Temu's Chinese owner sees profits plunge as trade war bites

PDD Holdings, the Chinese proprietor of online buying level Temu, has reported a adjacent 50% driblet successful nett arsenic US President Donald Trump's commercialized policies added to its struggles successful its location country.

US-listed shares of the e-commerce elephantine fell by much than 13% connected Tuesday, aft the steadfast said its profits for the archetypal 3 months of the twelvemonth fell to 14.74bn yuan ($2.05bn , £1.5bn).

Earlier this month, the Trump medication ended the alleged "de minimis" exemption that allowed parcels worthy little than $800 (£593) participate the US without being deed with import duties.

In China, PDD has been locked successful a long-running terms warfare with rivals similar Alibaba and JD.com successful the look of anemic user spending.