Latest news with #BasicFun
Yahoo
2 days ago
- Business
- Yahoo
US Importers Brace for Higher Shipping Costs
It has been two months since President Trump's Liberation Day when he announced tariffs on nearly every country on Earth, especially China. Since then, US retail businesses have reduced their shipments from China. Basic Fun CEO Jay Foreman explains how the tariffs have impacted the company on "Bloomberg Markets." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Post
3 days ago
- Business
- New York Post
US business owners cheer court ruling on Trump's tariffs— but still hedge their bets as chaotic battle plays out in courts
US business owners cheered a bombshell court ruling that voids most of President Trump's tariffs — but most said they'll still hedge their bets as the legal drama unfolds. The US Court of International Trade in Manhattan issued a sharp rebuke late Wednesday, ruling that the power to issue duties on foreign goods lies with Congress, not the president. A federal appeals court put the ruling on hold on Thursday after the Justice Department appealed it. Northbrook, Ill.-based Baby Paper, which makes sensory plush toys, had been poised to raise its wholesale prices within several weeks by $1 to $5 on items that range in price between $7 and $30, but owner Sari Wiaz said she will now hold off. Advertisement 5 Baby Paper is going to hold off on raising prices on its plush toys to see whether the courts permanently block new tariffs. Sari Wiaz 'In March, I increased my prices by 5%, but now that we have this news, I'm not going to go ahead with my next increase,' Wiaz told The Post. 'I'm going to wait for everything to settle.' Baby Paper makes its crinkly toys in China, which was slapped with a 30% tariff that will stay in place until Aug. 10 when a temporary pause on a much higher levy will expire. Advertisement 'I'm skeptical but It does feel like the sun is shining again,' Wiaz said. 'We all have our fingers crossed.' Jay Foreman, chief executive Basic Fun – maker of Tonka Trucks, Care Bears and Lite Brite – says the ruling by the trade court shows 'it's very clear that tariffs on things like toys, tennis shoes and T-shirts is not a national security issue. 'I applaud the court,' Foreman added. 'This will save my business and so many others.' 5 Jay Foreman is CEO of Basic Fun, which makes Tonka Trucks and Care Bears. AP Advertisement 5 Dan Digre is president of MISCO Speakers. Courtesy of Dan Digre The court's ruling was in response to a lawsuit filed in April by a coalition of small businesses. But White House officials expressed confidence the decision will be overturned on appeal – and experts said there are other legal options to keep the tariffs in place. Daniel Digre — whose 75-year-old, Minneapolis company MISCO now relies on Chinese parts for speakers it builds in the US — likened the court ruling to a 'speed bump.' 'It means we just keep doing what we've been doing — looking for other countries to work with and continuing to diversify our supply chain as much as possible,' Digre told The Post. 'That's how I see it.' Advertisement Beth Benike, whose company Busy Baby makes rubber placemats and utensils, said the ruling made her feel 'validated' and 'optimistic for a moment.' But she also frets that it may be too little, too late after she was unable to bring in inventory from China when the tariffs spiked in April. 5 Beth Benike says her company Busy Baby is in 'imminent danger' of shutting down. Courtesy of Beth Benike Benike recently scored contracts with Walmart and Target and took out a loan to amass inventory — but she's now looking to cancel the deals in order to conserve cash. 'We are in imminent danger of going out of business,' Benike told The Post. On the positive side, the court ruling lights a fire under the Trump administration to expedite trade truces, said Juan Pellarano-Rendon, chief marketing officer at Swap, a platform that provides tech services to 500 online retailers. 'The Trump administration is certainly going to want to get ahead of the courts and broker the trade agreements as soon as possible to show that they have successfully used tariffs as a tool,' Pellerano-Rendon told The Post. 5 The Trump administration is confident that it will win any legal challenges to its tariff policies. AFP via Getty Images Advertisement In the meantime, some of Swap's clients are considering barring orders to the US as tariffs drive up their costs, he said. If the Trump administration moves quickly to clinch trade deals before important shopping seasons, like back-to-school and holiday sales, the worst of the impact could be avoided, he added.
