Korean skincare industry expected to be hit hard by end of 'de minimus' exemption
Summary
The "de minimis" exemption, which allowed imports valued at $800 or less to enter the country without taxes, ended. This change is expected to affect the Korean skincare industry significantly.Key Facts
- The "de minimis" exemption has ended as of Friday.
- Previously, imports worth $800 or less could enter tax-free.
- This change means such imports will now incur taxes.
- The Korean skincare industry is one of the sectors expected to be impacted.
- Taxes could potentially make Korean skincare products more expensive for consumers.
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