Trump likely to revoke tariff exemptions for cheap shipments from China

The Trump administration is considering revoking tariff exemptions for low-value shipments from China as part of Wednesday's tariff announcement, a source familiar with the plans said. 

  The decision would reinstate US President Donald Trump's decision in February to end duty-free entry for cheap Chinese goods entering the US. Officials had paused the decision given logistical issues complicating inspection of millions of the low-value shipments. 

"They figured it out," the source said, "De minimus is being stripped from China."  'Liberation Day' for US 

Meanwhile, Trump also proclaimed "Liberation Day" in the United States on Wednesday as he prepared to impose sweeping new tariffs that would escalate a trade war with global partners, increase prices and upend a decades-old trade order.

 

Trump has kept the world guessing on the details of the tariff plans, which were still being formulated ahead of a White House Rose Garden announcement ceremony scheduled for 4 p.m. Eastern Time (2000 GMT).

 

US stock indexes opened sharply lower on Wednesday, extending a selloff that has erased nearly $5 trillion of value since February.

 

The new duties are due to take effect immediately after Trump announces them, while a separate 25 per cent global tariff on auto imports will take effect on April 3. 

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