Shein is exploring a restructuring of its U.S. operations as it faces pressure from new tariffs on Chinese imports. The closure of the U.S.’ “de minimis” loophole means the fast fashion giant may face tariffs up to 120%, prompting considerations to shift production to countries like India and Brazil. With the U.S. accounting for one-third of Shein’s $38 billion annual revenue, tariff uncertainty is delaying IPO preparations.