US President Donald Trump, by executive order on April 9, is closing the door on tariff exemptions on small packages from China and Hong Kong. The policy, which took effect on May 2, has ended the so-called “de minimis” privilege for direct-to-consumer goods arriving from the two Asian markets.

A Latin term that used to be little-known outside the world of customs brokers has become the stuff of headlines. 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.

Asian markets advanced Friday after China’s Commerce Ministry said Beijing is evaluating overtures from the U.S. regarding President Donald Trump’s tariffs. Futures and oil prices