[ad_1]
Chinese online marketplace Temu and fast-fashion retailer Shein will raise prices on their products next week as President Trump’s crackdown on low-value imports and sweeping tariffs increase expenses for the companies known for their low-priced offerings.
In letters to customers this week that mirror each other, both firms said they will be increasing prices starting April 25, and encouraged shoppers to purchase “now at today’s rates.”
“Due to recent changes in global trade rules and tariffs, our operating expenses have gone up. To keep offering the products you love without compromising on quality, we will be making price adjustments starting April 25, 2025,” their statements read.
Shein and Temu, both of which sell products ranging from toys to smartphones, have grown rapidly in the U.S. thanks in part to the “de minimis” exemption enabling them to keep prices low.
However, their business model has come under pressure from a recent executive order signed by U.S. President Donald Trump that closes the trade loophole which allowed packages worth less than $800 from China and Hong Kong to enter the United States free of duties. The order goes into effect on May 2.
Get daily National news
Get the day’s top news, political, economic, and current affairs headlines, delivered to your inbox once a day.
Temu and Shein did not immediately reply to requests for additional comments.
—Reporting by Savyata Mishra in Bengaluru; Editing by Tasim Zahid
[ad_2]
Source link