Donald Trump tariffs: Shein and Temu to hike | Australian Markets
Chinese e-marketplace Temu and fast-fashion retailer Shein will raise costs subsequent week as US President Donald Trump’s tariffs and crackdown on low-value imports push up prices for the businesses identified for his or her price range choices.
In practically similar letters to prospects this week, the 2 corporations stated they are going to be rising costs beginning April 25 and inspired customers to buy “now at today’s rates”.
Shein and Temu, sellers of every thing from toys to smartphones, had grown quickly within the US thanks partly to the “de minimis” exemption that allowed duty-free entry for merchandise priced beneath $US800 ($1260), enabling the businesses to keep costs low.
However, their business model has come beneath strain from a latest govt order signed by Trump that closes the trade loophole and goes into impact on May 2.
“Due to recent changes in global trade rules and tariffs, our operating expenses have gone up. To keep offering the products you love without compromising on quality, we will be making price adjustments starting April 25, 2025,” the statements from each corporations stated.
Shein clothes are at the moment priced between $US6 and $US91 on its web site whereas Temu sells them at anyplace between $US2.48 and $US210 online.
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