CPA strongly supports Senator Cassidy and Whitehouse’s Last Sale Valuation Act because it closes a long-standing loophole that has allowed multinational importers to artificially understate the value of goods entering the United States.
Few economic policies generate as much conversation as tariffs. Supporters see them as a way to rebuild domestic industry and rebalance supply chains. Critics argue they are little more than a tax on American consumers. For years, economists have tried to settle the question of who actually pays – and they have not all come to the same conclusion.
President Trump’s action to close the de minimis loophole for China is a monumental victory for American workers, manufacturers, and national security.
For years, the de minimis loophole has flooded the U.S. with uninspected, untaxed, and often dangerous goods—from counterfeit products to fentanyl precursors fueling America’s opioid crisis.
CPA announced key leadership changes as CEO Michael Stumo steps down to take on a new role in the Trump administration. Jon Toomey has been elevated as President of CPA to lead the organization and Nick Iacovella has been promoted to Executive Vice President.
As of today, all merchandise originating in China must enter the United States through standard customs procedures, submit full import documentation, and pay applicable duties and taxes—a long-overdue reform to restore order and accountability to America’s trade system.
Valentine will bolster CPA’s advocacy efforts at the federal, state, and local levels, working to advance pro-American trade and economic policies that support domestic manufacturing, strengthen supply chains, and protect American workers.
These programs, which allow foreign e-commerce vendors to bypass U.S. customs processes, will continue to ensure that the de minimis loophole remains a flawed system that undermines American workers, businesses, and national security.
Widely regarded as one of the nation’s leading experts on tariffs, industrial policy, economic modeling, and trade policy, Ferry’s contributions to CPA and the broader economic policy landscape have been transformative.
While the bill’s title suggests a crackdown on the unfolding de minimis catastrophe, in reality it would handcuff CBP’s ability to do anything about it.
