00:00It's Benzinga, bringing Wall Street to Main Street.
00:02President Donald Trump signed an executive order Wednesday to add the De Minimis trade loophole for all countries, effective August 29th, according to CNBC.
00:09Policy will impose tariffs on imported packages valued at $800 or less, with rates based on item value and country of origin.
00:16The announcement follows Trump's earlier action targeting Chinese and Hong Kong shipments.
00:20Federal trade court recently declined to block the move.
00:22Loophole has benefited online retailers like Timu and Sheen by allowing duty-free shipments from China.
00:27Shares of Timu's parent PDD Holdings fell after the news, and Amazon stock also slipped.
00:33The administration says the policy protects U.S. businesses and curbs illicit imports,
00:38citing a surge in low-value shipments to $309 million this fiscal year.
00:42For all things money, visit Benzinga.com.
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