Will closing a US tax loophole that has saved millions for platforms like Shein and Temu have any impact?

Quick Summary:

Both platforms ship an estimated 1 million packages a day on average to the United States, according to parcel-shipping consultant ShipMatrix.

Shein said that its growth was anchored in its "on-demand business model", while Temu said its "growth is not dependent on this policy".

In response to the proposals, both Shein and Temu said that the import loophole was not central to their success.

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Article Details

Category: EconomyBusiness

Markets: SingaporeChinaUnited States

Topics: Impact Saved Shein Millions Loophole Temu Closing United Ship Duties Platforms

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-04 @ 09:42:27 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 728 words

Reading Time: 5 minutes read

Sentences: 32 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Channel News Asia

News ID: 23386948

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