By Tracy Qu
China's largest technology companies are moving to show support for Beijing as trade tensions with the U.S. escalate.
JD.com said it plans to spend 200 billion yuan, equivalent to $27.3 billion, over the next year to help export-oriented manufacturers sell their products in the domestic market, according to a post on its official WeChat account Friday.
Under the initiative, the Beijing-based e-commerce giant said it will directly purchase at least 200 billion yuan worth of goods originally destined for export, aiming to ease exporters' tariff pain.
Alibaba's grocery chain Freshippo, also known as Hema, said in a separate WeChat post that it is opening a 24-hour fast-track onboarding channel for Chinese exporters. The company also plans to launch a dedicated section for export-to-domestic products on its platform.
The moves mark the first wave of responses from China's major tech firms to Beijing's call to boost domestic consumption, amid escalating trade tensions between the U.S. and China.
On Friday, China said it would raise tariffs on some U.S. goods to 125%, after the White House clarified plans to impose tariffs of up to 145% on certain Chinese goods.
Write to Tracy Qu at tracy.qu@wsj.com
(END) Dow Jones Newswires
April 11, 2025 06:23 ET (10:23 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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