Rapid US-China decoupling hurting consumers and businesses

A rapid decoupling of the US and China is hurting consumers and businesses alike, as the economic giants remain locked in a trade war.

Ultra-cheap retailers Temu and Shein are raising prices next week, hit by tariffs and the end of the de minimis rule allowing duty-free imports under $800.

Meanwhile Hong Kong — a gateway between China and the West, especially for China’s tech startups — said its postal service would stop delivering to the US, after US President Donald Trump closed a loophole allowing some tariff-free trade via the city.

And in a move with long-term consequences for global energy markets, China has stopped buying US gas, with one analyst telling the Financial Times that the situation was likely permanent.