PDD Holdings, the Chinese owner of the online purchase platform TEMU, said a drop of almost 50% of profits when the trade policies of US President Donald Trump added to his difficulties in his country of origin.
The actions listed by the United States of the electronic commerce giant fell by more than 13% on Tuesday, after the company said that its profits for the first three months of the year fell to 14.74 billion yuan (2.05 billion dollars, 1.5 billion pounds sterling).
Earlier this month, the Trump administration ended the so-called “minimis” exemption which allowed parcels worth $ 800 (£ 593) between the United States without being struck by import rights.
In China, PDD has been locked in a longtime price war with competitors like Alibaba and JD.com for low consumption expenses.
