A Latin term that used to be little-known outside the world of customs brokers has become the stuff of headlines. That’s thanks to US President Donald Trump signing an executive order on April 2 to close a tariff loophole for “de minimis” merchandise from China and Hong Kong.

The end of the de minimis trade exemption is lauded as a triumph against fast fashion. But which brands will really pay the price?

The administration is shutting down the “de minimis” loophole, which could affect businesses ranging from Etsy sellers to e-commerce behemoths.