The price of children's toys in the US could increase in 2025 if President-elect Donald Trump imposes new tariffs on China, as 80% of toys in the US are made in China.
The US toy industry is concerned that President-elect Donald Trump's new tariffs could increase the price of children's toys, thereby reducing consumer purchasing power - Photo: NBC NEWS
The children's toy industry is warning of potential impacts such as rising toy prices if President-elect Donald Trump imposes new tariffs on imports.
According to CBS News, many children's toys are often made in China, whether they are designed in Europe or the U.S. Furthermore, Mr. Trump has threatened to impose an additional 10% tariff on all Chinese goods imported into the U.S., in an attempt to stop the flow of illegal drugs into the U.S. from the Mexican border along with goods from China.
Previously, during the election campaign, he mentioned the idea of imposing a 60% tax on all Chinese goods.
According to the Toy Association, nearly 80% of children's toys in the US are made in China.
“So if Trump goes ahead with his plan to increase tariffs on Chinese imports, the price of children's toys could go up immediately,” Jennifer Bergman, owner of West Side Kids toy store in New York City, told CBS News.
Ms. Bergman estimates that about 90% of the toys sold in her store are made in China.
After more than 40 years of existence, the owner of West Side Kids is concerned that rising toy prices could threaten the store's business and affect consumers.
The Toy Association of America warned that the tariffs that Mr. Trump announced he would impose on imports could significantly harm the entire toy industry.
The toy industry is not the only one worried about the impact of new tariffs that Mr. Trump has pledged to impose after taking office in January 2025, according to experts.
According to the National Retail Federation (NRF), if Mr. Trump imposes the previously announced tariffs on US imports, US consumers will lose up to $78 billion in annual spending on products such as clothing, children's toys, furniture, home appliances, shoes and travel goods.
“A 60 percent tariff on Chinese exports would be a major shock to international commodity markets,” experts at the Washington DC-based Peterson Institute for International Economics wrote in a post on December 12.
They added that the toy industry would be among the worst hit in the US, as China is a major supplier to the US in this industry.
“Although it would seem that it would be easy to find alternative suppliers for children’s toys from China, China still maintains its dominant position in the toy industry for a number of reasons, including its ability to produce materials that meet US safety standards—a capability that is difficult for anyone to replicate,” analysts said.
Source: https://tuoitre.vn/do-choi-tre-em-o-my-co-the-tang-gia-neu-ong-trump-ap-muc-thue-moi-20241226133011055.htm
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