PDD Falls as White House Cracks Down on De Minimis Shipments (1)

(Updates share moves, adds ETSY)

Temu owner PDD Holdings tumbles in premarket US trading, after the Biden administration announced steps on Friday to crack down on a trade loophole favored by Chinese retailers to send over cheap packages into the US.

• PDD shares are down 5.5%
  • Alibaba, which also sells internationally via its AliExpress site, falls 1%
  • Other US-listed Chinese stocks including Baidu and JD.com edge lower; the KraneShares CSI China Internet ETF declines 0.6%
• Meanwhile, New York-based e-commerce company Etsy gains 7.8% premarket
  • ETSY management spoke about the de minimis exemption at a conference this month: “We think that targeted regulation focused on cracking ...