US beauty firms fall after Trump's heavy tariffs on Asian countries

U.S. beauty companies' shares fall premarket after President Donald Trump slaps new tariffs on manufacturing hubs in regions including Europe and Asia

Beauty firms impacted due to their reliance and exposure to countries such as China and Thailand

Trump has put 20% tariffs on European Union, 37% tariffs on Thailand and 32% on Taiwan; he hiked tariffs on China by an extra 34 percentage points, following the earlier 20% tariffs

Shares of Estée Lauder EL.N and Ulta Beauty ULTA.O down about 5% each

Elf Beauty ELF.N shares dropped about 8%, while Coty COTY dipped 2.3%

With higher or new tariffs to be implemented on imports, companies will likely look to take a multi-pronged approach as seen last time tariffs went into effect, but price increases will likely be part of that approach - Susan Anderson, analyst with Canaccord Genuity