As the real threat of the Administration’s proposed 25% tariffs on more than $300 billion in Chinese imports looms, The Toy Association has established a website with information on how such taxes will hurt American families, jobs, and businesses — ultimately threatening the stability of the $28 billion American toy industry.
“The return of a dark tariff cloud threatening the toy and retail communities would sharply increase the cost of toys and cause irreparable harm to companies of all sizes – particularly American small businesses,” says Steve Pasierb, president & CEO of The Toy Association. “We have not relented in our fight against the threat of tariffs and will continue to push back aggressively on these damaging tactics that amount to nothing more than a tax on American families and their children and will lead to projected losses of tens of thousands of U.S. jobs.”
The Toy Association breaks down three key points that everyone following the trade talks should be aware of.
How Tariffs Cause Harm:
- Tariffs are taxes that are paid for by American families, businesses, workers, and communities, not by other countries. They are paid here, at home.
- Tariffs that have been imposed so far have caused U.S. businesses to lay off workers, raised prices for consumers, hurt American farm exports, and threatened an otherwise productive economy.
- Tariffs on toys would reach directly into the pockets of American families in the form of higher prices and reduced choice and availability.
“We support fair and free trade that protects American intellectual property, our workers, and businesses,” added Pasierb. “To be clear, any claims that tariffs are or will be paid for by China is a lie. China is not paying these tariffs; rather, American families and U.S. companies are, through higher consumer prices and decreased profits. A fourth round on a range of everyday products will directly tax families even more.”