Shein, Temu retailers now face 30pc levy

Bloomberg

Chinese retailers that sell on Shein and PDD Holdings' Temu platform say they have been asked by logistics agents to start paying an additional 30 percent levy.

The extra fee came after President Donald Trump hiked tariffs on goods imported to the United States from China and Hong Kong earlier this week.

The additional 30 percent of the retail value of goods being sold must be paid in the form of a deposit, which agents will then return or ask to be topped up depending on actual tax charges from US customs.

Retailers also are worried about the possibility of significant logistical delays as it has not yet been made clear how much extra time clearing customs may take, according to Bloomberg.

Meanwhile, Maersk, a bellwether for world trade, forecast growth in the global container market as it believes consumer demand will outweigh the intensifying US trade war.

The Copenhagen-based company estimated in a statement yesterday that the global container market will expand 4 percent this year.

In an interview with Bloomberg TV, chief executive Vincent Clerc noted 6 percent growth in the industry last year.

"Tariffs are just one factor in a more complex equation - there's interest rates, there's forex, there's tax rates - that all go into feeding that consumer sentiment," Clerc said.

The global market will grow "on the back of what we see as very strong consumer sentiment and consumer demand both in the US and rest of the world," he added.

After a profitable 2024 for shipping lines, the outlook for this year is bleaker with Trump's attack on free trade raising concerns about demand.

One of the main causes for the unexpectedly big profits for the industry last year was an increase in freight rates sparked by Houthi attacks in the Red Sea, which closed the transport lane for many companies.