Retail Price Hikes
(Undated) -- Budget retailers Temu and Shein are increasing their prices in response to new tariffs. Both companies are known for selling inexpensive goods sourced from China, but now price changes are set to take effect. Temu and Shein informed customers of the upcoming price hikes last week, which comes due to an executive order signed by President Trump that put an end to exemptions allowing duty-free imports of goods valued under 800 dollars. Starting May 2nd businesses will face either a 120-percent tariff or a flat 100 dollar fee per postal item, with the fee rising to 200 dollars on June 1st. Both companies have released statements explaining the tariffs have increased their operating expenses, necessitating price adjustments to maintain product quality.