Estee Lauder on Tuesday expanded a restructuring plan that would now involve up to 7,000 job cuts as the cosmetics giant grapples with persistent demand weakness especially in Asia, sending its shares down 19%.

Estee Lauder is the latest company to warn of the impact a tit-for-tat tariff war could have on their fortunes. Drinks giant, Diageo, which makes Guinness, Johnnie Walker, Baileys and Smirnoff warned on Tuesday that tariffs on Mexico and Canada - if they go ahead - "could very well" impact its business.

As the company’s sales fell 6 percent in the second quarter, the owner of namesake Estée Lauder, Jo Malone, Tom Ford, Clinique and more, announced plans to ramp up its restructuring program, from 3,000 to between 5,800 to 7,000.

Estee Lauder on Tuesday expanded its restructuring plan that would include up to 7,000 job cuts and posted smaller-than-expected drop in second-quarter sales. Shares of the company, which fell about 49% last year,

Estee Lauder said it’s expanding its restructuring plan to include job cuts anywhere from 5,800 to 7,000 by fiscal 2026 as the global beauty company tries to boost sales and profits