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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