A massive tariff on millions of Americans’ purchases just went into effect — cue the chaos
CNN
Many Americans might not have felt major effects from President Donald Trump’s sweeping tariffs – until now.
Many Americans might not have felt major effects from President Donald Trump’s sweeping tariffs – until now. That’s because a major shipping loophole expired at one minute past midnight on Friday. The de minimis exemption, as it’s known, allowed shipments of goods worth under $800 to come into the US duty free, often more or less skipping time-consuming inspections and paperwork. The loophole helped reshape the way countless Americans shop, allowing ultra-low-cost Chinese e-commerce sites like Shein, Temu and AliExpress to pour everything from yarn to patio furniture, clothes to photography equipment and more into US homes. Its impending end has rung alarm bells across social media, with a baseline tariff as high as 145% depending on the carrier set to take effect on Chinese imports, potentially more than doubling the cost for all those cheap products deal-hungry Americans scooped up. And the end of the de minimis exemption for Chinese goods will also distill abstract, complicated, messy, hard-to-follow trade policy into something much easier to understand: a receipt. Major carriers like UPS, FedEx, DHL and the United States Postal Service say they’re prepared for the changes. The government says it, too, is set; a US Customs and Border Protection spokesperson told CNN that “We are prepared and equipped to carry out enhanced package screenings and enforce orders effectively.”
Constellation Brands, the US owner of Modelo Especial and Corona, bet big on Latino customers for growth. But that strategy is unraveling under the Trump administration’s mass deportation push.
The European Union agreed Wednesday to phase out Russian natural gas imports by late 2027 as part of an effort to end the bloc’s decade-long dependency on Russian energy.
US wireless carrier AT&T said in a letter to the US telecoms regulator that it had committed to ending diversity, equity and inclusion programs, a move that comes as it seeks approval from the Trump administration to buy wireless spectrum assets.
Larry Summers has been banned for life from the American Economic Association, a professional organization for economists, with more than 17,000 members, over his ties to the late sex offender Jeffrey Epstein.
The US labor market has weakened over the course of the year as hiring has stalled across many industries. The national unemployment rate has ratcheted higher in the process, hitting 4.4% in September.
Michael and Susan Dell are donating $6.25 billion to fund investment accounts for at least 25 million American children.
Gas prices dropped below an average of $3 a gallon in the United States on Tuesday for the first time in four-and-a-half years.
The United States appears ready for war with Venezuela, a prospect that Venezuelan President Nicolás Maduro this weekend attributed to America’s desire to control the country’s vast oil reserves.
Pete Hegseth’s hostility toward the press has been a defining characteristic of his time as defense secretary.
Crypto had a rough November. The pain is persisting into December — and it could signal trouble ahead for the stock market.
Airbus has identified an issue affecting “a limited number” of metal panels in its A320 passenger planes, a spokesperson for the company said Monday, just days after warning of another technical problem in its aircraft.
Teddy bears and stuffed plushies have long been a mainstay in toy collections. But today they don’t talk back in a child’s imagination — they talk through built-in AI chatbots.
Revenues at China’s giant military firms fell last year as corruption purges slowed arms contracts and procurement, according to a study released on Monday by a leading conflict think tank.