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The elimination of the so-called de minimis trade rule could wreak havoc on Temu, Shein, and other direct-from-China merchants. ... The executive order, to take effect on Feb. 4, placed 25% ...
The de minimis rule has also come under intense bipartisan scrutiny in recent years for aiding drug traffickers, ... The 25 best cheap or free things to do in New Orleans. Lighter Side.
In announcing the punitive duties of 25% on goods from Canada and Mexico and an additional 10% on Chinese imports, White House officials said on Saturday that the de minimis halt applied ...
Under U.S. tax rules, the de minimis rule governs the treatment of small amounts of market discount. Under the rule, if a bond is purchased with a small amount of market discount (an amount less than 0.25% of the face value of a bond times the number of complete years between the bond's acquisition date and its maturity date) the market discount is considered to be zero and the discount on the ...
But the rapid rise of cross-border e-commerce, driven by China, has challenged the intent of the decades-old customs exception rule. Chinese exports of low-value packages soared to $66 billion in 2023, up from $5.3 billion in 2018, according to a report released last week by the Congressional Research Service.
Introduced in 1938, the so-called de minimis exception was intended to facilitate the flow of small packages valued at no more than $5, the equivalent of about $106 today. The threshold increased to $200 in 1994 and $800 in 2016.
In 2016, Congress quadrupled the de minimis threshold from $200 to $800, resulting in a 600% increase in shipments claiming the exemption. Some of these shipments were linked to drug trafficking. [37] However, subsequent executive orders reinstated the de minimis exemption for all three countries by February 7, 2025. [38] [39]
On 1 February 2025, President Trump declared a national security emergency under the terms of the International Emergency Economic Powers Act and enacted 25% tariffs on all goods imported from Canada into the United States, excluding energy imports which became subject to a 10% tariff, and suspended the de minimis rule while the emergency is in ...