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CTV News
2 minutes ago
- CTV News
Tariffs threaten Asian beauty product boom in U.S.
NEW YORK — When Amrita Bhasin, 24, learned that products from South Korea might be subject to a new tax when they entered the United States, she decided to stock up on the sheet masks from Korean brands like U-Need and MediHeal she uses a few times a week. 'I did a recent haul to stockpile,' she said. 'I bought 50 in bulk, which should last me a few months.' South Korea is one of the countries that hopes to secure a trade deal before the Aug. 1 date U.S. President Donald Trump set for enforcing nation-specific tariffs. A not-insignificant slice of the U.S. population has skin in the game when it comes to Seoul avoiding a 25 per cent duty on its exports. Asian skin care has been a booming global business for a more than a decade, with consumers in Europe, North and South America, and increasingly the Middle East, snapping up creams, serums and balms from South Korea, Japan and China. In the United States and elsewhere, Korean cosmetics, or K-beauty for short, have dominated the trend. A craze for all-in-one 'BB creams' — a combination of moisturizer, foundation and sunscreen — morphed into a fascination with 10-step rituals and ingredients like snail mucin, heartleaf and rice water. Vehicles and electronics may be South Korea's top exports to the U.S. by value, but the country shipped more skin care and cosmetics to the U.S. than any other last year, according to data from market research company Euromonitor. France, with storied beauty brands like L'Oreal and Chanel, was second, Euromonitor said. Statistics compiled by the U.S. International Trade Commission, an independent federal agency, show the U.S. imported US$1.7 billion worth of South Korean cosmetics in 2024, a 54 per cent increase from a year earlier. 'Korean beauty products not only add a lot of variety and choice for Americans, they really embraced them because they were offering something different for American consumers,' Mary Lovely, a senior fellow at the Peterson Institute for International Economics, said. Along with media offerings such as 'Parasite' and 'Squid Games,' and the popularity of K-pop bands like BTS, K-beauty has helped boost South Korea's profile globally, she said. 'It's all part and parcel really of the same thing,' Lovely said. 'And it can't be completely stopped by a 25% tariff, but it's hard to see how it won't influence how much is sold in the U.S. And I think what we're hearing from producers is that it also really decreases the number of products they want to offer in this market.' Senti Senti, a retailer that sells international beauty products at two New York boutiques and through an e-commerce site, saw a bit of 'panic buying' by customers when Trump first imposed punitive tariffs on goods from specific countries, manager Winnie Zhong said. The rush slowed down after the president paused the new duties for 90 days and hasn't picked up again, Zhong said, even with Trump saying on July 7 that a 25 per cent tax on imports from Japan and South Korea would go into effect on Aug. 1. Japan, the Philippines and Indonesia subsequently reached agreements with the Trump administration that lowered the tariff rates their exported goods faced — in Japan's case, from 25 to 15 per cent — still higher than the current baseline of 10 per cent tariff. But South Korea has yet to clinch an agreement, despite having a free trade agreement since 2012 that allowed cosmetics and most other consumer goods to enter the U.S. tax-free. Since the first store owned by Senti Senti opened 16 years ago, beauty products from Japan and South Korea became more of a focus and now account for 90% the stock. The business hasn't had to pass on any tariff-related costs to customers yet, but that won't be possible if the products are subject to a 25 per cent import tax, Zhong said. 'I'm not really sure where the direction of K-beauty will go to with the tariffs in place, because one of the things with K-beauty or Asian beauty is that it's supposed to be accessible pricing,' she said. Devoted fans of Asian cosmetics will often buy direct from Asia and wait weeks for their packages to arrive because the products typically cost less than they do in American stores. Rather than stocking up on their favorite sunscreens, lip tints and toners, some shoppers are taking a pause due to the tariff uncertainty. Los Angeles resident Jen Chae, a content creator with over 1.2 million YouTube subscribers, has explored Korean and Japanese beauty products and became personally intrigued by Chinese beauty brands over the last year. When the tariffs were first announced, Chae temporarily paused ordering from sites such as a shopping platform owned by an e-commerce company based in Hong Kong. She did not know if she would have to pay customs duties on the products she bought or the ones brands sent to her as a creator. 