A Latin term that’s been little-known outside the world of customs brokers has suddenly become the stuff of headlines. Along with imposing new 10% tariffs on all Chinese imports as of Feb. 4, US President Donald Trump suspended his country’s special rules for “de minimis” merchandise from China and Hong Kong.

China is the world's top energy importer but its purchases from the United States are relatively modest, blunting the impact of Beijing's move on Tuesday to slap retaliatory tariffs on imports of U.S.

China alleges that the tariffs are based on unfounded and false allegations, and are in excess of the U.S.’s bound rates in a tariff agreement from 1994.