'He Won't Sell One Toy In The United States,' Says Donald Trump Suggesting A 100% Tariff On Mattel Which He Seemed To Mistake For A Country
President Donald Trump has doubled down on his aggressive tariff stance, taking aim at toy giant Mattel Inc. (NASDAQ:MAT) as part of his ongoing trade dispute with China.
In remarks from the Oval Office on Thursday, Trump seemed to mistake the company for a country, saying, "Mattel, I don't know, I'm not so sure, they also said, they're the only country I've heard they said, 'Well, we're going to go counter, we're going to try going someplace else,' that's okay.'Don't Miss:
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He continued, "Let him go and we'll put a 100% tariff on his toys, and he won't sell one toy in the United States, and that's their biggest market."
Mattel recently announced plans to diversify its supply chain to reduce its reliance on Chinese manufacturing, a response to Trump's steep import tariffs.
CEO Ynon Kreiz told CNBC that the company is focused on global diversification, aiming to ensure that no single country will handle more than 25% of its sourcing by the end of 2025, including China. Kreiz dismissed the idea of moving production back to the U.S., saying, "We don't see that happening."
The company's shift comes as Trump pushes for more U.S.-based manufacturing, despite the higher costs this approach would impose on companies and consumers.
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Trump recently downplayed concerns about the impact of tariffs on toy prices, saying children might just end up with "two dolls instead of 30" and that the remaining toys might "cost a couple of bucks more."
According to a recent New York Times report, around 80% of all toys and 90% of all Christmas decorations sold in the U.S. are produced in China. With tariffs of up to 145% currently in place, many companies have paused new orders, further threatening the availability of popular holiday items.
Industry experts have warned that these tariffs could result in a significant toy shortage this Christmas. Toy Association's CEO Greg Ahearn told the Times that the situation is a "frozen supply chain" and called for a 24-month reprieve on tariffs to give manufacturers time to adjust their sourcing strategies.Mattel, the maker of iconic brands like Barbie, Hot Wheels, and Fisher-Price, has been gradually reducing its reliance on China for nearly a decade. CEO Kreiz told CNBC that by the end of 2025, the company aims to have no single country handle more than a quarter of its production. However, this global diversification strategy has not included a significant move toward U.S. manufacturing.
Trump's latest comments suggest the White House is prepared to penalize companies that try to sidestep his trade policies. "I wouldn't want to have him as an executive too long," Trump said, seemingly referencing Kreiz's strategy to diversify rather than relocate production to the U.S.
With the holiday season fast approaching, the question remains whether parents will be willing to pay higher prices for fewer toys as Trump's trade policies continue to ripple through the retail sector.
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