Cheaper goods from China will soon become more expensive for U.S. consumers due to the expiration of a tax loophole allowing duty-free import of packages valued under $800, effective May 2. This change, initiated by an executive order from President Trump, aims to combat the influx of fentanyl from China but is expected to lead to higher prices, delays in shipments, and a diminished market for low-cost imports. While U.S. retailers may benefit from reduced competition, consumers will face increased costs and limited availability of affordable goods.
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Trump heads to NATO summit as Iran overshadows agenda
President Trump is set to attend a NATO summit in Brussels, following the announcement of a ceasefire agreement between Iran and Israel. He aims to secure commitments from NATO allies to increase defense spending to 5% of GDP, while addressing ongoing concerns about Russia's war on Ukraine and the recent Iranian missile strikes on a U.S. base in Qatar. Need More Context? 🔎
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