Temu's Chinese owner sees profits plunge as tariff war bites
PDD Holdings reported a 47% drop in profit for the first quarter of the year. Its chairman, Chen Lei, said this was due to a "radical change in external policy environments such as tariffs".Mr Chen said the US-China trade war had also "created significant pressure for our merchants". Temu and rival Shein had previously relied on a duty-free treatment which allowed them to sell and ship low-value items directly to the US without having to pay import taxes.This ended in early May, leaving Chinese e-commerce giants facing hefty US tariffs of 120%. In response, Temu said it would stop selling goods from China directly to US customers.But following a thaw in trade tensions between Washington and Beijing, the tariff rate on the small packages was slashed by over half for 90 days.Temu and its rivals are also facing issues in Europe and the UK.The EU proposed a two-euro flat fee on billions of small parcels sent directly to people's homes. Online marketplaces would be expected to pay the new fee. Last month, UK Chancellor Rachel Reeves announced that the government planned to review the customs treatment of low-value products entering the country following complaints from retailers.
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