Trump vs Ynon Kreiz: Trump blasts Barbie maker Mattel's CEO, threatens 100 pc tariff on his toys; ‘He won't sell…'
President Donald Trump threatened to levy a 100 percent tariff on Mattel, the company that makes Barbies, following the firm CEO Ynon Kreiz's announcement that the firm would continue to manufacture outside of the United States while reducing its reliance on Chinese imports.
'I've heard [Mattel] said: 'Well we're going to go counter, we're going to try going someplace else,'' the US President stated in the Oval Office on Thursday. 'That's OK, let him go, and we'll put a 100 percent tariff on his toys, and he won't sell one toy in the United States, and that's their biggest market.'
Trump's warning against Mattel comes as toys, especially dolls, have become a hot topic about tariffs and the trade policies of his administration.
In order to guarantee adequate supply and reasonable prices come holiday season, a number of industry representatives have urged the government to grant an exemption, warning that their dependency on Chinese imports will cause toy prices to be especially affected by the current 145 percent rate on the nation.
Trump and his administration have downplayed the importance of the issue. The President has stated on multiple occasions that girls would be 'better off' for having fewer dolls, and he is now threatening to place tariffs on one of the most famous doll producers in the world.
Trump made the remarks in reaction to a reporter's inquiry about Mattel's latest decision to increase its prices due to the tariffs. This comes after the US announcement about the UK deal that centered on autos and metals.
Also Read: Did Pope Leo XIV vote for Trump in 2024 US election? Here's what we know about his political views
Earlier this month, Mattel noted the 'changes in global trade policy and U.S. tariffs' and declared that it would be implementing 'pricing action' in its US business.
During Mattel's first-quarter earnings call, CEO Ynon Kreiz mentioned that the tariff-driven price surge was one of three 'mitigating actions' the firm had been compelled to take in wake of the tariffs, along with a decrease in its reliance on goods sourced from China and a wider diversification of its supply chain.
In a Tuesday interview with CNBC, Kreiz was questioned if the tariffs would make it more cost-effective to move some manufacturing to the US. He said, "We don't see that happening.:
'We believe that production in other countries—where we can be efficient and more productive—is the best balance between manufacturing outside of the U.S. and [continuing] to develop product in terms of design and creativity in America,' he stated.
In case the current scenario continues, Kreiz warned against significant possible chaos in the industry, stating that '80 percent of toy production globally happens in China. The Toy Association has stated that many companies are exposed to potential risks.'
'We support the Toy Association's advocacy for zero tariffs on toys to ensure that safe and affordable products remain accessible to everyone,' he added.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
30 minutes ago
- Business Standard
Trump backs call to arrest California governor Newsom over border row
Newsom, a Democrat, responded that he hoped he would never see the day that a president called for the arrest of a sitting governor in the United States Reuters Los Angeles US President Donald Trump on Monday said he would support the arrest of California Governor Gavin Newsom over possible obstruction of his administration's immigration enforcement measures amid protests in the state. Trump border czar Tom Homan on Saturday threatened to arrest anyone who obstructed enforcement efforts in the state, including Newsom and Los Angeles Mayor Karen Bass. Both sharply criticized the Republican president's deployment of National Guard troops to Los Angeles. "I would do it if I were Tom. I think it's great. Gavin likes the publicity but I think it would be a great thing," Trump said when he returned to the White House. Newsom, a Democrat, responded that he hoped he would never see the day that a president called for the arrest of a sitting governor in the United States. "I don't care if you're a Democrat or a Republican this is a line we cannot cross as a nation this is an unmistakable step toward authoritarianism," Newsom said in a post on X.
Time of India
40 minutes ago
- Time of India
Karma on the stairs? Trump stumbles months after ridiculing Biden's slip
Source: X/@armslist What goes around, comes around—sometimes in the form of a misstep. On Sunday, President Donald Trump found himself the subject of online mockery after stumbling on the steps of Air Force One—an ironic twist considering his past ridicule of Joe Biden for doing the same. The brief misstep in Morristown, New Jersey, was quickly recovered, but not before cameras caught the moment and social media users had a field day calling it "stair karma." The stumble happened as President Trump boarded Air Force One at Morristown Municipal Airport, heading back to Washington, D.C., after weekend engagements. Gripping the handrail with his right hand, Trump's left foot caught the edge of a step. He faltered briefly, bracing himself with a quick touch of the stairs, and then continued up without incident. Though it lasted just a second, the moment immediately sparked chatter online—mainly because of Trump's previous jabs at Biden's own stumbles. Source: X/@armslist To add to the awkwardness, Secretary of State Marco Rubio, who was accompanying Trump on the flight to Camp David, also tripped on the same set of stairs while boarding. Both recovered quickly, but the double misstep did not go unnoticed. When Trump mocked Biden's fall Trump's stumble drew comparisons to Biden's own high-profile trips—and Trump's sharp criticisms of them. In 2023, Trump mocked Biden after the latter fell at the U.S. Air Force Academy graduation in Colorado, calling it 'not inspiring' while also saying, 'I hope he wasn't hurt… You don't want that.' Back in 2020, Trump defended himself for walking cautiously down a ramp at West Point, likening it to 'an ice-skating rink.' He explained at the time, 'The whole thing is crazy… even if you have to tip-toe down a ramp, you don't want that.' In another speech from the campaign trail, Trump jabbed: 'Joe Biden can't even walk up a flight of stairs on Air Force One and he can't put two sentences together.' The incident this week has prompted critics to throw Trump's own words back at him. Source: X/@armslist Social media was quick to remark on this. One user said, 'That looks like the exact same spot President Biden tripped. Those stairs are fired!' A second user, 'Fix the stairs for heavens sake. Is this intentional or just blatant lazy negligence in the maintenance department?' A third user, 'Rubio reading the terrain and taking another one for the team! Love that guy!!'
