Biden is taking on cheap products from China. It could mean higher prices

The Biden administration is cracking down on the cheap products sold out of China by companies such as Temu and Shein. It expands a push to reduce dependence on Beijing and bolster homegrown industry but could lead to higher prices for U.S. consumers and small businesses. President Joe Biden’s proposed rule declares that foreign companies can’t avoid tariffs simply by shipping goods that they claim to be worth $800 or less. Sellers mainly from China have used the so-called de minimis exemption to flood the U.S. market, shipping dresses, shoes, toys and bags directly to American shoppers in small packages. The U.S. government says the exemption also makes it harder to block banned imports like fentanyl and synthetic drug content.