Monsoon boss Nick Stowe has urged the UK to follow in the footsteps of the US by removing the tax loopholes used by Chinese fast fashion giant Shein.
Over the past few days, US president Donald Trump has implemented tariffs on Chinese imports into the country, and scrapped “de mininis” exemptions which enabled products worth under $800 to be imported without paying certain taxes.
Small packages sent directly to US home addresses had previously been exempt from import taxes, which allowed businesses like Shein to avoid paying customs duties by shipping small, low-value orders directly to customers in the US.
The move has caused the US Postal Service to stop accepting parcels from Hong Kong and China until further notice.
Although the executive did not think the UK should bring in all the measures Trump has, he argued the government should address the tax loophole used by Shein.
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Trump postponed the removal of the de minimis exemption. I assume because someone managed to tell him it would cause a complete standstill at customs with how much paperwork it will cause. People were facing $35 paperwork charges on $1 packages. It would also cripple American R&D since it relies heavily on getting part samples from China, as does what’s left of British r&d