US Toy Industry Urges Tariff Exclusion to Protect Growth 🚸
Major US toy manufacturers are appealing to the government to exclude their products from upcoming tariffs, aiming to prevent cost hikes and ensure market stability for 2025.
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US toy industry pleads for tariffs exclusion
The biggest US toy producers voiced their concerns regarding the US government's planned tariffs at the 2025 Toy Fair at New York's Javits Center on Monday, March 3.
Mattel's president and chief commercial officer, Steve Totzke, said his company has bet on diversification to avoid additional taxation. Currently, 40% of its toys are manufactured in China.
US President Donald Trump said on Monday that 25% tariffs on goods from Mexico and Canada will take effect from Tuesday, March 4, stoking fears of a trade war in North America. He also reaffirmed that he will increase tariffs on all Chinese imports to 20% from the previous 10% levy to punish Beijing for failing to halt shipments of fentanyl to the US.
REUTERS VIDEO
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The biggest US toy producers voiced their concerns regarding the US government's planned tariffs at the 2025 Toy Fair at New York's Javits Center on Monday, March 3.
Mattel's president and chief commercial officer, Steve Totzke, said his company has bet on diversification to avoid additional taxation. Currently, 40% of its toys are manufactured in China.
US President Donald Trump said on Monday that 25% tariffs on goods from Mexico and Canada will take effect from Tuesday, March 4, stoking fears of a trade war in North America. He also reaffirmed that he will increase tariffs on all Chinese imports to 20% from the previous 10% levy to punish Beijing for failing to halt shipments of fentanyl to the US.
REUTERS VIDEO
Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe
Visit our website at https://www.manilatimes.net
Follow us:
Facebook - https://tmt.ph/facebook
Instagram - https://tmt.ph/instagram
Twitter - https://tmt.ph/twitter
DailyMotion - https://tmt.ph/dailymotion
Subscribe to our Digital Edition - https://tmt.ph/digital
Check out our Podcasts:
Spotify - https://tmt.ph/spotify
Apple Podcasts - https://tmt.ph/applepodcasts
Amazon Music - https://tmt.ph/amazonmusic
Deezer: https://tmt.ph/deezer
Tune In: https://tmt.ph/tunein
#TheManilaTimes
#tmtnews
#toymakers
#toys
#ustariffs
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209
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Duration
6:31
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Published
Mar 5, 2025
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