financetom
Business
financetom
/
Business
/
US safety commissioners call for investigation into Shein, Temu
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US safety commissioners call for investigation into Shein, Temu
Sep 6, 2024 12:19 PM

NEW YORK, Sept 4 (Reuters) - Two leaders of the U.S.

Consumer Products Safety Commission are calling for the agency

to investigate e-commerce retailers Shein and Temu after "deadly

baby and toddler products" were sold on both websites, according

to a letter posted on the agency's website on Tuesday.

CPSC Commissioners Peter Feldman and Douglas Dziak want the

agency to evaluate how Singapore's Shein, China's Temu and other

foreign-owned e-commerce platforms comply with its rules, handle

relationships with third-party sellers and represent imported

products.

Shein and PDD Group's Temu, which both ship cheap

merchandise into the U.S. from China, are raising "specific

concerns" for the Commission for their use of de minimis, a rule

exempting packages valued at $800 or less from tariffs if they

are sent directly to shoppers.

A Shein spokesperson said the company is investing millions

of dollars into strengthening its compliance programs. Earlier

this year, Shein announced it would pour $50 million into

compliance programs to ensure strict adherence to product safety

standards and local laws and regulations.

Temu will cooperate any U.S. CPSC investigation, a

company spokesperson said. The e-retailer requires all sellers

to comply with applicable laws and regulations, including those

related to product safety, the spokesperson said.

Critics of Shein and Temu attribute low prices and de

minimis to Shein and Temu's success in the U.S. Both companies

have also come under scrutiny for the quality of their products.

A bipartisan group of U.S. lawmakers last year planned to

introduce a bill to eliminate the de minimis rule, which is

widely used by e-commerce platforms, including third-party

sellers on Amazon.com ( AMZN ) and Walmart.com.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Update: Market Chatter: UBS Facing Higher Capital Requirement Under Swiss Bank Reform
Update: Market Chatter: UBS Facing Higher Capital Requirement Under Swiss Bank Reform
Apr 10, 2024
09:04 AM EDT, 04/10/2024 (MT Newswires) -- (Updates with additional details throughout.) UBS AG (UBS) is facing potentially higher regulatory capital requirements under reforms recommended by the Swiss government in the wake of the collapse of Credit Suisse, Bloomberg reported Wednesday. Switzerland's Federal Council is proposing that systemically important banks should hold significantly more capital against their overseas units, Bloomberg...
Bull markets embolden retail traders to make risky bets
Bull markets embolden retail traders to make risky bets
Apr 10, 2024
(Reuters) - Retail traders are piling into risky bets after recouping all the losses made in the last two years as a rally in AI poster child Nvidia's ( NVDA ) shares and bets on easing monetary policy pushed U.S. stocks to record levels. The S&P 500 has jumped 9% this year, boosted partly by a 72% surge in its...
E3 Lithium Collaborating With Two Universities To Boost Lithium Brine Production, Lithium-Ion Batteries Performance
E3 Lithium Collaborating With Two Universities To Boost Lithium Brine Production, Lithium-Ion Batteries Performance
Apr 10, 2024
08:59 AM EDT, 04/10/2024 (MT Newswires) -- E3 Lithium Ltd. ( EEMMF ) said Wednesday that it is collaborating with McMaster University and the University of Alberta to support research proposals focused on enhancing lithium brine production methodologies as well as the performance of lithium-ion batteries. The two universities received Alliance Missions Grants for Critical Minerals Research from the Natural...
US accounting watchdog hits KPMG Netherlands with $25 million over exam cheating -chair
US accounting watchdog hits KPMG Netherlands with $25 million over exam cheating -chair
Apr 10, 2024
NEW YORK (Reuters) - The U.S. accounting watchdog on Wednesday said it has hit KPMG Netherlands with a $25 million civil penalty for violations of accounting and quality control rules related to widespread exam cheating. The Public Company Accounting Oversight Board said the penalty, a record for the agency, was in response to widespread improper answer sharing at the company,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved