Temu’s last quarter may plausibly be its worst, in tariff terms — the Trump administration has already de-escalated somewhat on broad tariffs and cross-border postal fees — but anything short of a total rollback is likely to be disastrous for the firm.

Temu’s parent company, PDD Holding, saw shares fall about17% on Tuesday morning after reporting a major first-quarter earnings miss.

Chinese e-commerce giant PDD Holdings saw net profit almost halve in the first three months of the year as the Temu owner prepared for a blistering trade war between Beijing and Washington.

PDD Holdings nosedived for a second day on Tuesday, losing 13.64 percent to finish at $102.98 apiece following a dismal earnings performance in the first quarter of the year, dented by the ongoing global trade war.

Even without Trump’s aggressive trade war on everyone ... even the retail behemoth Amazon was so concerned about the impact of Shein and Temu on its business that it copied them and set up ...

The previous de minimis shipment exemption has been critical to direct-to-consumer brands like Shein and Temu, allowing them to sell cheap goods to U.S. consumers. And a 54% tariff is still a hefty amount, especially if you’re just ordering a cheap dress from Shein or some toys from Temu.