Live, rolling coverage of business, economics and financial markets as FTSE 100 gains on hopes of US-China trade thaw; Shell profits drop 28% to $5.5bn
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 fee.
I’m not sure what will happen with the tariffs … It’s very difficult to predict beyond June.