A Latin term that used to be little-known outside the world of customs brokers has become the stuff of headlines this year. That’s thanks to a decision by US President Donald Trump to close a tariff loophole for “de minimis” merchandise from mainland China and Hong Kong from May 2.

By Farah Master, Casey Hall and Lisa Baertlein HONG KONG/SHANGHAI/LOS ANGELES (Reuters) - The U.S. will cut the "de minimis" tariff for low-value shipments from China to as low as 30%, according to a White House executive order and industry experts,

The news comes after Washington and Beijing came to a temporary trade agreement that was hailed as a “total reset” in relations between the two countries.