What eBay Inc. told the SEC could break it.

Cross-border trade is an important source of eBay's revenue and profit (and its primary/only presence in markets like Greater China); 2025 U.S. tariffs and retaliatory measures, plus the complexity of tariffs applying by manufacturing location, can reduce buying/selling activity and materially harm its business.

“For example, trade policies that increase tariffs, shipping fees, delivery times or that otherwise restrict or make cross-border trade more difficult or impractical can reduce buying and selling activity on our platforms, which could materially adversely affect our business and results of operations. Global trade policies underwent significant changes throughout 2025. For example, the United States implemented tariffs and other trade restrictions on several countries, many of which responded by implementing their own tariffs and trade restrictions.”

In 2025 the U.S. eliminated the $800 de minimis customs exemption (Section 321) — for China/Hong Kong shipments on May 2, 2025 and all parcels on Aug 29, 2025 — subjecting low-value cross-border parcels to duties and formal clearance, directly impacting eBay transactions that previously relied on the exemption.

“In 2025, the United States government eliminated the long-standing “de minimis” exemption (under Section 321 of the Tariff Act of 1930), which previously allowed low-value parcels (valued at USD $800 or less) to enter the United States without duties or formal customs clearance. The exemption was first eliminated for shipments originating in China and Hong Kong on May 2, 2025, and then for all parcels effective August 29, 2025.”

eBay's international businesses — especially the United Kingdom and Germany and cross-border sales from Greater China — have generated nearly half of its net revenues in recent years, concentrating exposure to those markets' economic and regulatory conditions.

“Our international businesses, especially in the United Kingdom and Germany, and in cross-border sales from Greater China, have generated nearly half of our net revenues in recent years.”

With nearly half of net revenues from international operations (UK, Germany, Greater China cross-border), eBay must transact in local currencies and is exposed to exchange-rate movements affecting reported revenues and goodwill translation.

“costs associated with localizing products, services and customer data, including the ability to transact in local currencies; adapting our products and services to local preferences (e.g., payment methods); import and export regulations and the impact of global trade policies, restrictions, sanctions and countersanctions (or the threat thereof)”