Temu's Chinese owner sees profits plunge following Donald Trump’s trade war | BBC News

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. US-listed shares of the e-commerce giant fell by more than 13% on Tuesday, after the firm said its 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-called "de minimis" exemption that allowed parcels worth less than $800 (£593) to enter the US without being hit with import duties.