Kyiv hit by record drone attack as US aid stalls
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Yahoo
31 minutes ago
- Yahoo
De minimis exemption slated to end in 2027
This story was originally published on Supply Chain Dive. To receive daily news and insights, subscribe to our free daily Supply Chain Dive newsletter. The de minimis exemption will be eliminated in two years after President Donald Trump signed a sweeping policy bill into law on Friday. As part of the package introduced as the 'One Big Beautiful Bill Act,' the U.S. will repeal the exemption allowing imports under $800 to enter the country duty and tax free, effective July 1, 2027. Exemptions will remain in place for eligible items bought during travel and bona fide gifts from foreign citizens to U.S. residents. The bill also establishes a civil penalty, starting 30 days after its enactment, for any person attempting to use de minimis entry in a way that "violates any other provision of" U.S. customs law. The amount is $5,000 for the first violation and up to $10,000 for subsequent violations. The move builds upon the Trump administration's efforts to restrict the de minimis exemption, which lawmakers and customs officials have scrutinized in recent years due to contraband entering the U.S. via low-cost packages. Earlier this year, the White House removed the exemption for imports from China and Hong Kong and announced its plans to end de minimis for other countries once systems are in place to collect duty revenue. The vast majority of de minimis volume entering the U.S. originated from China prior to the May 2 ban, making up 76% of shipments in Custom and Border Protection's 2024 fiscal year. The full repeal of the exemption in two years would expose low-cost shipments from Canada, Mexico and other countries to tariffs and other import taxes. E-commerce companies like Shein and Temu have historically benefited from the exemption, which allows them to ship products made internationally direct to U.S. consumers without facing added duties. Some experts say de minimis-reliant supply chains will shift to more traditional bulk shipping models or expanded U.S. fulfillment operations due to policy changes by the Trump administration. Recommended Reading De minimis' future: 4 questions shippers should consider Sign in to access your portfolio
Bloomberg
an hour ago
- Bloomberg
BlackRock Halted Ukraine Fund Talks After Trump's Election Win
BlackRock Inc. halted its search for investors to back a multibillion-dollar Ukraine recovery fund earlier this year after Donald Trump's election victory saw the US sour on the eastern European country, people familiar with the discussions said. The fund, meant to be unveiled at next week's Ukraine Recovery Conference in Rome, was close to securing initial support from entities backed by the governments of Germany, Italy and Poland, the people said, declining to be identified discussing private information.
New York Post
an hour ago
- New York Post
Trump says Iran has not agreed to inspections, give up enrichment
President Donald Trump said on Friday that Iran had not agreed to inspections of its nuclear program or to give up enriching uranium. He told reporters aboard Air Force One that he believed Tehran's nuclear program had been set back permanently although Iran could restart it at a different location. Trump said he would discuss Iran with Israeli Prime Minister Benjamin Netanyahu when he visits the White House on Monday. Advertisement 'I would say it's set back permanently,' Trump said as he traveled to New Jersey after an Independence Day celebration at the White House. 'I would think they'd have to start at a different location. And if they did start, it would be a problem.' 5 President Donald Trump speaks to reporters aboard Air Force One during a fight to New Jersey on July 4, 2025. REUTERS Trump said he would not allow Tehran to resume its nuclear program, adding that Iran did want to meet with him. Advertisement The UN nuclear watchdog said on Friday it had pulled its last remaining inspectors from Iran as a standoff deepens over their return to the country's nuclear facilities bombed by the United States and Israel. The US and Israel say Iran was enriching uranium to build nuclear weapons. Tehran insists its nuclear program is for peaceful purposes. Israel launched its first military strikes on Iran's nuclear sites in a 12-day war with the Islamic Republic three weeks ago. 5 A satellite image of the Fordow Facility in Iran after the US bombardment on June 27, 2025. AP Advertisement 5 The US sent B-2 Stealth Bombers to the Fordow site while nuclear-powered submarines fired ballistic missiles at Isfahan and Natanz sites, south of Tehran. Rob Jejenich / NY Post Design The International Atomic Energy Agency's inspectors have not been able to inspect Iran's facilities since then, even though IAEA chief Rafael Grossi has said that is his top priority. Iran's parliament has passed a law suspending cooperation with the IAEA until the safety of its nuclear facilities can be guaranteed. While the IAEA says Iran has not yet formally informed it of any suspension, it is unclear when the agency's inspectors will be able to return to Iran. Advertisement Iran has accused the agency of effectively paving the way for the bombings by issuing a damning report on May 31 that led to a resolution by the IAEA's 35-nation Board of Governors declaring Iran in breach of its non-proliferation obligations. 5 Iranian Supreme Leader Ayatollah Ali Khamenei speaks during a meeting in Tehran on June 15, 2025. 5 President Trump salutes B-2 Bombers during a flyover at the White House alongside first lady Melania Trump on July 4, 2025. via REUTERS The US and Israeli military strikes either destroyed or badly damaged Iran's three uranium enrichment sites. But it was less clear what has happened to much of Iran's nine tons of enriched uranium, especially the more than 880 pounds enriched to up to 60% purity, a short step from weapons grade.
