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Timely insights from the Economy, Strategy & Finance Center
Prices for fast fashion and some household goods in the US are expected to rise sharply, as the de minimis exemption for imported goods valued at below $800 from the People’s Republic of China (PRC) and Hong Kong ended on May 2.
The de minimis loophole had allowed US consumers to buy e-commerce goods by shipping directly to their homes, avoiding charges of tariffs and fees, as well as the Customs and Border Protection importing process and paperwork. On April 2 the administration issued an Executive Order giving a 30-days notice about eliminating the de minimis exemption for Chinese imports, citing the need to curb the flow of synthetic opioids into the US.
End of e-commerce boom? Current tariffs on goods imported to the US from China are as high as 145%, which will make many goods that used this loophole more than double in price. Expected hikes in costs will likely dampen demand and slow consumption of fast fashi
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