PDD and Alibaba Stocks Fall as Biden Act on Cheap China Shipments -- Barrons.com

Dow Jones09-13

By Emily Dattilo

The Chinese e-commerce stocks PDD and Alibaba were trading lower after the White House said it is taking steps to address an influx of cheap shipments entering the U.S. without paying taxes.

The news sent shares of PDD, parent company of the e-commerce platform Temu, down 5.7%. Alibaba dropped 1.2%. Etsy shares rose 6%.

"A shipment is eligible for the de minimis exemption if the aggregate fair retail value of the articles imported is $800 or less," The White House said in a statement. "De minimis shipments enter the United States with less information than other imports and are not subject to duties and taxes."

The growing volume of shipments arriving under those rules is making it challenging to target unsafe shipments, the White House said. To resolve the issue, the Biden administration is moving to exclude all products covered by certain tariffs from the de minimus exemption, issuing a so-called notice of proposed rulemaking inviting the public to comment on the proposed change.

Write to Emily Dattilo at emily.dattilo@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

September 13, 2024 09:17 ET (13:17 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Alibaba dropped 1.2%. Etsy shares rose 6%. \n\n\n     \"A shipment is eligible for the de minimis exemption if the aggregate fair retail value of the articles imported is $800 or less,\" The White House said in a statement. \"De minimis shipments enter the United States with less information than other imports and are not subject to duties and taxes.\" \n\n\n     The growing volume of shipments arriving under those rules is making it challenging to target unsafe shipments, the White House said. To resolve the issue, the Biden administration is moving to exclude all products covered by certain tariffs from the de minimus exemption, issuing a so-called notice of proposed rulemaking inviting the public to comment on the proposed change. \n\n\n     Write to Emily Dattilo at emily.dattilo@dowjones.com \n\n\n     This content was created by Barron's, which is operated by Dow Jones & Co. 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