The newest information within the U.S.-China commerce warfare arrives as President Donald J. Trump begins his Asia tour this week.
Treasury Secretary Scott Bessent instructed NBC Information’ Meet the Press moderator Kristen Welker that the U.S. and China have established a “framework” deal following talks this weekend.
The feedback signify one other volley in a yr of back-and-forth that has seen the toy trade hammered by the Trump administration’s erratic commerce insurance policies, significantly on China, the place greater than 70% of all toys offered within the U.S. are made.
This week, President Trump will meet with Chinese language President Xi Jinping in South Korea, the place it’s anticipated that they’ll cool their jets to hammer out a pact involving uncommon earth minerals, fentanyl management, and different points on the heart of a proposed tariff of “100% on China, over and above any tariff that they’re presently paying,” per an Oct. 10 post from Trump on Truth Social. At the moment, that fee stands at 30%, together with a ten% reciprocal tariff stacked atop a 20% “fentanyl tax.”
All through this yr, commerce organizations, together with The Toy Affiliation and ASTRA (American Specialty Toy Retailing Affiliation), have ramped up advocacy efforts to guard the toy trade, its companions, and customers.
As all the time, The Toy E book reminds readers that tariffs are taxes paid by American companies and customers, not China or any overseas authorities. The billions collected by the U.S. authorities in tariff income come straight from People’ pockets.
Subsequent month, the Supreme Courtroom is anticipated to weigh in on the legality of Trump’s commerce insurance policies, listening to a case during which Illinois-based Learning Resources and hand2mind are lead plaintiffs.
Keep tuned for extra updates.
The put up U.S.-China ‘Framework’ Deal Could Ease Tension, Prevent 130% Tariffs on Toys appeared first on The Toy Book.
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