Toymaker says China tariff reprieve means "there's going to be a Christmas this year"
Small business owner David Mauro hopes an agreement by the U.S. and China to temporarily lower tariffs means there'll be toys for Christmas this holiday season.
U.S. tariffs on Chinese imports of 145% that had previously been in place spelled serious trouble ahead for his company, Jesusdoll.com, which makes talking religious toys, he told CBS News. But with those levies now lowered to 30% for 90 days, Mauro said that "for us, it means there's going to be a Christmas this year."
Over 80% of toys sold in the U.S. are made in China, according to The Toy Association trade group.
Under the truce announced this weekend, China will impose 10% tariffs on American-made goods, down from 125%.
Christmas is Jesusdoll.com's biggest retail season, and Mauro had feared not having products in stock to sell to U.S. customers this year. With sky-high tariffs in place, he had paused shipments from China, and had containers of goods waiting in limbo overseas.
"We're a seasonal company and we make Christian toys and Christmas is a big season for us. So we're going to be able to have products to be able to sell this Christmas, and that's huge for us and it's huge for our retailers, who were on the verge of not having any product at all," he told CBS News.
Although a 30% tariff on Chinese imports is still "painful," Mauro said, it at least won't prohibit him from doing business. He's importing about $100,000 worth of dolls, which he hopes will arrive within the 90-day period during which the tariff rate is slated to be reduced.
"We are hightailing it over here...we should make it before 90 days," he said, while conceding that the heightened uncertainty around U.S. trade policy makes it hard to plan.
"It can change on a dime, and we've seen that," Mauro said.
Had U.S. tariffs of up to 145% on China remained in effect, Mauro's plan was to ship his toy stock to Canada, the U.K. and Australia to avoid paying the steep levies.
"Just based on the uncertainty of the situation, we're bringing it back here just so we have product for our domestic market," Mauro said. "Assuming these numbers hold up, we'll be able to afford to bring it back. Before, we couldn't. We were really locked out."
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