Martin Capital founder and CEO Rod Martin discusses whether or not President Donald Trump’s tariffs will end in a brand new international world order on ‘Making Cash.’
Barbie maker Mattel introduced it’s elevating costs on a few of its toys and “further reducing reliance on China-sourced products” as the corporate navigates a “volatile macro-economic environment and evolving U.S. tariff landscape.”
The California-based toymaker imports about 20% of its items bought within the U.S. from China, in response to Reuters.
It quoted Chief Monetary Officer Anthony DiSilvestro as saying Monday that Mattel is anticipating round $270 million in incremental prices from tariffs in 2025, however plans to offset these prices by way of mitigating actions.
“There’s no question that tariffs are creating disruption in the industry. Many companies have stopped production and shipping to the U.S. as a result of tariffs from China. We do support the Toy Association’s advocacy for zero tariffs on toys,” Mattel CEO Ynon Kreiz instructed Reuters.
TRUMP CLOSES TARIFF LOOPHOLE ON CHEAP ONLINE GOODS FROM CHINA
Barbie dolls are seen on show on the Mattel Design Heart in El Segundo, Calif., in February 2024. (Reuters/Mario Anzuoni / Reuters)
The corporate stated in an announcement that, “Given the volatile macro-economic environment and evolving U.S. tariff landscape, it is difficult to predict consumer spending and Mattel’s U.S. sales in the remainder of the year and holiday season.”
“Although tariffs did not affect Mattel’s first quarter financial results, the company is taking mitigating actions designed to fully offset the potential incremental cost impact of tariffs on future performance,” it added.
Ticker Safety Final Change Change % MAT MATTEL INC. 16.20 -0.18
-1.10%
These actions, Mattel stated, embrace “Accelerating diversification of its supply chain and further reducing reliance on China-sourced product” and “Where necessary, taking pricing action in its U.S. business.
CHINA TARIFFS MEAN ‘CHRISTMAS IS AT RISK,’ TOY INDUSTRY CEO SAYS
Barbie dolls are seen at the FAO Schwarz toy store in Manhattan, New York City. (Reuters/Andrew Kelly / Reuters)
For example, Mattel is increasing production of its UNO card game in India, Kreiz reportedly said.
Last week, Trump, while speaking about tariffs, said “Possibly the kids may have two dolls as an alternative of 30 dolls, you recognize, and possibly the 2 dolls will price a few bucks greater than they might usually.”
Mattel imports Barbie dolls and Hot Wheels toys from Indonesia, Malaysia and Thailand – three countries that were also slapped with tariffs by the Trump administration before they were paused in April for 90 days, Reuters reported.
A Barbie doll from the Olympic Barbie assortment. (Reuters/Carlo Allegri / Reuters)
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Mattel is now aiming to slash imports into the U.S. from China to beneath 15% by subsequent yr, it added.
