The EU justice commissioner has expressed shock at the toxicity and dangers of some goods being sold by Shein and Temu, amid a crackdown on the popular Chinese retail platforms. With 12m low-value parcels each day coming into the EU from online retailers outside the bloc, Michael McGrath has vowed to crack down on the sale of goods that blatantly break the law. He is waiting for the imminent results of an EU-wide secret shopper operation to further test evidence already gathered that Chinese retailers are bypassing EU laws. Among…
Tag: Shein
Shein turns to Hong Kong for flotation as London attempt stalls, reports say
Shein is reportedly aiming to list on the Hong Kong stock exchange as the online fast-fashion retailer struggles to gain the go-ahead from Chinese regulators for a flotation in London. The company, which was founded in China where the majority of its suppliers are based but now has its headquarters in Singapore, is aiming to file a draft prospectus with Hong Kong’s stock exchange in the coming weeks, according to Reuters. It said Shein plans to go public in the Asian financial hub this year, which would scotch hopes of…
US to cut ‘de minimis’ tariff on goods from China to as low as 30%
The US will cut the “de minimis” tariff for low-value shipments from China to as low as 30%, according to a White House executive order and industry experts, further de-escalating a potentially damaging trade war between the world’s two largest economies. The order published late on Monday offers some relief to big Chinese e-commerce players Shein and Temu and follows a weekend deal between Beijing and Washington to unwind for 90 days most of the tit-for-tat tariffs imposed on each other’s goods since early April. While their joint statement after…
Why is Trump ending the ‘de minimis’ tariff loophole on low-value imports?
At one minute past midnight on Friday, eastern time, a US tariff exemption that has fuelled the rise of companies such as Shein and Temu, and stocked the wardrobes of millions of Americans with cheap fast fashion and other household goods, closed. As part of Donald Trump’s flurry of tariffs on China, the US is closing a loophole that allowed low-value goods to be shipped into the US without paying any import fees. The “de minimis” loophole, known by the Latin phrase for “of little importance”, was “a big scam…
Chinese e-commerce exports plummet in face of tariffs, despite rise in sales to EU
Exports to the US from Chinese online shops such as Temu and Shein have plunged in the face of Donald Trump’s trade war, as shipping from China to the EU has increased. Official Chinese data showed its total e-commerce shipping dropped 65% by volume in the first three months of the year, but rose 28% in Europe. The sharp fall comes amid reports that the fast-fashion discount platform Shein is considering a restructuring in the US to circumnavigate tariffs. According to the Financial Times, one workaround would be for Shein…
Temu and Shein warn of US price hikes from next week due to Trump tariffs
Two of China’s largest fast fashion retailers, Temu and Shein, have warned US customers that they will face price increases from next week, as Donald Trump’s hefty tariffs on Chinese imports come into force. Both companies will be hit by new import levies, which will mean taxes of up to 145% being applied to Chinese goods. They will also suffer from Trump’s cancellation of the “de minimis” exemption, under which shipments worth less than $800 (£600) could be imported duty-free. That exemption was crucial in helping the low-cost retailers make…