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

U.S. beauty companies' shares slump after President Donald Trump imposes new tariffs, including on countries such as China and Thailand, which are manufacturing hubs for these firms

Shares of Estée Lauder EL.N fall as much as 15.3% to near a 13-year low of $58.22, while Elf Beauty ELF.N down as much as 18.2% - lowest since January 2023

Coty COTY shares down as much as 8% to over four-year low of $5.20 and Ulta Beauty ULTA.O shares fall about 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