China's Temu owner sees profit plunge as trade tensions linger

The drop came as the economic superpowers are locked in another bruising trade standoff that saw US President Donald Trump last month scrap a customs exemption for goods valued under $800. In a statement with the earnings release on Tuesday, PDD Holdings' co-chief executive Lei Chen said the company made "substantial investments...to support merchants and consumers" and deal with "rapid changes in the external environment".