Bitcoin breaks new records — price surpasses $123,000
Bitcoin hit a new all-time high on Monday morning, surpassing the $123,000 mark and gaining over 4% during the day....
Chinese e-commerce platform Temu has announced it will no longer sell goods directly from China to U.S. customers, shifting instead to U.S.-based sellers amid the closure of a long-criticized customs loophole.
Temu will now rely on locally based sellers in the United States to fulfill all customer orders, the company confirmed, effectively ending direct imports from China that once fueled its rapid rise in the U.S. market.
The change follows a regulatory crackdown on the "de minimis" exemption—a rule that previously allowed retailers to ship packages under $800 directly to U.S. consumers without paying import taxes or duties.
Temu and its rival Shein had heavily benefited from the loophole, using it to flood the U.S. market with ultra-low-cost goods. However, mounting bipartisan criticism led to the rule's revision, with both President Donald Trump and former President Joe Biden denouncing it for undercutting American businesses and enabling illegal imports.
“All sales in the U.S. are now handled by locally based sellers, with orders fulfilled from within the country,” Temu stated, adding that the shift aims to support local merchants and reduce logistical costs.
The company said it has been actively recruiting American firms to its platform in preparation for the transition.
The end of the de minimis advantage marks a significant shift for Chinese online retailers that had built global market share through low prices and fast international shipping. According to U.S. Customs and Border Protection, shipments under the exemption accounted for over 90% of all cargo entering the country.
Both Shein and Temu have recently acknowledged increased operating expenses due to changing global trade rules and tariffs, with price adjustments taking effect from April 25.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
A deadly mass shooting early on Monday (7 July) in Philadelphia's Grays Ferry neighbourhood left three men dead and nine others wounded, including teenagers, as more than 100 shots were fired.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
Dozens of international and domestic flights were cancelled or delayed after Mount Lewotobi Laki Laki erupted on Monday, but Bali’s main airport remains operational.
French member of parliament Olivier Marleix was found dead at his home on Monday, with suicide being considered a possible cause.
An Italian court has placed LVMH group's high-end Italian cashmere firm Loro Piana under judicial administration for a year after allegedly uncovering worker abuse inside its supply chain, in the latest in a string of cases that have tainted the image of Italy's luxury brand
A Moscow court has ruled that the assets of U.S.-owned canned food company Glavprodukt be handed over to the Russian state, the TASS news agency reported late on Friday, ending a months-long legal tussle over the company.
U.S. shoppers spent a record $24.1 billion online between 8 and 11 July as 'Black Friday-in-summer' discounts sparked a 30 % year-on-year jump, according to Adobe Analytics.
According to a Wall Street Journal report on Saturday, SpaceX is investing $2 billion into xAI as part of a broader $5 billion equity funding round, strengthening the connection between Elon Musk’s various ventures.
European shares dropped on Friday after President Donald Trump intensified tariff threats against the EU, casting doubt on trade talks and dampening investor confidence.
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