A Latin term that used to be little-known outside the world of customs brokers has become the stuff of headlines this year. That’s thanks to a decision by US President Donald Trump to close a tariff loophole for “de minimis” merchandise from mainland China and Hong Kong from May 2.

Higher tariff rates instead of promised agreements with all trading partners: Donald Trump is changing plans again. He announced the latest on the previous Friday at a meeting with business representatives in the United Arab Emirates.

President Donald Trump has announced that the United States will impose new tariffs unilaterally on several trade partners in the coming weeks.