Fast fashion retailer Shein is weighing a restructuring of its U.S. operations as U.S. President Donald Trump's tariffs on Chinese imports threaten to jeopardize its London IPO, The Financial Times reported Wednesday.

The U.S. business, which generates roughly one-third of Shein's $38 billion annual revenue, is expected to face significant pressure as a tax exemption known as "de minimis" is set to end this week, the report said.

De minimis refers to the U.S. waiver of standard customs procedures and tariffs on items worth less than $800 that are shipped to individuals from foreign countries.

One option being considered is shifting production for the U.S. market to countries outside China, the FT reported, citing two people familiar with the matter.

Shein, which ships orders directly from Chinese warehouses to a buyer's home, has not taken a decision on any U.S. restructuring at the board level, the FT said, citing sources familiar with the company's thinking.

Shein declined to comment to the FT and did not immediately respond to a Reuters request for comment.

Reuters exclusively reported earlier this month that Shein, which sells $10 dresses and $12 jeans in more than 150 countries, had secured approval from Britain's Financial Conduct Authority (FCA) for its IPO.