Trump's tariffs could lead to a sharp rise in toy prices while China is the dominant supplier
Kyiv • UNN
Due to Trump's plans for new tariffs on Chinese imports, toy prices in the United States could rise by more than 50%. American consumers will lose about $78 billion annually due to new tariffs on various goods.
If Trump follows through with his tariff plans, American consumers will lose $78 billion in spending power annually on various types of goods. The toy industry will be one of the US industries that will face the worst impact.
Transmits to UNN with reference to to CBS.
US President-elect Donald Trump promises to introduce new import duties after his inauguration next month. This could lead to an increase in toy prices in the US by more than 50%.
If Trump follows through with his tariff plan, toy prices will rise “probably instantly,” Jennifer Bergman, owner of West Side Kids in New York City, told CBS News. She estimates that about 90% of the toys she sells are made in China.
However, the toy industry is not the only one worried about the impact of Trump's promised tariffs, as higher prices for a wide range of imported goods will likely be passed on to consumers.
U.S. consumers will lose $78 billion in spending power annually on products including clothing, toys, furniture, appliances, shoes, and travel goods,
The toy industry is also sounding the alarm: The Toy Association called the potential tariffs “significantly harmful” and urged congressional delegates to consider the issue.
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Duties are essentially a tax on imports, but instead of being paid by the exporting country or company, the duty is paid by the importer.
A 60% duty on China would be a major shock to international product markets. While toys seem like products for which substitutes would be readily available, China maintains a dominant position in toy production for several reasons, including its not easily replicated ability to produce materials that meet U.S. product safety standards.
