拼多多-跨境电商渠道调研-PDD Holdings Inc Cross border e-com channel checks

Global Research ab 11 August 2025 First Read PDD Holdings Inc Cross border e-com channel checks US: 2Q a potential trough Wider tariff and de minimis impact in 2Q. With a full-quarter US tariff impact and the removal of de minimis exemption since May, the higher tax and extended shipment times have made Temu's fully managed model (direct shipment from China to US consumers) largely unfeasible. Our checks indicate that Temu's fully managed model GMV declined by 70-80% in 2Q, with the remaining 20-30% gradual ...