The Trump administration is moving forward with a plan to close a trade loophole that previously allowed cheap goods from China to avoid tariffs. Why it matters: Packages valued at less than $800 have enjoyed the "de minimis" exemption from added duties,

President Trump signed an executive order Wednesday closing a trade loophole on cheap goods from China that were previously exempt from tariffs. Trump, 78, argued that the so-called “de minimus” exception allowed shippers from the People’s Republic and Hong Kong to “hide illicit substances” in packaging and products.