The Biden administration announced steps to curb the abuse of the de minimis trade law, which allows shipments valued under $800 to enter the U.S. without paying duties. A new rule proposal would ban products subject to U.S.-China tariffs from using the exemption. Officials highlight that Chinese-linked online retailers, like Shein and Temu, have exploited this loophole to ship goods directly to consumers, skirting tens of millions in import duties. The White House also called for more data requirements for these shipments and urged Congress to overhaul the de minimis law.
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00:00It's Benzinga, and here's what's on the block.
00:02The Biden administration announced steps to curb the abuse of the de minimis trade law,
00:07which allows shipments valued under $800 to enter the U.S. without paying duties.
00:12A new rule proposal would ban products subject to U.S.-China tariffs from using the exemption.
00:17Officials highlight that Chinese-linked online retailers like Xi'an and Timu have exploited
00:22this loophole to ship goods directly to consumers, skirting tens of millions in import duties.
00:28The White House also called for more data requirements for these shipments and urged
00:31Congress to overhaul the de minimis law.
00:33For all things money, visit Benzinga.com.