China’s Temu owner reports profit drop amid rising trade tensions
[ad_1] Chinese e-commerce giant PDD Holdings, owner of Temu, reported a nearly 50% drop in net profit for the first quarter of 2025 as escalating trade tensions between Beijing and Washington put pressure on its business. The Shanghai-based company posted net profits of 14.7 billion yuan ($2 billion) for the quarter ending March 31, down…