Temu's US Sales on a Losing Streak on Tariffs, Ad Spending Cut
Temu continued to suffer double-digit sales drop in the US as the online marketplace cut spending on advertising, adding to a slump caused by tariff-induced hike in product prices since April.
The discount shopping app owned by PDD Holdings Inc. first saw a drop in sales after it added import duties to goods shipped directly from China in late April, according to Bloomberg Second Measure, which analyzes credit and debit card data. Import duty on shipments from China rose to 54% in early April and subsequently surged to as much as 145%.
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