The News
Mattel’s CEO said toys should be exempt from tariffs globally.
Speaking at Semafor’s World Economy Summit on Thursday, Ynon Kreiz said the company behind Barbie and Hot Wheels supports the Toy Association’s position that toys should be subject to 0% duties.
To make that case, he noted that toys are “a foundational part of children’s development.”
Toys, like nearly all American imports, were subject to US President Donald Trump’s “Liberation Day” tariffs announced last month. Those made in China face even higher duties. But Kreiz said Mattel is “well-positioned relative to our competition” to weather the storm: It sources about 40% of its product from China, compared to the industry standard of 80-85%.
Mattel also produces in seven countries, giving it more supply chain flexibility.
Hiking prices for customers will be a “last resort,” he said.