With Trump's tariffs on China soaring past 100% on Wednesday, America's access to low-cost fast fashion retailers like Shein and Temu may soon change.

Shares of PDD Holdings, the owner of online-marketplace Temu, slipped as a series of escalating tariffs between the U.S. and China added major complications to its business. The stock was trading down 9.6%, at $102.60, midday Friday. It has fallen about 13% over the past year.

China, the home of Shein and Temu, is facing a 104 percent tariff amid the ongoing trade war with the Trump administration. That means it will cost more to import items from Chinese manufacturers.