Trump cuts levies on select China goods: US President Donald Trump has slashed levies on Chinese packages valued at up to USD 800, bringing down the so-called ‘de minimis’ tariff from 124% to 54% with a flat fee of USD 100, Reuters reports, citing a White House official. The move is a partial reversal of the US effort to close what was dubbed the “de minimis loophole,” which saw Chinese firms ship goods in bulk into Mexico and break them into small packages before entering the US to circumvent duties that are normally applied to larger shipments.

SOUND SMART- What is de minimis? De minimis is a legal term referring to matters too small to concern the courts and whose impact is arguably negligible. The Latin phrase directly translates to "the law does not concern itself with trifles."

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