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, major advertisers on U.S. social media, are cutting ad spending due to newly imposed tariffs on low-priced imports. The companies plan to raise prices and reduce ad budgets as costs rise,

China-founded e-commerce sites Temu and Shein say they plan to raise prices for U.S. customers starting next week.