US Crackdown on Cheap Chinese Goods Adds to Temu and Shein Woes [Yahoo! Finance Canada]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Yahoo! Finance Canada
mavens from Alibaba Group Holding Ltd. to Temu who are already struggling to cope with a consumer crisis back home. Most Read from Bloomberg Alibaba and smaller rival JD.com Inc. sagged about 2% in Hong Kong Monday, as investors parsed the potential fallout from US plans to begin taxing packages worth less than $800. That all but slams shut a loophole that PDD Holdings Inc.'s Temu and fashion-focused competitor Shein have employed for years to ship hundreds of millions of packages into the US annually, carving out a market at the expense of Amazon.com Inc. PDD slid 2.4% Friday. The move threatens to reshape parts of the US retail arena and deflate the excitement that's accompanied the meteoric ascent of bargain bazaars like Temu, Shein and Alibaba's Aliexpress. It also hit shares of other US-reliant retailers such as Australian fashion outlet Cettire Ltd. on Monday. But analysts expect Shein and Temu to take the brunt of the crackdown, depending on the extent and size of tarif
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