US Trade Representative Jamieson Greer, (left), and US Secretary of the Treasury Scott Bessent take part in a press conference after two days of closed-door discussions on trade between the United States and China, in Geneva, Switzerland, on May 12. (AP)

WASHINGTON, May 14, (AP): Online shoppers in the US will see a price break on their purchases valued at less than $800 and shipped from China after the Trump administration reached a truce with Beijing over sky-high tariffs. An executive order Monday from President Donald Trump said the tariffs on low-value parcels originating from China and coming through the US Postal Service will be lowered to 54%, down from 120%.

It also says a per-package flat rate – as an alternative to the value-based tariff – will be kept at $100, rather than being raised to $200 on June 1 as previously decreed. Packages shipped by commercial carriers are subject to the general tariff, which also has been cut. The new rules go into effect Wednesday.

They are part of a broader agreement by the Trump administration to drastically lower import taxes on all Chinese goods from 145% to 30% following weekend talks in Switzerland with Chinese officials. China issued a public notice on Tuesday lowering its own tariffs on US goods to 10%, down from 125%. However, the reductions are temporary, allowing the two sides to negotiate a longer-term deal in the next 90 days.

Izzy Rosenzweig, founder and CEO of the logistic company Portless, said US brands are “very excited” about the broader tariff cut. The import tax is still high, but not as prohibitive as when it was 145%, which amounted to a trade embargo. On the low-value shipments, online purchases had been coming into the US duty-free for several years under the de minimis rule, which exempted them from the import tax.

Popular shopping sites such as Shein and Temu that offer ultra-low prices took advantage of the duty-free rule by shipping directly from China to US buyers, bypassing more cumbersome customs paperwork. President Donald Trump terminated the exemption on such parcels originating from China and Hong Kong on May 2, following criticism that it not only resulted in lost tariff revenue but also allowed illicit drugs and unsafe products to flow into the US without adequate scrutiny.

US Customs and Border Protection said as many as 4 million low-value parcels were coming into the US every day – many of which originated from China. Shortly before the exemption ended on May 2, prices on many items sold by Shein rose. Temu apparently halted shipments from China and tapped its existing inventory in the US.  

KCCI team meets the delegation from Maldives

KUWAIT CITY, May 13: Kuwait Chamber of Commerce and Industry (KCCI) received a delegation from the Republic of Maldives, led by the Minister of Foreign Affairs Dr. Abdulla Khalil on Tuesday, May 13 in the presence of several Kuwaiti business owners. According to a press release issued by KCCI, the meeting began with KCCI expressing its appreciation for the delegation’s visit, as it underscores the growing ties between Kuwait and the Maldives, founded on friendship, mutual respect, and shared aspirations for economic and cultural cooperation. It explained that the trade relations between the two countries have significantly strengthened over the past decade, with a notable increase in Kuwaiti exports to the Maldives.

The partnership between the two countries is further strengthened by their distinct strengths, particularly the excellence of Maldivian companies in the tourism and maritime industries, which attract the interest of Kuwaiti investors. At the same time, Kuwaiti companies excel in sectors such as finance, logistics, healthcare, and energy, providing a solid foundation for productive cooperation and investment. Meanwhile, Maldives Foreign Minister Dr. Abdulla Khalil outlined the most prominent investment opportunities available in his country, mainly in sectors such as tourism, investment, alternative energy, logistics, ports, housing cities, agriculture, and fisheries.

Kuwait’s Acting Prime Minister during the signing of MoUs between Kuwait and Hong Kong.

Kuwait Acting Prime Minister Sheikh Fahad Yousef Saud Al-Sabah on Tuesday held official round table discussions with Chief Executive of the Hong Kong Special Administrative Region John Lee Ka-chiu at Bayan Palace. During the session, they reviewed the bilateral ties and ways to boost them, in addition to exchanging visions and opinions on regional and international issues of common interest. Following the official talks, the two sides signed a Memorandum of Understanding in direct investment promotion, inked on the Kuwaiti side by Director General of Kuwait Direct Investment Promotion Authority Sheikh Dr. Meshal Jaber Al-Ahmad Al-Sabah and on behalf of the Government of Hong Kong the Acting Assistant Director General for Investment Promotion Loretta Lee. The two sides also signed a Memorandum of Understanding in the field of direct investment promotion between Kuwait Direct Investment Promotion Authority and the Hong Kong Trade Development Council (HKTDC).

The MoU was signed on the Kuwaiti side by Director General of Kuwait Direct Investment Promotion Authority Sheikh Dr. Meshal Jaber Al-Ahmad Al-Sabah and on behalf of the Government of Hong Kong by Executive Director of the HKTDC Margaret Fong. The meeting was attended by senior Kuwaiti officials including Minister of Foreign Affairs, Minister of Public Works and Minister of Commerce and Industry. The Acting Prime Minister hosted an official luncheon in honor of the Chief Executive of the Hong Kong Special Administrative Region and his accompanying delegation. (KUNA)