The latest news in the U.S.-China trade war arrives as President Donald J. Trump starts his Asia tour this week.
Treasury Secretary Scott Bessent told NBC News’ Meet the Press moderator Kristen Welker that the U.S. and China have established a “framework” deal following talks this weekend.
The comments represent another volley in a year of back-and-forth that has seen the toy industry hammered by the Trump administration’s erratic trade policies, particularly on China, where more than 70% of all toys sold in the U.S. are made.
This week, President Trump will meet with Chinese President Xi Jinping in South Korea, where it is expected that they’ll cool their jets to hammer out a pact involving rare earth minerals, fentanyl control, and other issues at the center of a proposed tariff of “100% on China, over and above any tariff that they are currently paying,” per an Oct. 10 post from Trump on Truth Social. Currently, that rate stands at 30%, including a 10% reciprocal tariff stacked atop a 20% “fentanyl tax.”
Throughout this year, trade organizations, including The Toy Association and ASTRA (American Specialty Toy Retailing Association), have ramped up advocacy efforts to protect the toy industry, its partners, and consumers.
As always, The Toy Book reminds readers that tariffs are taxes paid by American businesses and consumers, not China or any foreign government. The billions collected by the U.S. government in tariff revenue come directly from Americans’ pockets.
Next month, the Supreme Court is expected to weigh in on the legality of Trump’s trade policies, hearing a case in which Illinois-based Learning Resources and hand2mind are lead plaintiffs.
Stay tuned for more updates.
