Kevin O’Leary, chairman of O’Leary Ventures, has offered suggestions on ‘The Evening Edit’ for how the United States could potentially resolve trade and economic challenges with China decisively.
Recently, Hongkong Post, the government department responsible for postal services in Hong Kong, announced that it would no longer collect tariffs on behalf of the United States. Additionally, the department decided to halt the acceptance of postal items containing goods destined for the U.S. This suspension of service, both for sea and air mail postal items containing goods, will commence on April 27. According to Hongkong Post’s statement, the decision stems from the “bullying” tariff measures imposed by the U.S.
The announcement further clarified that while items containing goods headed to the U.S. would incur high fees due to U.S. tariffs, postal items containing only documents would remain unaffected.
Previously, the U.S. declared its intentions to end the duty-free de minimis treatment for postal items sent from Hong Kong to the U.S., as well as to increase tariffs on such items starting May 2. Though Hong Kong generally operates as a free port without import duties, it appears to be impacted by these recent U.S. trade policies.
A particular loophole that the U.S. aims to close targets items valued under $800, raising concerns, especially in connection with discount marketplaces like Shein. This development has elicited responses from China, with officials asserting that the tariff dispute goes beyond financial implications, characterizing it as an affront to the Chinese people’s well-being. Xia Baolong, head of the Hong Kong and Macao Affairs Office, expressed that the tariff measures threaten their survival and equated attempts to weaken or impoverish them to actions of an enemy.
