A U.S. postal worker ders Amazon boxes outside of the New York Stock Exchange on Oct.
11, 2018.Spencer Platt | Getty ImagesPresident Donald Trump on Wednesday signed an executive order ending the de minimis trade loophole for low-value packages shipped from all countries.The order, which takes effect Aug.
29, will subject any shipments of imported goods into the U.S.
worth $800 or less to duties, the White House said.Any goods shipped through the international postal network will be subject to tariff rates based on the value of the package and its country of origin.The move comes after Trump in May shuttered the de minimis loophole for goods from China and Hong Kong.
A federal trade court on Monday declined to block Trump's de minimis ban, even after an auto parts retailer argued the action was unlawful and threatened its .Read more CNBC newsApple is facing pressure from Wall Street to figure out its AI strategyBig split?
Google to sign EU's AI guidelines despite Meta snubCash App opens up to Apple Pay and Google Pay for the first timeSpotify drops 11% for worst day in two years on weak guidanceUse of the de minimis vision has exploded in recent years as online shopping has become more prevalent.
Ultracheap online retailers such as Temu and Shein have used the loophole to ship packages to American shoppers directly from China duty-free.s of PDD Holdings, the parent company of Temu, dipped lower ing the announcement.Amazon stock also slipped on the announcement.
Amazon runs a third-party marketplace with millions of sellers, as well as an ultralow-cost storefront featuring goods shipped directly from China, called Haul.The Trump administration has sought to close the loophole, calling it a "big scam" that hurts U.S.
es.
Officials have said de minimis facilitates shipments of fentanyl and other illicit substances, saying the packages are less ly to be inspected by customs agents.The volume of de minimis shipments has skyrocketed to 309 million units so far this fiscal year, up from 115 million for all of last year, the White House said.Don’t miss these insights from CNBC Bank of America says these five stocks have more room to run ahead of earningsThese overbought stocks could take a dip after the market's record gainsGoldman Sachs is getting worried the economyWhat the prediction are saying the big Wall Street events ahead