Trump administration announces cuts to the US$25bn beauty industry

Breitbart News is reporting that the US Department of Justice is proposing $25 billion in cuts to beauty manufacturing, as the Trump administration moves to shut down a key market for its products.

According to a report by the Business Insider, the Department of Labor announced the proposed cuts on Monday, adding that the proposed budget cuts will impact the industry as a whole.

The Department of Commerce announced on January 22 that it will reduce the Department’s Office of Beauty and Cosmetics’ budget by nearly $1.2 billion, and will cut its budget by $10.8 billion over the next 10 years.

The new budget includes $7 billion to the Department on Beauty and the Cosmetics, $3.3 billion for the Office of the Assistant Secretary for Economic and Industrial Policy, and $4.3 million for the Beauty and Science Research Office.

The budget cuts also affect the US Cosmetic Ingredient Manufacturers Association (USCIMA), which represents about 100 cosmetic manufacturers, which includes companies like L’Oréal, MAC, and Neutrogena.

USCIMA has argued that the Trump budget proposal is “not appropriate,” as the proposed cut to its budget is likely to “further undermine” its efforts to grow the industry.

The cuts also come after the Trump Administration approved the first phase of the Department-wide $5 billion manufacturing investment plan for the U.S. In February, the Trump government approved $5.8 trillion in infrastructure spending, but has yet to finalize a final spending plan.

The proposed $25bn cut to the beauty industry is a stark departure from the $100 billion in infrastructure funding that was approved for the industry last year.

The beauty industry, which employs roughly one in five Americans, relies heavily on foreign direct investment, which supports hundreds of thousands of jobs and contributes nearly $80 billion to our economy.