Tariff deadline creates "chaos" for postal networks and retailers | Close of Business

 

 Low-value goods imported into the US face additional tariffs from next week.

 

 Until now, parcels of goods from Australia worth less than $US800 ($1,200) were not taxed when they arrived in the US, under what was known as the "de minimis" exemption. The tax exemption is due to end on August 29 with parcels to be slugged with tariffs or flat fees. The uncertainty has created chaos for carriers like Australia Post and for Australian retailers, with one Brisbane based brand, Apéro, deciding to halt shipping to the US completely. Also this week, the federal government's three day Economic Reform Roundtable wrapped in Canberra with the Treasurer praising the "good will and good ideas" of participants, including Commonwealth Bank boss Matt Comyn. While there was agreement on slugging EV owners with a road user tax, broader tax reform remains up in the air. Grattan Institute's chief executive, Aruna Sathanapally, was at the roundtable and joined Close of Business. The Australian share market also hit a record high, with the S&P/ASX 200 pushing past 9,000 points for the first time. #ABCBusiness

 

 

 

Siurce:  ABC News In-depth