With Congress officially recognizing Donald Trump as the winner of the 2024 presidential election on January 6, the cosmetics industry is bracing for the implications of his second term. The new administration has announced plans to implement an array of tariffs, targeting imports with duties between 10% and 20%. Additionally, imports from Canada and Mexico may face an extra 25% duty, while products entering the U.S. from China could see tariffs of 10% or more. There are even discussions about a staggering 100% tariff on goods from BRICS countries.
Economic Implications of Tariffs
The Trump administration argues that these tariffs are designed to exercise political leverage over specific nations and to
Source: Premiumbeautynews