Trump tariffs trigger systemic supply-chain crisis across beauty

April 2025 'Liberation Day' tariffs continue to reverberate in 2026 — 25% on South Korea (now the largest source of US beauty imports at $1.7B in 2024), 25%+ on France, 32% on Taiwan, and up to 145% on China (since reduced to 30%). K-beauty indies (Tirtir, d'Alba, Torriden, Beauty of Joseon) are accelerating physical retail talks with Sephora, Ulta, Costco, and Target. The end of the $800 de minimis exemption disrupts DTC cross-border models that clean indies rely on. EU has proposed retaliatory 25% tariffs on US perfumes, shampoos, skincare, and makeup.