For Meta, Alphabet and other platforms, the elimination of the tariff exemption for inexpensive goods is already cutting into advertising revenue.

The end of a key US tariff loophole has forced Chinese retailers Temu and Shein to cut advertising and raise prices, disrupting their low-cost business model. Once major online advertisers, both have sharply reduced spending,

President Donald Trump has closed a tariff loophole that allowed Chinese e-commerce giants like Shein and Temu to sell low-cost goods in the U.S. without paying duties—a move that is expected to drive up prices for American consumers.