption that may impact revenue. eBay did not immediately respond to a request for comment. Goods shipped through the postal system will face one of two tariffs: either an "ad valorem duty" equal to the effective tariff rate of the package's country of origin or, for six months, a specific tariff of $80 to $200 depending on the country of origin's tariff rate. It is the latest headache for small businesses grappling with hefty import tariffs imposed by Trump, driving up costs, forcing many to hike prices and fuelling concerns that Americans will be paying more for everyday goods. "The complexity of doing business with the U.S. has gone to levels nobody could have imagined," said Andrew Wilson, deputy secretary general of the International Chamber of Commerce. He also questioned whether U.S. authorities can handle the tariff collections, potentially leading to delays and backlogs. "Is border trade equipped to manage the checks and duties collection? If not, what happens with customs backlogs? It's a huge additional burden from next month," said Wilson.
CTV News
3 days ago
- Business
- CTV News
'This is a dire situation': UNIFOR president on U.S. hiking softwood lumber duties
Watch UNIFOR National President Lana Payne says some Canadian companies will face softwood lumber duties of up to 50 per cent on Aug. 8.
Wall Street Journal
18-07-2025
- Business
- Wall Street Journal
Battery-Material Producer Shares Rise as U.S. Set to Tariff Chinese Graphite
Shares of some Asia-Pacific battery-material producers rose sharply Friday, after the U.S. moved to impose hefty duties on graphite—a key component of battery anodes—imported from China. The U.S. Commerce Department will impose preliminary anti-dumping duties of 93.5% on Chinese graphite imports, after determining the materials were unfairly subsidized, according to a statement posted online late Thursday by the American Active Anode Material Producers.
Yahoo
15-07-2025
- Business
- Yahoo
Trump Announces 30 Percent Duties on EU, Mexico
U.S. President Donald Trump revealed he isn't taking the weekend off as he released two open letters to prominent American trading partners informing them of steep new duty rates. On Saturday, the commander in chief took to Truth Social to post his missives to Mexican President Claudia Sheinbaum and European Commission President Ursula von der Leyen, telling both that the countries they represent will face 30 percent duties on goods across the board beginning Aug. 1. More from WWD Oleksandr Usyk Readies for Daniel Dubois Fight With Aid From Ukrainian Designer US-Brazil Trade Battle Puts Shoe Firms in the Middle of the Crossfire Brunello Cucinelli Expects Modest Profit Growth in 2025, Sees Sales Up 10 Percent in 2026 After Positive H1 In his letter to Sheinbaum, Trump reinvigorated earlier claims that Mexico has aided in the 'pouring' of drugs like fentanyl into the U.S. market and failed to control the activities of criminal cartels. 'Mexico has been helping me secure the border, but, what Mexico has done, is not enough,' he wrote. The colloquial style of the communication underscored Trump's familiar relationship with Sheinbaum, with whom he has been negotiating for months. As in previous letters, Trump stated that the new duty rate excludes already established sectoral tariffs, and he wrote that transshipment or retaliatory duties will result in stacked taxes to Mexican imports. The letter did not mention whether U.S.-Mexico-Canada Agreement-covered products would be exempt from the new tariffs, though a White House spokesperson told Politico Friday that Canada's USMCA-compliant products would remain duty-free under the trade agreement, which is due to be revisited in July 2026. The tenor of Trump's letter to von der Leyen was different, belying a frustration that the 27-member European trade bloc and the U.S. have not been able to reach a consensus about the future of their trade relationship. 'We have had years to discuss our trading relationship with the European Union, and have concluded that we must move away from these long-term, large, and persistent, trade deficits, engendered by your tariff, and non-tariff, policies and trade barriers,' the president wrote. He struck a more threatening tone as he addressed the European leader, declaring, 'The European Union will allow complete, open market access to the United States, with no tariff being charged to us, in an attempt to reduce the large trade deficit.' As in previous communications with world leaders, Trump emphasized that if the trade bloc retaliates with its own duties, its tariff rate only stands to grow. The 30 percent tariff comes as a surprise given that American officials, like U.S. Trade Representative Ambassador Jamieson Greer, have been negotiating ceaselessly in recent weeks with members of the European Commission. A principle agreement presented to Trump last week involved the levying of 10 percent duties, which the trade bloc said would cause major pain to exporters. Reportedly, von der Leyen was informed of the contents of the president's letter in advance of its social media debut. 'A 30 percent tariff on EU exports would hurt businesses, consumers and patients on both sides of the Atlantic,' she wrote on Twitter shortly after the announcement. 'We will continue working toward an agreement by Aug. 1. At the same time, we are ready to safeguard EU interests on the basis of proportionate countermeasures.' Best of WWD Pandemic Has Stoked Appetite for French Luxury, Survey Finds U.S. Sets Strategic Vision for China Trade Policy Furmark's Farm-to-Shopfloor Tracing Tags Set for International Debut Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
