Fast-fashion group Shein‘s plans to list in the UK stock market are likely to be postponed to the second-half of this year after Donald Trump‘s move to close so-called “de minimis” rules, the Financial Times reported on Friday.

Shein was aiming to go public in London in the first-half of this year, assuming it secured approvals from regulators in the UK and China, Reuters reported last month.

The company’s business prospects have come under a cloud in recent days after the Trump administration said it would close the de minimis duty exemption in the United States, ending an import rule that had helped Shein keep prices low.

The removal of the exemption could hurt Shein’s profitability and push up product prices in the U.S., which is its biggest market, analysts and industry experts had earlier said.

The fast-fashion retailer previously told investors that a London listing could happen as soon as this Easter, FT said, citing people with knowledge of the discussions.
Shein did not immediately respond to a Reuters’ request for comment.

The removal of de minimis is part of Trump’s imposition of an additional 10% tariff on China, in what he called an “opening salvo” in a clash between the world’s two largest economies.

Shein and rival Temu together probably accounted for more than 30% of all packages shipped to the U.S. each day under the de minimis provision, the U.S. congressional committee on China said in a 2023 report. The measure exempted shipments of less than $800 from import duties.

Last week, Reuters reported that Shein was set to cut its valuation in a potential listing to around $50 billion, nearly a quarter less than the company’s fundraising value of $66 billion in 2023, amid growing headwinds.