PDD Holdings, the Chinese owner of online shopping platform Temu, has reported a near 50 per cent drop in profits as US President Donald Trump's trade policies added to its struggles in the home country.
US listed shares of the e-commerce company 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 14.74 billion yuan (US$2.05 billion).
Earlier this month, the Trump administration ended the so-called 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.
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