Trump tariffs could send US toy prices soaring more than 50%: trade group

Toy manufacturers could beryllium forced to raise prices sharply – arsenic overmuch arsenic 56% – if President-elect Donald Trump’s tariff proposal connected overseas made equipment is implemented, according to a report from nan National Retail Federation.

According to a study this week from nan US waste and acquisition group, a $50 tricycle would summation to arsenic overmuch arsenic $78; a $25 committee crippled could costs $39 and a $17 plush artifact could spike to $27 nether nan taxation plan.

Trump has called for a cosmopolitan tariff of 10% to 20% connected each imports into nan United States from each countries and an further tariff of 60% connected each imports from China. 

The thought is to create much manufacturing jobs successful nan US and boost nan economy by expanding exports. But immoderate experts fret that it could stoke inflation present and spark waste and acquisition wars and retaliatory tariffs connected exported US goods.

“There is nary manufacturing guidelines for toys successful nan US anymore,” Jay Foreman, main executive of Basic Fun – shaper of Care Bears and Lincoln Logs – told The Post. “What tin we do?”

Trump has threatened to slap US companies for illustration John Deere with higher taxes for moving jobs overseas.

Overseas income of US cultivation goods, whiskey, orangish juice and moreover motorcycles declined aft nan European Union, China and different governments imposed tariffs connected those equipment 4 years ago.

Other user goods, including furniture, family appliances, footwear and recreation equipment would costs much arsenic well, according to nan report.

The tariffs would costs consumers an other $46 to $78 cardinal aliases $362 to $624 per family for conscionable those six merchandise categories, according to nan report.

“We find that nan further costs associated pinch these projected tariffs would beryllium excessively ample for US retailers to sorb and, erstwhile passed connected to consumers, would consequence successful prices higher than galore consumers would beryllium consenting aliases capable to pay,” nan study found.

“Some consumers would extremity purchasing nan items and request would fall,” according to nan report.

Household appliances could costs 31% much pinch a basal refrigerator that costs $650 coming going up to to $852 aliases a a $40 toaster oven going up to $52, nan NRF reports.

Footwear prices would besides spike by arsenic overmuch arsenic 29% pinch a $90 brace of sneakers jumping to arsenic overmuch arsenic $116 and a $48 brace of women’s slipper going up to $62 while a $119 handbag would costs $26 more, according to nan report.

By different measure, US households could suffer betwixt $1,900 and $7,600 successful disposable income, according to nan Budget Lab, a Yale University argumentation investigation center.

The artifact manufacture is uniquely susceptible arsenic nan immense mostly of each toys are made successful China, according to nan study released Monday, which was titled “Estimated impacts aliases projected tariffs connected imports”.

Basic Fun’s Tonka Mighty Dump Truck, for example, presently sells for $30 but pinch a 60% tariff it would waste for $45, Foreman said.