Over the weekend, the Trump administration reached an agreement with China’s president, Xi Jinping, to delay the tariff increases for 90 days.
The increase, which was originally set for January 1, would bring the tariffs on $200 billion worth of Chinese imports to 25 percent. The 90 day delay begins December 1.
“We had believed the Administration finally heard the cries of businesses of all sizes as well as financial markets impacted by tariffs,”says Steve Pasierb, president and CEO of The Toy Association. “However, initial positive news and now subsequent confusion around a 90-day delay does not resolve the looming threat of tariffs and the uncertainty they create for the business community. We must continue to fight against escalation of the third tranche of tariffs and the threat of a potentially disastrous fourth tranche that would devastate the U.S. toy community.”
The Toy Association encourages members to work towards a tariff rollback by:
- Sending a grassroots letter to federal representatives
- Joining the Americans for Free Trade Coalition
- Sharing their company’s story with The Toy Association, to gather anecdotal feedback on the tariffs’ impact (email email@example.com)
“More members of The Toy Association, ASTRA, LIMA, WIT and other important organizations in the U.S. toy community must stand up with us,” Pasierb says. “We urge you to get involved and stand ready to help and to amplify your message.”