It’s no surprise that President Joe Biden isn’t a TikTok fan: He’s not really the target demographic. But what the president signaled today that he also isn’t a fan of Temu or Shein
Biden administration is taking new steps to close the import duty loophole that has allowed both shopping services to flourish in the U.S
https://www.theinformation.com/articles/what-bidens-temu-and-shein-crackdown-means-for-amazon
Not surprisingly, shares of Temu parent PDD fell 2.4% on Friday
https://www.theinformation.com/articles/temus-biggest-bargain-its-parent-companys-stock
Lawmakers have been complaining about the use of the loophole—known as de minimis—for more than a year. In the spring, the administration started cracking down on it
More here:
https://www.theinformation.com/articles/u-s-escalates-crackdown-on-trade-rule-behind-shein-and-temu
Temu and Shein has prompted plenty of soul-searching within Amazon. In fact, the two companies are enough of a threat that Amazon was planning to launch a special section of its website that would also use the de minimis loophole to import stuff from China.
https://counter.social/@ecksmc/112688308450881544
closing de minimis won’t kill Temu or Shein. Temu has anticipated the closing of the loophole by changing its strategy
@ecksmc I support anything that hurts Shein as a company. They're evil.
Meanwhile, Shein executive chair Donald Tang told The New York Times this week that if de minimis is eliminated, Shein would “find different ways to satisfy our customers.”
https://www.nytimes.com/2024/09/13/us/politics/biden-tariffs-chinese-goods-clothing.html
Also ICYMI
Friends don't let friends use #Temu
https://counter.social/@ecksmc/112328159496720477