Shein and Temu, sellers of everything from toys to smartphones, had grown rapidly in the U.S. thanks in part to the "de minimis" exemption that allowed duty-free entry for merchandise priced below $800, enabling the companies to keep prices low.

However, their business model has come under pressure from a recent executive order signed by Trump that closes the trade loophole and goes into effect on May 2.

"Due to recent changes in global trade rules and tariffs, our operating expenses have gone up. To keep offering the products you love without compromising on quality, we will be making price adjustments starting April 25, 2025," the statements from both companies said.

Shein dresses are currently priced between $6 and $91 on its website, while Temu sells them at anywhere between $2.48 and $210 online.