MW Amazon and Temu's owner sees stock-market pressure as U.S. Postal Service to stop accepting Chinese parcels
By Steve Goldstein
Shares of Amazon.com and PDD Holdings, the owner of popular Chinese shopping app Temu, fell on Wednesday after the U.S. Postal Service said it would stop accepting parcels from China and Hong Kong.
The move comes after the U.S. imposed an additional 10% tariff on Chinese goods, and importantly, ended a customs exception for small-value parcels under $800 to enter the U.S. without paying tax.
The Postal Service did not give an explanation for the move and did not quantify how long the "temporary" suspension would last.
Amazon.com shares $(AMZN)$ fell 2%. In last year's annual statement, Amazon said China-based sellers account for a significant portion of third-party seller services and advertising revenue. An e-commerce intelligence firm, Marketplace Pulse, said Chinese-based sellers account for nearly 50% of the top 10,000 sellers on Amazon in the U.S.
PDD shares $(PDD)$ fell 5% in premarket trade. Shein, another popular Chinese retailer, is not yet publicly traded as it contemplates an initial public offering.
FedEx $(FDX)$ and United Parcel Services $(UPS)$, which could benefit from the Postal Service suspension, were little moved in premarket trade.
-Steve Goldstein
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(END) Dow Jones Newswires
February 05, 2025 04:45 ET (09:45 GMT)
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