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By ANNE D’INNOCENZIO and DIDI TANG

A notice to customers dazzled by the low-priced products on Chinese shopping apps: the days of getting trendy clothing, tools and gag gifts that cost less than lunch delivered to your door in 10 days are probably numbered.

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President Donald Trump is ending a little-known but widely used exemption that has allowed as many as 4 million low-value parcels — most of them originating in China — to arrive in the U.S. every day tax-free.

An executive order the president signed Wednesday will eliminate the “de minimis provision” for goods from China and Hong Kong on May 2. The tax exemption, which applies to packages valued at $800 or less, has helped China-founded e-commerce companies like Shein and Temu to thrive while cutting into the U.S. retail market. read more

By MARÍA VERZA and FABIOLA SÁNCHEZ

MEXICO CITY (AP) — Mexico celebrated Thursday having dodged the latest round of tariffs from the White House taking aim at dozens of U.S. trading partners around the world, but was also quickly reminded that in a global economy the effects of uncertainty can’t be entirely avoided.

President Claudia Sheinbaum said the free-trade agreement signed by Mexico, Canada and the U.S. during Trump’s first administration had shielded Mexico.

Now her government will focus on the existing 25% U.S. tariffs on imported autos, steel and aluminum, while accelerating domestic production to safeguard jobs and reduce imports.

“During my last call with President Trump, I said that, in the case of reciprocal tariffs, my understanding was that there wouldn’t be tariffs (on Mexico), because Mexico doesn’t place tariffs on the United States,” Sheinbaum said.

Economy Secretary Marcelo Ebrard noted that despite having free-trade agreements with the U.S., many countries were targeted by the tariffs U.S. President Donald Trump announced Wednesday on what he dubbed “Liberation Day.” Trump framed the tariffs as a way to bring manufacturing jobs back to the U.S. read more

By MATT OTT, AP Business Reporter

U.S. companies had billions of dollars in value wiped out after President Donald Trump slapped sweeping tariffs on foreign imports.

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Virtually every sector suffered big losses Thursday as U.S. financial markets careened toward their biggest one-day drop since COVID-19 flattened the global economy five years ago.

Banks, retailers, clothing, airlines and technology companies were among the hardest hit, with consumers expected to cut spending if tariffs lead to higher prices for goods and services.

Many economists called the tariffs much worse than expected, and investors dumped shares in companies they predict will suffer most from what is effectively a business tax. read more

WASHINGTON (AP) — President Donald Trump is placing steep new tariffs on virtually all U.S. trading partners, stoking fears of rising prices for consumers and deepening trade wars.

The tariffs hit allies and rivals alike. The Republican president is placing a 10% baseline tax on trading partners around the globe and is setting heftier levies on major partners with which the U.S. has a trade deficit like China, the European Union and Japan.

While Trump had suggested the tariffs were a negotiating tool to lower the taxes paid on U.S. exports, he described his plan as one that would boost domestic manufacturing and raise federal revenues. It has unsettled global financial markets and sparked concerns about inflation and slowing global growth.

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NEWARK, N.J. (AP) — Creating and sharing deceptive media made with artificial intelligence is now a crime in New Jersey and open to lawsuits under a new state law.

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Democratic Gov. Phil Murphy signed legislation Wednesday making the creation and dissemination of so-called deceptive deepfake media a crime punishable by up to five years in prison, and establishing a basis for lawsuits against perpetrators.

New Jersey joins a growing list of states enacting measures taking aim at media created using generative AI. At least 20 states have passed similar legislation that targets such media involving elections. read more