White House Tariffs Could Ground Santa's Gifts
Holiday toys are often manufactured and shipped four to five months ahead in China and the 145% tariffs are having a negative impact on production, according to The New York Times.
'We have a frozen supply chain that is putting Christmas at risk,' Greg Ahearn, chief executive of the Toy Association, told the media outlet. 'If we don't start production soon, there's a high probability of a toy shortage this holiday season.' With a possible shortage, higher prices will likely follow.
The Toy Association is asking the White House for "a 24-month reprieve" to give brands time to figure out the manufacturing process in the U.S. Toys aren't the only issue because Reuters has already reported that 87% of Christmas decorations, and per The Nature Conservatory, almost 90% of artificial Christmas trees come from China. It could be a very expensive holiday for Americans.
Playnow Toys & Games store owner Ray Vigneault suggested to Western Mass News that families who have the financial means should shop early this year.
'If your child has a certain thing that they want under the tree, you might want to get that now because it may not be around come the end of the year,' he suggested.
As a business owner, Vigneault believes it's the kids who get punished in the end when it comes to the trade war.
'Tariffs on toys. The kids are getting hurt. It's not a good situation...there will be huge shortages come Christmas," he explained. "That's totally the prediction right now. There will be some price increases, but the shortages are more worrisome."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hill
21 minutes ago
- The Hill
Conservatives mock Comey over Taylor Swift video
Conservatives are mocking former FBI Director James Comey over a post he made on his Substack on Sunday in which he discussed his admiration for pop superstar Taylor Swift. The post features a video of Comey calling Swift 'a truly inspirational public figure' and noting her recent appearance on NFL stars' Jason and Travis Kelce's podcast 'New Heights.' 'Taylor Swift and I go way back. I went to my first concert of hers 15 years ago. I've been to a second and I have helped financially support the attendance of a lot of family members and others. I'm in a family's Swiftie group chat. I know all her music, and I listen to it in my headphones when I cut the grass,' Comey said in the video. In response to Comey's video, conservative personality Benny Johnson said that 'A new James Comey hostage video just dropped.' 'This time he calls himself a 'Swiftie' and says Taylor Swift helps him cope with Donald Trump. You really can't make this up,' Johnson added in a Sunday post on the social platform X. In the Comey video, the former FBI director also states that 'we need to stand up to jerks and defend what matters, but I think we have to try to do that without becoming like them, which is what makes me think about Taylor Swift.' 'She's made clear that she sees Donald Trump for what he is, and last year, she urged Americans not to make the serious mistake of electing him,' Comey added. 'Of course, we're now living with the consequences of that mistake, but while our elderly makeup- covered president is posting about whether Taylor Swift is still hot and declaring that he can't stand her, what's she doing? Living her best life.' Conservative commentator Dinesh D'Souza also said on X Sunday that Comey was attempting 'now to come across as a normal guy, a Taylor Swift fan, and a champion of civility and decorum' in the wake of 'using his power for years to entrap Trump, Flynn and others.' The Hill has reached out to a representative for Comey and the White House for comment. Comey was fired as FBI director by Trump during his first term, and the two have feuded for years. Earlier this year, Comey made waves when he posted an image of shells on a seashore spelling out '86 47.' He deleted the post after criticism, saying he did not recognize it as something that could be seen as promoting violence toward the president. Comey's daughter, Maureen Comey, was fired in July from her job as a prosecutor for the U.S. attorney's office for the Southern District of New York (SDNY). The firing was largely seen as politically motivated given Trump's feelings for Comey and his desire for loyalists throughout his administration.
Yahoo
an hour ago
- Yahoo
Dollar braces for busy week of geopolitics and Fed speak
By Rae Wee SINGAPORE (Reuters) -The dollar dithered on Monday ahead of a key meeting between U.S. President Donald Trump and his Ukrainian counterpart Volodymyr Zelenskiy, while investors also looked ahead to the Federal Reserve's Jackson Hole symposium for more policy clues. Currency moves were largely subdued in the early Asia session, though the dollar steadied after last week's fall as traders further pared back bets of a jumbo Fed cut next month. The euro was little changed at $1.1705, while sterling edged up 0.07% to $1.3557. Against a basket of currencies, the dollar advanced slightly to 97.85, after losing 0.4% last week. Markets are now pricing in an 84% chance the Fed would ease rates by a quarter point next month, down from 98% last week, after a raft of data including a jump in U.S. wholesale prices last month and a solid increase in July's retail sales figures dimmed the prospect of an oversized 50-basis-point cut. "While the data don't all point in the same direction, the U.S. economy looks to be in okay shape in the third quarter," said Bill Adams, chief economist at Comerica Bank. "The Fed is likely to cut interest rates by year-end, either in September, when markets now price in a cut, or a few months later, when Comerica forecasts a cut." The main event for investors on Monday is a meeting between Trump and Zelenskiy, who will be joined by some European leaders, as Washington presses Ukraine to accept a quick peace deal to end Europe's deadliest war in 80 years. Trump is leaning on Zelenskiy to strike an agreement after he met Kremlin chief Vladimir Putin in Alaska and emerged more aligned with Moscow on seeking a peace deal instead of a ceasefire first. Also key for markets this week will be the Kansas City Federal Reserve's August 21-23 Jackson Hole symposium, where Fed Chair Jerome Powell is due to speak on the economic outlook and the central bank's policy framework. "I think (Powell) will also talk about the current economic conditions in the U.S., and that will be more policy relevant, that will be more interesting to markets," said Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia. "Given market pricing is very high for a rate cut in September, I think the risk is that Powell is hawkish, or is perceived to be hawkish, if he gives a balanced view of the U.S. economy." In other currencies, the dollar rose 0.11% against the yen to 147.34, after falling roughly 0.4% last week. Japan's government on Friday brushed aside rare and explicit comments from U.S. Treasury Secretary Scott Bessent who said the Bank of Japan was "behind the curve" on policy, which appeared to be aimed at pressuring the country's central bank into raising interest rates. The Australian dollar was up 0.1% at $0.65145, while the New Zealand dollar rose 0.15% to $0.5934, after falling 0.5% last week. Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
Qantas fined $58 million over illegally sacking 1,800 workers during pandemic
SYDNEY (Reuters) -Qantas Airways, Australia's largest airline, has been fined A$90 million ($58.64 million) for illegally sacking 1,800 ground staff and replacing them with contractors during the COVID-19 pandemic, a court ruled on Monday. In imposing a penalty close to the maximum available for breaching Australia's workplace laws, Federal Court of Australia Judge Michael Lee said it was to ensure it 'could not be perceived as anything like the cost of doing business'. 'My present focus is on achieving real deterrence (including general deterrence to large public companies which might be tempted to 'get away' with contravening conduct because the rewards may outweigh the downside risk of effective remedial responses,' Lee said in a summary judgment. He said A$50 million of the penalty would be paid to the Transport Workers' Union, which brought the case on behalf of the 1,820 staff fired by Qantas during the pandemic. It comes around nine months after Qantas and the Union agreed on a A$120 million settlement for the sacked workers. Qantas shares were down 0.13% in early trade. ($1 = 1.5349 Australian dollars)
