Recently, the toy industry held its biggest annual convention in New York City. The head of a tiny company stood out from the crowd and was hailed by other business owners like a minor celebrity. Rick Woldenberg, the chief executive of Learning Resources, helped make headlines last year, when he took the White House to court, challenging Donald Trump’s sweeping global tariffs on imports from countries around the world.
Many people in the US are expecting to move on from the effects of the tariffs, which have caused price increases and profit losses, as Trump’s quick-fire trade statements have slowed down this year. But the folks who stopped by Woldenberg’s booth showed how many businesses are still on edge because of uncertainties about trade policies. On Friday, the Supreme Court could make a decision about his case.”People have been coming to thank us for standing up,” Woldenberg added, pointing to a display of toy animals and building blocks.
Last year, Trump’s messy rollout of tariffs turned the corporate world upside down. At one point, tariffs on Chinese imports reached 145%. The new import levies hit the toy business hard because it relies on China for a lot of its manufacturing. Many companies saw their expenses go up. Many companies hiked prices to help pay for the tariffs, which hurt their profitability. Woldenberg even embarked on a court battle, filing a lawsuit against the administration. But in several areas, the effects of the measures have been less severe than expected, notably for consumers.
Also Read:
Inflation Drops to 3% as Food and Fuel Prices Decline
Geneva Marks the Conclusion of US-Iranian Nuclear Negotiations
