ByteDance, Shein sharply boost spending on lobbying in U.S.

PALO ALTO, U.S. -- TikTok parent ByteDance and online clothing seller Shein are rapidly expanding their spending on U.S. lobbying in a bid to minimize the adverse business effects of American lawmakers' scrutiny amid increasing tensions between the U.S. and China.

The companies are seeking further growth in the U.S., the world's largest consumer market, as they face an economic slowdown in China.