Time of India
43 minutes ago
- Time of India
Auto companies 'in full panic' over rare-earths bottleneck
Frank Eckard, CEO of a German magnet maker, has been fielding a flood of calls in recent weeks. Exasperated automakers and parts suppliers have been desperate to find alternative sources of magnets, which are in short supply due to Chinese export curbs. Some told Eckard their factories could be idled by mid-July without backup magnet supplies. "The whole car industry is in full panic," said Eckard, CEO of Magnosphere, based in Troisdorf, Germany. "They are willing to pay any price." Car executives have once again been driven into their war rooms, concerned that China's tight export controls on rare-earth magnets - crucially needed to make cars - could cripple production. U.S. President Donald Trump said Friday that Chinese President Xi Jinping agreed to let rare earths minerals and magnets flow to the United States. A U.S. trade team is scheduled to meet Chinese counterparts for talks in London on Monday. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Small Electric Car for Seniors in Iraq: Prices That Will Surprise You Electric Cars | Search Ads Undo The industry worries that the rare-earths situation could cascade into the third massive supply chain shock in five years. A semiconductor shortage wiped away millions of cars from automakers' production plans, from roughly 2021 to 2023. Before that, the coronavirus pandemic in 2020 shut factories for weeks. Those crises prompted the industry to fortify supply chain strategies. Executives have prioritized backup supplies for key components and reexamined the use of just-in-time inventories, which save money but can leave them without stockpiles when a crisis unfurls. Live Events Judging from Eckard's inbound calls, though, "nobody has learned from the past," he said. This time, as the rare-earths bottleneck tightens, the industry has few good options, given the extent to which China dominates the market. The fate of automakers' assembly lines has been left to a small team of Chinese bureaucrats as it reviews hundreds of applications for export permits. Several European auto-supplier plants have already shut down, with more outages coming, said the region's auto supplier association, CLEPA. "Sooner or later, this will confront everyone," said CLEPA Secretary-General Benjamin Krieger. Cars today use rare-earths-based motors in dozens of components - side mirrors, stereo speakers, oil pumps, windshield wipers, and sensors for fuel leakage and braking sensors. China controls up to 70% of global rare-earths mining, 85% of refining capacity and about 90% of rare-earths metal alloy and magnet production, consultancy AlixPartners said. The average electric vehicle uses about .5 kg (just over 1 pound) of rare earths elements, and a fossil-fuel car uses just half that, according to the International Energy Agency. China has clamped down before, including in a 2010 dispute with Japan, during which it curbed rare-earths exports. Japan had to find alternative suppliers, and by 2018, China accounted for only 58% of its rare earth imports. "China has had a rare-earth card to play whenever they wanted to," said Mark Smith, CEO of mining company NioCorp, which is developing a rare-earth project in Nebraska scheduled to start production within three years. Across the industry, automakers have been trying to wean off China for rare-earth magnets, or even develop magnets that do not need those elements. But most efforts are years away from the scale needed. "It's really about identifying ... and finding alternative solutions" outside China, Joseph Palmieri, head of supply chain management at supplier Aptiv, said at a conference in Detroit last week. Automakers including General Motors and BMW and major suppliers such as ZF and BorgWarner are working on motors with low-to-zero rare-earth content, but few have managed to scale production enough to cut costs. The EU has launched initiatives including the Critical Raw Materials Act to boost European rare-earth sources. But it has not moved fast enough, said Noah Barkin, a senior advisor at Rhodium Group, a China-focused U.S. think tank. Even players that have developed marketable products struggle to compete with Chinese producers on price. David Bender, co-head of German metal specialist Heraeus' magnet recycling business, said it is only operating at 1% capacity and will have to close next year if sales do not increase. Minneapolis-based Niron has developed rare-earth free magnets and has raised more than $250 million from investors including GM, Stellantis and auto supplier Magna. "We've seen a step change in interest from investors and customers" since China's export controls took effect, CEO Jonathan Rowntree said. It is planning a $1 billion plant scheduled to start production in 2029. England-based Warwick Acoustics has developed rare-earth-free speakers expected to appear in a luxury car later this year. CEO Mike Grant said the company has been in talks with another dozen automakers, although the speakers are not expected to be available in mainstream models for about five years. As auto companies scout longer-term solutions, they are left scrambling to avert imminent factory shutdowns. Automakers must figure out which of their suppliers - and smaller ones a few links up the supply chain - need export permits. Mercedes-Benz, for example, is talking to suppliers about building rare-earth stockpiles. Analysts said the constraints could force automakers to make cars without certain parts and park them until they become available, as GM and others did during the semiconductor crisis. Automakers' reliance on China does not end with rare earth elements. A 2024 European Commission report said China controls more than 50% of global supply of 19 key raw materials, including manganese, graphite and aluminum. Andy Leyland, co-founder of supply chain specialist SC Insights, said any of those elements could be used as leverage by China. "This just is a warning shot," he said.
