Yahoo Finance

PDD Holdings the Chinese parent of popular bargain online seller Temu, said its profit dropped nearly 50% in the first quarter, as a drastically different tariff environment in the U.S. added to challenges at home. With President Trump in the White House, PDD faced a major setback in its global ambitions, as Temu, whose ultracheap everyday items have been a hit with budget-conscious U.S. consumers, faced not just new U.S. tariffs but also the disappearance of a duty exemption for low-value packages from China. Over the past few years, Shanghai-based PDD had been a bright spot among Chinese e-commerce companies with its low-cost products attracting bargain hunters in China and disrupting markets around the globe.