2 days ago
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PDD Holdings, the Chinese owner of online shopping platform Temu, has reported a near 50 per cent drop in profit as Donald Trump’s trade policies added to its struggles in its home country.
US-listed shares of the e-commerce giant fell by more than 13 per cent on Tuesday, after the firm said its profits for the first three months of the year fell to US$2 billion.
Earlier this month, the Trump administration ended the so-called “de minimis” exemption that allowed parcels worth less than US$800 to enter the US without being hit with import duties.
In China, PDD has been locked in a long-running price war with rivals like Alibaba and JD.com in the face of weak consumer spending.
English (US) ·