By George Glover
Amazon.com, Alibaba, and Temu parent PDD Holdings were among the e-commerce stocks tumbling on Wednesday after the U.S. Postal Service said it would temporarily suspend all inbound parcels from mainland China and Hong Kong.
The USPS said in a statement late Tuesday that it would be halting the acceptance of packages "until further notice." Trade tensions between the U.S. and China have escalated this week, with Beijing retaliating by imposing tariffs of its own after President Donald Trump hiked levies on Chinese imports by 10%.
The suspension could dent Chinese e-commerce companies' earnings, although most of their revenue comes from China. American depositary receipts of retailer Alibaba, which made 8.4% of its revenue from international commerce in the quarter ended Sept. 30, fell 2.4% in premarket trading.
PDD, which operates Pinduduo in China and Temu internationally, dropped 6%, and rival JD.com slid 3.3%.
North American e-commerce companies could also lose out from the parcel ban, given that it will block them from selling cheap Chinese goods. Amazon shares fell 1.4% ahead of the opening bell, while Shopify stock slipped 0.8%. Futures tracking the benchmark S&P 500 index were 0.6% lower.
Write to George Glover at george.glover@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
February 05, 2025 06:04 ET (11:04 GMT)
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