The United States has ended the tax-free exemption for low-value goods imported from China, a change that has disrupted air cargo shipments from Asia to the US. Since the exemption was canceled in early May 2025, air cargo shipment volumes from Asia have declined by double digits, according to trade groups and analysts. This policy shift, part of a broader legislative package signed by President Donald Trump, eliminates the de minimis exemption by July 1, 2027. The removal of this loophole is causing significant disruptions in the global air cargo business. Meanwhile, Russian crude oil exports have experienced mixed trends: seaborne crude exports to China fell to a four-month low in June due to refinery maintenance, less favorable pricing, and increased pipeline imports. However, Russian Urals oil supplies to Turkey's SOCAR Star refinery reached a one-year high in June, and Urals oil destined for India in August is trading at $1.70 to $2 per barrel below Dated Brent, marking the narrowest discount since 2022. Additionally, the number of ships heading to China has dropped to its lowest level since May, reflecting broader shifts in trade and energy flows.