'I wasn't sure if those would automatically charge the entire package with a blanket tariff cost, or if it was just on certain items,' Chae said. On its website, YesStyle says it will give customers store credit to reimburse them for import charges. At Ohlolly, an online store focused on Korean products, owners Sue Greene and Herra Namhie are taking a similar pause. They purchase direct from South Korea and from licensed wholesalers in the U.S., and store their inventory in a warehouse in Ontario, California. After years of no duties, a 25 per cent import tax would create a 'huge increase in costs to us,' Namhie said. She and Greene made two recent orders to replenish their stock when the tariffs were at 10 per cent. But they have put further restocks on hold 'because I don't think we can handle 25 per cent,' Namhie said. They'd have to raise prices, and then shoppers might go elsewhere. The business owners and sisters are holding out on hope the U.S. and Korea settle on a lower tariff or carve out exceptions for smaller ticket items like beauty products. But they only have two to four months of inventory in their warehouse. They say that in a month they'll have to make a decision on what products to order, what to discontinue and what prices will have to increase. Rachel Weingarten, a former makeup artist who writes a daily beauty newsletter called 'Hello Gorgeous!,' said while she's devoted to K-beauty products like lip masks and toner pads, she doesn't think stockpiling is a sound practice. 'Maybe one or two products, but natural oils, vulnerable packaging and expiration dates mean that your products could go rancid before you can get to them,' she said. Weingarten said she'll still buy Korean products if prices go up, but that the beauty world is bigger than one country. 'I'd still indulge in my favorites, but am always looking for great products in general,' she said. Bhasin, in Menlo Park, California, plans to keep buying her face masks too, even if the price goes up, because she likes the quality of Korean masks. 'If prices will go up, I will not shift to U.S. products,' she said. 'For face masks, I feel there are not a ton of solid and reliable substitutes in the U.S.' AP audience engagement editor Karena Phan in Los Angeles contributed to this report. Mae Anderson, The Associated Press
Globe and Mail
12 minutes ago
- Globe and Mail
T1 Energy Strategy Supported by Section 232 Polysilicon and AD/CVD Investigations
AUSTIN, Texas and NEW YORK, July 28, 2025 (GLOBE NEWSWIRE) -- T1 Energy Inc. (NYSE: TE) ('T1,' 'T1 Energy,' or the 'Company') supports the recent announcement that the U.S. Secretary of Commerce will initiate an investigation under Section 232 of the Trade Expansion Act of 1962 into the use of foreign-sourced polysilicon and polysilicon derivatives. T1 Energy's contract to purchase hyper-pure American polysilicon would likely be advantaged by any potential tariffs or import restrictions that result from this case. T1 Energy also believes the Section 232 investigation will result in strengthening U.S. energy security and boosting American advanced manufacturing. In alignment with its strategy to build a domestic solar supply chain, T1 also plans to file in support of tariffs under the recently filed Solar 4 anti-dumping and countervailing duty case ('AD/CVD') covering certain imports from Indonesia, Laos and India. T1 expects to benefit from potential tariffs under this case, which will support the Company's efforts to build a vertically integrated supply chain including the G2_Austin solar cell manufacturing facility. As a Texas-based, NYSE listed, U.S. solar manufacturing leader, T1 has and will continue to actively advocate for strong trade policy, enforcement and remedies that promote the strategic development of the U.S. solar value chain. T1 believes these two trade actions are consistent with the Trump Administration's efforts to safeguard and prioritize American manufacturing. 'It is time to bring back American manufacturing. We're doing that at T1 Energy. The Commerce Department's 232 polysilicon investigation and the Solar 4 AD/CVD case should strengthen our efforts to build an American advanced manufacturing champion. We believe these cases will put the wind at our back and provide the right policy environment to execute our business plan,' said Daniel Barcelo, T1's Chairman of the Board and Chief Executive Officer. T1 Energy plans to develop a domestic solar supply chain are ongoing. They include the operational 5 GW G1_Dallas solar module facility and its current contract to source domestic polysilicon, as well as its planned G2_Austin solar cell facility. T1 Energy plans to actively participate in the development of a federal trade policy that supports the expansion of U.S. energy and advanced manufacturing. About T1 Energy T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the United States, with a complementary solar and battery storage strategy. Based in the United States with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe. To learn more about T1, please visit and follow us on social media. Investor contact: Jeffrey Spittel EVP, Investor Relations and Corporate Development Tel: +1 409 599-5706 T1 Media contact: Russell Gold EVP, Strategic Communications Tel: +1 214 616 9715 Cautionary Statement Concerning Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to: potential advantages of the Company's existing polysilicon supply contract related to tariffs or import restrictions resulting from the Section 232 polysilicon investigation; the Company's belief that the Commerce Department's Section 232 investigation will result in strengthening U.S. energy security and boosting American advanced manufacturing; the Company's strategy to build a domestic solar supply chain; the Company's plans to file in support of tariffs under the recently filed Solar 4 anti-dumping and countervailing duty case covering certain imports from Indonesia, Laos and India; the expectation that the Company will benefit from potential tariffs under the 232 case, which will support its efforts to build a vertically integrated supply chain including the planned G2_Austin solar cell manufacturing facility; the Company's efforts to advocate for strong trade policy, enforcement and remedies that promote the strategic development of the U.S. solar value chain; the Company's belief that these two trade actions are consistent with the Trump Administration's efforts to safeguard and prioritize American manufacturing; the Company's belief that the Commerce Department's 232 polysilicon investigation and the Solar 4 AD/CVD case will provide the right policy environment to execute its business plan; and the Company's plans to actively participate in the development of a federal trade policy that supports the expansion of U.S. energy and advanced manufacturing. