Good morning and Happy Friday! This is Betty Lin-Fisher with Friday's consumer-focused edition of The Daily Money.
A key loophole that allowed e-commerce giants like Amazon, Temu, and Shein to offer super cheap prices closed after midnight this morning.
Something called the "de minimis" exemption allowed packages under $800 to come into the U.S. duty-free. That exemption closed at 12:01 a.m. ET May 2. That leaves retailers who previously relied on the quick shipping of cheap items to American consumers reeling. More than half of the packages brought into the U.S. under the exemption come from China, which is currently saddled with 145% tariffs, reports Mary Walrath-Holdridge.
Whether you've heard of the U.S. Consumer Product Safety Commission (CPSC) before or know what it does, consumer advocates say the independent bipartisan agency has had a big impact on the lives of everyday Americans - and especially the safety of children's products.
Several consumer groups say that safety is threatened because of a proposal by the administration of President Donald Trump to eliminate the agency and put the U.S. Department of Health and Human Services (HHS) in charge of overseeing the safety of more than 15,000 types of consumer products.
What does the CPSC do, and why should you care?
Here's a talker: Would you pay $130 for a pair of Nike shoes that look dirty? Nike plans on releasing a pair of sneakers that come out of the box dirty and look cleaner and whiter the more you wear them.
Check out the Instagram video and more details.
Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.