Chinese online marketplace Temu and fast-fashion retailer Shein, two of the biggest advertisers on U.S. social media, are sharply cutting their U.S. digital ad spending, industry data show, in a blow to tech companies such as Meta's Facebook and YouTube.

Temu and Shein, two popular Chinese e-commerce platforms with sizable presence in the United States, said they would raise the prices of products on their sites next week. Their move, reported by Reuters on Wednesday,

Tariffs, sales surges, price hikes, slashed ad spend and the go-ahead for a long-awaited IPO amid trade chaos – it’s just another breathless seven days in Shein world.