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from the Company's expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption 'Risk Factors' in (i) T1's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the 'SEC') on March 31, 2025, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2025; (ii) T1's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 filed on May 15, 2025; (iii) T1's Post-Effective Amendment No. 1 to the Registration Statement on Form S-3 filed with the SEC on January 4, 2024; and (iv) T1's Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023 and October 31, 2023. All of the above referenced filings are available on the SEC's website at Forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law. T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1's website in the 'Investor Relations' section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1's website and social media channels on a regular basis, in addition to following T1's press releases, SEC filings, and public conference calls and webcasts. The contents of T1's website and its and Daniel Barcelo's social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
Toronto Sun
13 hours ago
- Toronto Sun
Boeing braces for defence hub strike as workers reject offer
Published Jul 27, 2025 • 2 minute read An employee works on the aft fuselage of a Boeing Co. F-15 Strike Eagle fighter aircraft at the Boeing Defense, Space & Security facility in St. Louis, Mo., on Monday, July 24, 2018. Photo by Alex FLynn / Bloomberg Boeing Co. is preparing for a strike at its St. Louis defence hub after factory workers rejected a contract offer that would've boosted their wages by 20% over four years. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The International Association of Machinists and Aerospace Workers Local 837, which represents 3,200 Boeing defence workers in Missouri and Illinois, said its members voted overwhelmingly against the new terms Sunday. The Boeing proposal 'fell short of addressing the priorities and sacrifices' of the company's skilled workforce, the union said in a statement. 'Our members are standing together to demand a contract that respects their work and ensures a secure future.' While the present contract expires at 11:59 p.m. Central Time on Sunday, there's a seven-day 'cooling off' period before IAM Local 837 workers can walk off the job and shut down manufacturing in Boeing's military aircraft factories. Boeing hasn't scheduled any talks with union leaders, which typically are a precursor to a counteroffer. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. 'We're disappointed our employees voted down the richest contract offer we've ever presented to IAM 837 which addressed all their stated priorities,' said Dan Gillian, Boeing Air Dominance vice president and a senior St. Louis site executive, in a statement. Boeing's offer, which was endorsed by IAM Local 837's bargaining committee, included a $5,000 signing bonus, 8% wage increase in the first year and work schedule changes intended to improve quality of life. All-in, the contract would've boosted average wages by 40%, the company said. 'We've activated our contingency plan and are focused on preparing for a strike,' Gillian said. 'No talks are scheduled with the union.' The aerospace manufacturer faces another labour standoff as it recovers from a two-month strike by a Seattle-based Machinists union that crippled manufacturing at its commercial jet factories last year. This advertisement has not loaded yet, but your article continues below. Any labour strife would be costly for Boeing's defence division, which hasn't earned an annual profit since 2022 and is in the middle of a turnaround. A strike would shut down assembly lines for Boeing's F-15 and F/A-18 fighter jets, T-7A trainer, MQ-25 drone refueler and other weapons systems. The labour uncertainty will be a focus for analysts when Boeing reports quarterly earnings on Tuesday. It's also a bellwether as GE Aerospace launches contract negotiations with a separate IAM local on Sunday. St. Louis workers last went on strike in 1996 and don't have a history of activism, unlike Boeing's unions in the Pacific Northwest, according to Scott Mikus, an analyst with Melius Research. Union members initially rejected management's offer during the last negotiation with Boeing in 2022, before accepting a three-year deal with a 14% general wage increase and cost-of-living adjustments. While Puget Sound labour leaders endorsed Boeing's initial offer last year, they were rebuffed by rank-and-file members embittered by an earlier 10-year contract that stripped away pensions and locked in low wage increases while inflation soared. The lengthy strike squeezed the company's working capital and spurred Boeing to sell equity worth almost $24 billion. — With assistance from Bill Haubert. Sports Columnists Sunshine Girls Toronto & GTA Toronto & GTA
