The US has pulled the plug on a long-running global tariff exemption that has been widely used by buyers of low-cost goods.

From Friday, imports valued at $800 (£592) or less will no longer be duty-free and will face tighter customs checks, in a move set to affect millions of shipments a day.

Last year, almost 1.4 billion packages - worth a total of more than $64bn - entered America without being charged duties under a rule called the de minimis exemption, according to US Customs.

Experts say US President Donald Trump's policy change will hit small businesses hardest and shoppers should brace for higher prices and fewer options - at least until the dust settles.

"I've reached the point of acceptance, but when I first heard the news about two and half, three weeks ago, I felt like it might be the end for my business," said Katherine Theobalds, founder and creative director of Buenos Aires-based shoe brand Zou Xou. "It still might - that remains to be seen."