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It鈥檚 looking to markets like Mexico and the Middle East to offset potential weakness domestically. These initiatives could eventually make Ulta a nimbler, more effective competitor to the likes of Sephora鈥攂ut such benefits will likely be limited this year, given the severe pressures consumer spending is under as well as the time needed to ensure proper execution.

In response to President Donald Trump鈥檚 25% tariffs on goods from Canada and Mexico, Canada announced a 25% tax on electricity exports to US states on Monday. Then Tuesday, Trump threatened an additional 25% tariff on Canadian imports, set to go into effect today. Canada later backed down on the electricity surcharge.

It helps that the company sources less than 10% of its inventory from China and less than 1% from Mexico and Canada combined, limiting its exposure to tariffs. It also helps that Gap鈥檚 wide array of brands enable it to appeal to consumers of all income levels and benefit from any trade-down behavior.

The president鈥檚 latest promise to go through with Mexico and Canada tariffs, slap an additional 10% levy on Chinese imports, and introduce reciprocal tariffs in April will only heighten the unpredictability companies face.

The company doesn鈥檛 source any goods from Mexico or Canada, and just 7% of its apparel and accessories are manufactured in China. Buzzy ad campaigns featuring part-owner Federer and Zendaya鈥攁nd a product line designed by the latter鈥攚ill help keep the brand in the spotlight, while a strong pipeline of innovation should help drive full-price sales among brand enthusiasts.

Retaliatory tariffs from Canada, Mexico, and China, which are vital to manufacturing, could further inflate costs. Automakers warn tariffs could add $12,000 to new car prices, per Motor Finance, a setback for EVs whose high up-front cost is a leading barrier to adoption for 50% of consumers, per Capgemini. What鈥檚 at stake?

Catch up quick: The US agreed to postpone Canada and Mexico tariffs for a month, only a few days after Trump said he would impose a 25% levy on goods shipped from both countries. Meanwhile, a 10% charge on imports from China went into effect on Tuesday. Why it matters: The US depends greatly on China, Mexico, and Canada for pharmaceuticals and the chemicals needed to make them.

Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP): This agreement includes Canada and 10 other countries: Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. For Canada, a key benefit is access to the Japanese automotive market for parts and its consumer market for beef and pork exports.

Trade challenge: The US trade office has challenged the tax, claiming it is discriminatory to US firms and violates the United States-Mexico-Canada Agreement. The 2025 federal election: Polls strongly indicate the election will unseat the Liberal government, which enacted the tax, in favor of the Conservative Party. Retail media will benefit from emerging formats.

Why it matters: This is part of Apple鈥檚 broader effort to manage upcoming tariffs on imported products from China and Mexico. Apple is already diversifying its manufacturing, such as ramping up production in India. During Trump鈥檚 first term, Apple was able to earn tariff exemptions for its iPhones.

However, among the countries where US-based retailers are likely to operate, Mexico will be the hottest growth market for ecommerce through 2028. Index of Benchmarks. Below are links to each of the seven decks that comprise this series, covering US total retail, ecommerce, holiday, Amazon, grocery, apparel, footwear, and accessories, and worldwide retail context.

The tariffs鈥攚hich are in addition to the planned duties on Canada and Mexico that threaten to crash the US auto industry鈥攚ould drive up the price of new cars by thousands of dollars. Sticker shock: Car prices are near record highs even before the planned tariffs take effect. The average transaction price for a new vehicle in December was $47,465, up 27.2% from $37,310 in prepandemic 2019, per Edmunds.

Mexico and the US came next, at 34.0% and 33.9%, respectively. Voice commands are often more convenient than the laborious inputting of characters in local languages on devices, potentially helping to drive adoption. Some 26.2% of respondents watched influencer videos or vlogs, ranking China No. 9 globally in this metric.

The Associated Press was denied access to a White House event after refusing to change the Gulf of Mexico to the Gulf of America, hinting at why some outlets are hesitant to alienate Trump and allies like Musk. Musk sued the World Federation of Advertisers in August over an allegedly illegal boycott of advertising on X (formerly Twitter), which may further contribute to current concerns.

It will be another turbulent year for social media in Latin America. As the number of users nears 400 million, declines at Facebook and Twitter will have profound, long-lasting implications for the region鈥檚 two biggest markets: Brazil and Mexico.

It鈥檚 opening a community center on the US-Mexico border and creating financial handbooks for migrants.