ELF Beauty, which sources 75% of its products from China, faces pressure from President Trump’s tariffs reaching 55% on China-sourced goods. Despite rising costs, CEO Tarang Amin emphasized commitment to its China supply chain as a competitive advantage. ELF announced a $1 price increase starting August and is exploring supply chain optimization. The company acquired Rhode, Hailey Bieber’s skincare brand, for $1 billion to reduce China exposure.