US to slash tariff on small China parcels from 120% to 54%

The US has announced it is cutting the tariff on small parcels sent from mainland China and Hong Kong to the US from 120% to 54%, hours after Washington and Beijing agreed a 90-day pause in their trade war. Donald Trump signed an executive order more than halving the levy, which was brought in at the start of this month to close the "de minimis" loophole allowing low-value goods to be sent to the US without paying any import fees. The "de minimis" exemption - taken from the Latin phrase for "of little importance" - had meant that items sent…