A CEO with 500 workers explains why he's suing Trump over tariffs: "This path is catastrophic"
CBSN
Learning Resources CEO Rick Woldenberg thinks the Trump administration's sweeping tariffs will be catastrophic for both his family-owned toy business and for the broader U.S. economy. That's why he's suing President Trump.
Woldenberg's business has 500 employees and sells thousands of learning-based toys like Spike the Fine Motor Hedgehog and the Pretend & Play Calculator Cash Register. Its lawsuit, filed Tuesday in the U.S. District Court in Washington, D.C., accuses Mr. Trump and other members of his administration of overreaching the president's authority in imposing the broad-based import duties. Congress has historically held the power to authorize new tariffs or make trade deals with other nations.
With the administration's higher tariffs in place, the math is dire for Learning Resources, Woldenberg said. The company's import duties are set to increase from $2.3 million prior to the Trump administration to $100 million — a roughly 4,000% increase, he said.
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