Temu Parent PDD Stock Tumbles As Trump's New Tariffs Threaten Chinese E-Commerce
Benzinga (Fri, 04-Apr 9:59 AM)
Stocks of U.S.-listed Chinese companies, including Alibaba Group Holding (NYSE:BABA), PDD Holdings Inc (NASDAQ:PDD), Baidu, Inc (NASDAQ:BIDU), and JD.com, Inc (NASDAQ:JD), are trading lower Friday as markets turn jittery after President Donald Trump announces sweeping tariffs.
Trump's measures include a 34% tariff on imports from China, raising the total duties on Chinese goods to 54% and prompting criticism from Beijing.
Goldman analyst Andrew Tilton expects the Chinese government to retaliate with some targeted tariffs on U.S. products as well as non-tariff measures like export controls.
In fact, China's finance ministry has announced a 34% tariff on all goods imported from the U.S., effective from April 10.
Temu parent PDD will be especially hit as it intensifies rivalry with Amazon.Com Inc (NASDAQ:AMZN) by specializing in cheaper deals. Amazon invested $25 billion in robotics-led warehouses to cut costs and compete with ...
