145% tariffs on China are clobbering the toy industry
CNN
Toys made in China have been exempt from tariffs since President Donald Trump’s first term. That is no longer the case.
Toys made in China have been exempt from tariffs since President Donald Trump’s first term. That is no longer the case. Last month, Trump raised tariff rates on China to 20%, dealing a big blow to the toy industry. But he didn’t stop there. Just a few weeks later, Trump was set to tack on an additional 34% “reciprocal” tariff. Then he tacked on another tariff, and another, and another. Now, goods from China are being tariffed at a whopping 145% rate — and that number will likely keep growing as Beijing vows to continue retaliating against new tariffs and Trump threatens to do the same. For American families, this means relatively inexpensive toys could become luxuries. That’s because nearly 80% of all toys sold in the US are manufactured in China, according to the Toy Association, a leading industry group. “We have no choice but to increase our prices by high double digits,” said Isaac Larian, CEO of California-based MGA Entertainment, which makes Bratz and L.O.L. Surprise! Dolls, among several other toys. “The life of my business, 46 years, is on the line.” Trump said that one of his main impetuses for enacting higher tariffs is to bring manufacturing jobs back to the US. Yet Larian said China’s 125% retaliatory tariffs on US exports are going to force him to lay off American workers at his Hudson, Ohio, factory, which has around 700 employees in total. That’s because many goods manufactured there are shipped to China.
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