TEMU’S CHINESE OWNER SEES PROFITS PLUNGE AS TARIFF WAR BITE – ryan

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 Police Added to Its Struggles in Its Home Country.

US-LISTED SHARES OF THE E-Commerce Giant Fell by More than 13% on Tuesday, after the firm said it profits for the first three months of the year fell to 14.74bn yuan ($ 2.05bn, £ 1.5bn).

Earlier this month, the trump administration ended the so-class “de minimis” exemption that allowed parcels Worth mes than $ 800 (£ 593) Enter the US 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 Spanding.