K-beauty brands double down on US despite tariffs<br /><br />On the back of the popularity for cultural exports such as K-Pop and their roaring online sales through Amazon, South Korea's cosmetic startups are making a big push to supply major US retailers.<br /><br />South Korea's top five cosmetics brands in the US saw their US online sales grow by 71% on an annualized average over the past two years, according to data from Euromonitor provided to Reuters. Top five French brands including L'Oreal Paris, Dior and Lancome posted a 15% sales growth during the same period.<br /><br />But as part of his recently announced universal tariffs, US President Donald Trump announced a 25% tariff on South Korea, which was temporarily reduced to 10% for 90 days until July 8. Beyond the tariffs, Korean brands are already facing challenges from cheaper Chinese rivals in some emerging markets such as Southeast Asia and Latin America, experts and executives said.<br /><br />REUTERS VIDEO<br /><br />Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe <br />Visit our website at https://www.manilatimes.net <br />Follow us: <br />Facebook - https://tmt.ph/facebook <br />Instagram - https://tmt.ph/instagram <br />Twitter - https://tmt.ph/twitter <br />DailyMotion - https://tmt.ph/dailymotion <br /><br />Subscribe to our Digital Edition - https://tmt.ph/digital <br /><br />Check out our Podcasts: <br />Spotify - https://tmt.ph/spotify <br />Apple Podcasts - https://tmt.ph/applepodcasts <br />Amazon Music - https://tmt.ph/amazonmusic <br />Deezer: https://tmt.ph/deezer<br />Stitcher: https://tmt.ph/stitcher <br />Tune In: https://tmt.ph/tunein <br />Soundcloud: https://tmt.ph/soundcloud <br /><br />#TheManilaTimes<br />#tmtnews<br />#ustariffs
