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

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.

Both companies said they would be making “price adjustments” starting April 25, although neither provided details about the size of the increases.