When President Trump ended a tariff exemption for small packages from China and Hong Kong, e-commerce companies Shein and Temu lost a big advantage as they became exposed to Trump’s new sky-high tariffs. In response, Shein raised prices and Temu went as far as halting the shipping of products directly to U.S. consumers from China. On Monday, after a surprise U.S.-China trade agreement, the stock of Temu’s owner, Chinese e-commerce company PDD Holdings, surged more than 9% at its intraday high as industry players and suppliers in China speculated that Temu would resume direct shipping from China.

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