President Trump announced a potential 25% tariff on Korean imports starting August 1, prompting concerns about its effects on consumers, particularly regarding skincare products. Korea is a leader in the beauty market, with a $10.2 billion export sector. Popular Korean beauty brands like Sulwhasoo and Laneige may face increased prices. Panic buying of K-beauty products was reported when tariffs were first mentioned. However, experts suggest that the high-profit margins in beauty could allow brands to absorb some cost increases.
Korea has among the most advanced and innovative beauty sectors in the world, exporting $10.2 billion in makeup and skincare products globally.
Some of the hottest beauty brands in the U.S. are Korean, including Sulwhasoo, Laneige, Innisfree, and Dr.Jart+.
Beauty brands have high margins, which means they should be able to absorb some of the price increases from tariffs.
When Trump first threatened tariffs on South Korea in April, CBS reported that some Americans were panic-buying K-beauty products.
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