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
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