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[ROUNDUP]: The End of De Minimis: What does it mean for E-Commerce?
Welcome Back Trade Professionals, to another Simply Trade News Round Up! Today's hot topic: De Minimis. On May 2nd, De Minimis will no longer apply to goods imported from china and hong kong. We've invited E-commerce Expert, Marianne Rowden to break down the complexities of what it means for customs, international trade, and YOU -- the consumer.
Main Points/Takeaways:
E-commerce and De Minimis Overview:
- E-commerce represents the "democratization of global trade"
- De minimis allows low-value shipments to enter countries with reduced customs processing
- Historical threshold progression: $1 (1930s) → $5 → $200 → $800 (2016)
Key Changes and Implications:
- As of May 2, significant changes to de minimis rules are happening
- China's low-cost shipments through de minimis will be significantly impacted
- CBP currently processes 4 million de minimis shipments daily (up from 1 million in 2018)
Standout Insights:
- E-commerce flipped traditional trade model by allowing buyers to find sellers easily
- Trade's biggest barrier is complexity of importing/exporting
- COVID-19 dramatically accelerated e-commerce adoption
Notable Quote:
"E-commerce represented the democratization of global trade. It allowed small and medium sized companies to sell their products around the world." - Marianne Rowden
Strategic Considerations:
- Businesses need to understand evolving cross-border shipping regulations
- Cost-benefit analysis of customs processing is needed
- Postal and direct-to-consumer shipping channels are changing
Potential Future Actions:
- CBP likely to issue interim final rule in June/July
- More scrutiny on international low-value shipments expected
#Ecommerce #GlobalTrade #DeMinimis #TradePolicy #InternationalBusiness #CBP #OnlineShopping
Connect with our Expert:
Marianne Rowden
LinkedIn: https://www.linkedin.com/in/marianne-rowden-43456110/
Website: https://www.emtc.org/
Other Articles/Sources Mentioned: Join EMTC's Open Forum on Tariffs
In the midst of all this chaos, education is your best ally. Access Exclusive Resources Here ⏬
Recommended Resources:
Check out these courses we offer here at GTC! 👀🌎
📩Importing https://globaltrainingcenter.com/importing-procedures/
😵💫Tariff Classification https://globaltrainingcenter.com/tariff-classification/
🗺️Country of Origin https://globaltrainingcenter.com/country-of-origin/
👓🧠Surround yourself with other trade professionals: Join our Trade Geeks Community! https://globaltrainingcenter.com/trade-geeks/
Connect with Simply Trade Podcast:
- Subscribe: https://www.youtube.com/channel/UCdmyGU5foKm4aFlpo7Oms4g
- LinkedIn: https://www.linkedin.com/showcase/simply-trade-podcast/
- Twitter: https://twitter.com/SimplyTradePod
- Website: https://globaltrainingcenter.com/simply-trade-podcast/
Connect with Simply Trade Podcast:
- Subscribe: https://www.youtube.com/channel/UCdmyGU5foKm4aFlpo7Oms4g
- LinkedIn: https://www.linkedin.com/showcase/simply-trade-podcast/
- Twitter: https://twitter.com/SimplyTradePod
- Website: https://globaltrainingcenter.com/simply-trade-podcast/
Credits:
Host/Producer: Lalo Solorzano https://www.linkedin.com/in/lalosolorzano/
Co-Producer/Editor: Mara Marquez https://www.linkedin.com/in/maramarquez85/
Host: Annik Sobing https://www.linkedin.com/in/annik-sobing-mba-b226251a2/
Contact Us/ Suggest Topics
Contact: [email protected]
View all episodes
By Global Training Center
4.6
2222 ratings
Welcome Back Trade Professionals, to another Simply Trade News Round Up! Today's hot topic: De Minimis. On May 2nd, De Minimis will no longer apply to goods imported from china and hong kong. We've invited E-commerce Expert, Marianne Rowden to break down the complexities of what it means for customs, international trade, and YOU -- the consumer.
Main Points/Takeaways:
E-commerce and De Minimis Overview:
- E-commerce represents the "democratization of global trade"
- De minimis allows low-value shipments to enter countries with reduced customs processing
- Historical threshold progression: $1 (1930s) → $5 → $200 → $800 (2016)
Key Changes and Implications:
- As of May 2, significant changes to de minimis rules are happening
- China's low-cost shipments through de minimis will be significantly impacted
- CBP currently processes 4 million de minimis shipments daily (up from 1 million in 2018)
Standout Insights:
- E-commerce flipped traditional trade model by allowing buyers to find sellers easily
- Trade's biggest barrier is complexity of importing/exporting
- COVID-19 dramatically accelerated e-commerce adoption
Notable Quote:
"E-commerce represented the democratization of global trade. It allowed small and medium sized companies to sell their products around the world." - Marianne Rowden
Strategic Considerations:
- Businesses need to understand evolving cross-border shipping regulations
- Cost-benefit analysis of customs processing is needed
- Postal and direct-to-consumer shipping channels are changing
Potential Future Actions:
- CBP likely to issue interim final rule in June/July
- More scrutiny on international low-value shipments expected
#Ecommerce #GlobalTrade #DeMinimis #TradePolicy #InternationalBusiness #CBP #OnlineShopping
Connect with our Expert:
Marianne Rowden
LinkedIn: https://www.linkedin.com/in/marianne-rowden-43456110/
Website: https://www.emtc.org/
Other Articles/Sources Mentioned: Join EMTC's Open Forum on Tariffs
In the midst of all this chaos, education is your best ally. Access Exclusive Resources Here ⏬
Recommended Resources:
Check out these courses we offer here at GTC! 👀🌎
📩Importing https://globaltrainingcenter.com/importing-procedures/
😵💫Tariff Classification https://globaltrainingcenter.com/tariff-classification/
🗺️Country of Origin https://globaltrainingcenter.com/country-of-origin/
👓🧠Surround yourself with other trade professionals: Join our Trade Geeks Community! https://globaltrainingcenter.com/trade-geeks/
Connect with Simply Trade Podcast:
- Subscribe: https://www.youtube.com/channel/UCdmyGU5foKm4aFlpo7Oms4g
- LinkedIn: https://www.linkedin.com/showcase/simply-trade-podcast/
- Twitter: https://twitter.com/SimplyTradePod
- Website: https://globaltrainingcenter.com/simply-trade-podcast/
Connect with Simply Trade Podcast:
- Subscribe: https://www.youtube.com/channel/UCdmyGU5foKm4aFlpo7Oms4g
- LinkedIn: https://www.linkedin.com/showcase/simply-trade-podcast/
- Twitter: https://twitter.com/SimplyTradePod
- Website: https://globaltrainingcenter.com/simply-trade-podcast/
Credits:
Host/Producer: Lalo Solorzano https://www.linkedin.com/in/lalosolorzano/
Co-Producer/Editor: Mara Marquez https://www.linkedin.com/in/maramarquez85/
Host: Annik Sobing https://www.linkedin.com/in/annik-sobing-mba-b226251a2/
Contact Us/ Suggest Topics
Contact: [email protected]
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