The annual North American Toy Fair, which features the newest in board games, monster trucks, and silly putty, is a delightful event. However, tariffs were ruining the atmosphere at the New York City convention center this year.
US President Donald Trump increased taxes on Chinese goods by 10% in February. Then, last week, he abruptly imposed tariffs on Canada and Mexico as well as an additional 10% border tax, which went into effect on Tuesday.
Businesses in the toy industry, which estimates that 80% of toys sold in the US are made in China, have been taken aback by the quick announcements and are now trying to find out how to handle a 20% cost increase.
