蘑菇AV

Temu pulls its Google Shopping ads: The escalating US-China trade war puts the company鈥檚 business model at risk and threatens ad giants like Meta and Google.

The majority (80.9%) of worldwide retail media ad spend will take place in China and the US this year, according to a March 2025 蘑菇AV forecast.

The news: China is outpacing the US in retail media鈥檚 global rise, with nearly half of its digital ad spending now flowing through retail platforms. While Amazon still leads globally, its growth is slowing鈥攅xpected to rise just 18.6% in 2025. Meanwhile, players like Uber Eats, Meijer, and Albertsons are growing ad revenues at triple-digit rates. Our take: Retail media is becoming more fragmented and competitive. Success now requires portfolio diversification, especially as new channels鈥攍ike last-mile delivery and in-store signage鈥攇ain momentum. What began as an Amazon-centric, US-led trend is now a worldwide shift reshaping how consumers discover, consider, and buy.

Trump鈥檚 鈥淟iberation Day鈥� tariffs landed harder than expected. Uncertainty remains, given the pause on reciprocal tariffs for countries willing to negotiate with the US鈥攁long with an escalating trade war with China. Which markets will take the greatest hits? And how might our US forecasts change?

If not for China, the ecommerce giant would be nearly as dominant internationally as it is in the US. In its home market, Amazon accounts for over 75% of retail media spending. Globally, its share drops considerably, but that鈥檚 because Amazon has little business in China and captures almost none of its domestic ad spending.

Only programmatic advertisers in China spend more than 1 in 10 ad dollars on the open exchange. Programmatic direct owes its dominance to retail media, CTV, and social networks鈥攈ence Canada鈥檚 skew toward the transaction method. Most real-time bidding transactions take place in private marketplaces (PMPs).

Brazil鈥檚 digital advertising economy continues to thrive, driven by retail media investment, growing video ad spend, and slower social ad spending. This report explores trends shaping Brazil鈥檚 digital advertising landscape in 2025.鈥�

Tariffs are driving a sharp slowdown in US advertising growth. Widespread concern over Trump鈥檚 sweeping trade policies has led to downgraded 2025 ad spend forecasts, with nearly half of advertisers planning budget cuts. Retailers are bracing for margin pressure and softening consumer demand.

What鈥檚 stopping the deal: The deal has been complicated by Trump鈥檚 heavy tariffs on China. ByteDance stated China wouldn鈥檛 approve a sale until further trade negotiations, and US administration officials said a deal is unlikely to proceed before hostilities with Beijing are resolved.

The news: Shein鈥檚 and Temu鈥檚 influence in the US is fading quickly as both companies cut ad spending and look to Europe for growth. Our take: Shein and Temu are finding that the billions of dollars they plowed into US advertising have not been enough to secure US customers鈥� loyalty in the face of higher prices. But rather than find ways to extend the longevity of their US businesses, both companies are fleeing to Europe to take advantage of the (currently) more favorable trade environment.