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Temu's Chinese owner sees profits plunge as trade war bites
US-listed shares of PDD Holdings fell over 13% on Tuesday as the firm reported a near 50% drop in profit.
PDD Holdings, the Chinese owner of online shopping platform Temu, has reported a near 50% drop in profit as US President Donald Trump's trade policies added to its struggles in its home country. Earlier this month, the Trump administration ended the so-called "de minimis" exemption that allowed parcels worth less than $800 ($593) 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.
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