Another person talking about tariffs… I know! But this episode is different.

Trump’s tariff announcement sent shockwaves through the markets—the S&P 500 dropped 4.9%, the second-biggest daily point loss in history. And beauty felt it too; Elf Beauty’s stock fell by 23.4% and Estée Lauder’s by 15.4%. But what does all this mean for the long-term future of beauty?

In this episode of The Barefaced Podcast, that is what we are going to answer. First, we’ll get clear on what’s actually happening, why different countries are being charged different rates, and how Trump’s economic advisors came up with those numbers. Then, we’ll zoom in on the beauty industry—how are international beauty businesses affected, and equally, brands already "Made in the USA"? Finally, we’ll put it all together to explore what this means for the future of beauty.

Ultimately, this isn’t a story about tariffs, it’s a turning point for beauty’s entire supply chain.

A series of graphs, visual aids, and references have been created to help narrate this story. You can access them at barefaced.substack.com

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