US President Donald Trump has announced a new wave of global tariffs and extended the implementation deadline by a week, causing chaos across stock markets worldwide.
The new tariffs were announced hours before the actual deadline of 1 August, with the US White House revealing the updated figures on the evening of 31 July.
All countries across the globe are subject to 10% increases on goods exported to the US; however, an additional 92 nations have been hit with higher specific tariffs.
Syria has been hit with the highest percentage increase in the newest update, sitting at 41%, along with Laos and Myanmar, both at 40%.
Canada’s taxes have also been raised to 35%, and Brazil’s 10% tariffs are at risk of being increased to 50%.
The EU’s levies, meanwhile, remain at 15% in the newest update.
Some leading beauty industry executives, such as LVMH Chairman and CEO Bernard Arnault, have welcomed the agreement between the EU and the US on trade tariffs.
The boss of the French luxury conglomerate acknowledged criticism of the deal, but said that it was a good agreement in the current context.
Others, including L’Oréal CEO Nicholas Hieronimus, have looked less favourably on the situation, with Hieronimus calling the move “not good news” for the cosmetics sector.
The US has also extended the deadline on tariffs in Mexico by a further 90 days.
The levies have been delayed until 7 August, which the White House stated was to allow the tariff schedule to be updated.
Trump’s so-called ‘Liberation Day’ taxes were revealed in April 2025, unveiling the 10% baseline tariff hikes.
“Individualised” higher tariffs on the countries the US has the largest trade deficits with were then revealed.
The most scathing of these individualised tariffs was aimed at China, which was originally hit with a total tax hike of 145%.
In the latest update on the US-China trade feud, the countries have agreed to a further pause that will last beyond 12 August, as negotiations failed to make meaningful progress.
An injunction was also brought forward by a US trade court in May to block Trump’s global tariff hikes.
This followed a three-judge panel from the Court of International Trade, based in New York, US, deeming the tariffs “illegal”.
Several businesses had filed lawsuits against the tariffs, which the companies argued had impacted their trading.
However, a federal appeals court reinstated the tariffs after an appeal was filed by the White House against the Court of International Trade’s ruling on 29 May.
The tariffs have had an unprecedented effect on markets and industries across the globe, which have been shaken by the sweeping tax hikes.
Beauty has not been spared either, with brands and manufacturers scrambling to control the situation by increasing the prices of beauty goods.
Procter & Gamble (P&G) is the latest to confirm that it will raise its prices due to US Trump’s trade tariffs.
The consumer goods giant expects to take a $1bn hit from the levies, it said in its fourth quarter and full-year financial results published on 29 July.
e.l.f. Beauty, the new owner of Hailey Bieber’s beauty brand Rhode, has also raised prices in response to Trump’s global tariff hikes.
Skin care brand Naturium, meanwhile, is raising prices on its goods in the US and the UK from 1 August.
Earlier in May, Glow Recipe joined the growing roster of brands upping product costs.
The Inkey List also raised prices on its products in the US in May.
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