不再做“美国梦”，跨境巨头涌向欧洲

Core Viewpoint - The "American Dream" of major Chinese cross-border e-commerce platforms is collectively shattering due to unstable tariff policies and new regulations on small packages, leading to a significant shift in focus towards European and Latin American markets [3][4][5]. Summary by Sections Tariff Impact - As of May 12, the U.S. has reduced tariffs on Chinese goods to 30%, but the instability of tariff policies continues to cast a shadow over cross-border e-commerce platforms [3]. - Starting May 2, 2025, packages from mainland China and Hong Kong valued under $800 will no longer enjoy tariff exemptions, facing a 120% tariff or a fixed fee of $200 per order, which is seen as a major challenge for cross-border e-commerce [4][5]. Market Shift - Major platforms are seeking growth opportunities outside the U.S., with Europe and Latin America becoming key focus areas [5][6]. - Data shows that in April 2025, Temu's traffic allocation had only 4% in North America, while Europe accounted for 49% and Latin America for 16% [6]. Temu's Strategy - Temu's business volume in the U.S. dropped by 40% from March to April 2025 and by 72% compared to its peak in 2024, prompting a shift in strategy to focus on non-U.S. markets [10]. - In Brazil, Temu surpassed Shopee to become the second-largest e-commerce platform, achieving a market share of 9.9% in April 2025 [12][34]. SHEIN's Challenges - SHEIN has been facing challenges in the U.S. market even before the tariff changes, with a significant portion of its core user base being under 30, which does not align with the primary consumer demographic in the U.S. [18][19]. - Despite a 120% revenue increase in 2024, SHEIN's strategies have not yielded sufficient ROI, leading to a strategic pivot towards Europe, where it aims to develop a product structure tailored to local preferences [20][28]. European Market Focus - Both Temu and SHEIN are heavily investing in the European market, with Temu aiming to double its revenue in Europe by reallocating resources from the U.S. [23][24]. - Temu's strategy includes enhancing local supply chains and increasing the number of local suppliers in Europe, while SHEIN has already established a unique product offering tailored for the European market [25][28]. Latin American Expansion - Temu has set ambitious sales targets for Latin America, contributing significantly to its overall revenue goals for 2025, despite facing regulatory challenges in Brazil [33]. - SHEIN is also focusing on Latin America, particularly Brazil and Mexico, with plans to enhance local operations and product offerings to adapt to high tariffs and market conditions [35][36]. TikTok's Involvement - TikTok is increasing its investment in Europe and Latin America, with plans to expand its workforce and operations, although it faces challenges in user retention and market entry due to high operational costs [31][40].