Bloomberg
3 days ago
- Business
- Bloomberg
US Pending Home Sales Drop By Most Since 2022
"Bloomberg Markets" follows the market moves across every global asset class and discusses the biggest issues for Wall Street. Today's guests; Morgan Stanley Global Head of Macro Strategy Matt Hornbach, FHN Financial Head of Product Strategist, Economics Abigail Urtz, Shift4 Payments Incoming CEO Taylor Lauber, and Basic Fun CEO Jay Foreman. (Source: Bloomberg)
Buzz Feed
7 days ago
- Entertainment
- Buzz Feed
Your Fave Childhood Toys Are Having A Major Comeback
Between Funko Pop figurines targeting every corner of popular culture fandom and the recent rise of blind boxes, adults are collecting and playing with toys like never before. Companies like The Loyal Subjects and Basic Fun took notice and have been attracting the attention of older toy enthusiasts, specifically Gen X and Millennials, by reviving popular brands like Rainbow Brite, Strawberry Shortcake, Littlest Pet Shop and several others. Loyal Subjects CEO Jonathan Cathey told us, 'I don't think we had a conscious strategy other than to go after what we liked and knew — sort of that age-old writer wisdom — 'write what you know'. Being born in '74, I came of age with these brands, so I had a visceral connection... I knew there were many folks like me... so it just seemed like a no-brainer. It's sort of the anti-data approach, just go with your gut kind-a-thing.'It was a gut instinct that paid off. The brand's Rainbow Brite re-release took home the 'Doll of the Year' award at the 2025 Toy Awards. It's also worth noting that a Transformer toy took home 'Action Figure of the Year' and an updated version of Uno won 'Game of the Year.' Jay Foreman, CEO of Basic Fun, explained, 'What makes [these brands] popular is that they have an extra charm and appeal that makes them memorable and endearing, generation after generation. So the brands that bring back memories are the ones that tend to remain popular.' Some of the toys have been restored just as you remember. Others have been updated slightly to align with current trends. We rounded up some of these throwback toys guaranteed to send you drifting down memory lane and spoke to some collectors about their favorites. A new kind of Care Bear Care Bears were originally created in 1981 to be featured on greeting cards. In the decades since, the characters have been the focus of TV shows, movies, games and (of course) dolls. The newest line, including this Grumpy Bear, are designed to help kids express their emotions and made from materials to help comfort children with sensory it from Amazon for $13.97+ (available in 11 styles). A truly outrageous music icon Barbie has had a chokehold on the pop culture zeitgeist for generations, but the '80s were Jem's time to shine. As the star of an animated series from 1985 to 1988, her flamboyant style and personality left such a lasting impression on kids at the time that they're now snatching up the revived doll line. Our own Noah Michelson is one such collector: "I know some people think nostalgia can be dangerous because it romanticizes the past in a way that often isn't entirely accurate, but I think leaning into it can also be a relief in some ways. So much is terrible right now and these toys are a reminder of — and a portal to — a better time."Get it from Walmart for $34.95. A colorful intergalactic superhero First introduced in 1984, Rainbow Brite leads a group of heroes who protect all of the colors of the universe. The Loyal Subjects revival of toy line is one of their most popular endeavors so far, earning them awards and accolades in the industry and from fans. While this 12-inch doll is the clear standout, the collection also includes mini figurines, bag charms and enamel pins. Get it from Amazon for $14 (also available in three other styles). A set of miniature animal friends A few years before Pokémon took the world by storm in the '90s, Littlest Pet Shop had young people all over trying to collect them all. Relaunched in 2022 by Basic Fun, fans of the original pets are embracing their tiny friends again with open arms. YouTuber Emily Kay explains, "I have around 750 Littlest Pet Shops. I've been collecting since I was around 6 years old and I'm 23 now! I stopped buying LPS when I went to college, it had been so long since Hasbro had made the type of Littlest Pet Shops that collectors like myself preferred, and there were less and less people involved in the community. I find the community to be a big part of why I enjoy collecting LPS! Once Basic Fun brought back the older style, I started to collect and make videos again with my rediscovered passion."Get them from Amazon for $11.99. An adorable adoptable dog Millennials have been living by the "adopt, don't shop" mantra since we were little kids. Between Cabbage Patch Kids and Pound Puppies, we adored dolls that came with adoption certificates and gave them loving homes. The original line of Pound Puppies ceased production in 2003, but the adoption shelter reopened in 2019 when Basic Fun brought back some familiar faces and introduced a few new it from Amazon for $14.99. A boy doll from 1985 with an unforgettable theme song Historically, most dolls have been designed to appear female and they've been marketed toward girls. Hasbro attempted to shake things up in the mid-'80s by creating My Buddy for boys. There are long-standing rumors that the doll served as visual inspiration for the murderous toy star of "Child's Play" franchise, but not even Chucky could stop this little guy from making his big return to shelves in February of it from Walmart for $34.97. A special anniversary-edition figurine for horse girls (and boys) everywhere My Little Pony has had several iterations since its debut in 1981. The adult fanbase for these magical horses is large enough that it was the subject of a documentary made back in 2012. Basic Fun introduced a limited edition re-release of the original line-up to celebrate the brand's 40th anniversary in 2021. I'm not sure they still qualify as ponies at 40 years old. Get it from Amazon for $13.99+ (available in six styles). A sweet-scented doll with some equally fragrant friends While Rainbow Brite is off on her intergalactic travel preserving color in the universe, Strawberry Shortcake and her pals are holding it down on Earth baking sweet fruity treats. The first doll was introduced in 1979 and continues to have a devoted following with each new release thanks to The Loyal Subjects. Get it from Amazon for $13.99+ (available in two styles).
Time of India
13-05-2025
- Business
- Time of India
'We're starting to move everything': Trump's China deal frees up shipping
For weeks, Jay Foreman, a toy company executive, froze all shipments from China , leaving Care Bears and Tonka trucks piled up at Chinese factories, to avoid paying President Donald Trump 's crippling 145% tariff. #Operation Sindoor The damage done at Pak bases as India strikes to avenge Pahalgam Why Pakistan pleaded to end hostilities Kashmir's Pahalgam sparks Karachi's nightmare But as soon as his phone lit up at 4 a.m. Monday alerting him that Trump was lowering tariffs on Chinese imports for 90 days, Foreman, CEO of Basic Fun, which is based in Florida, jumped out of bed and called his suppliers, instructing them to start shipping merchandise immediately. "We're starting to move everything," Foreman said. "We have to call trucking companies in China to schedule pickups at the factories. And we have to book space on these container ships now." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Co-Founder of Google Brain, Andrew Ng, Recommends: "These 5 Books Will Turn Your Life Around" Blinkist: Andrew Ng's Reading List Undo If other executives follow Foreman's lead, a torrent of goods could soon pour into the United States. While logistics experts say global shipping lines and American ports appear capable of handling high volumes over the next three months, they caution that whiplash tariff policies are piling stress onto the companies that transport goods around the world. "This keeps supply chain partners in limbo about what's next and leads to ongoing disruption," said Rico Luman, senior economist for transport, logistics and automotive at ING Research. Live Events After talks this weekend in Geneva, the Trump administration lowered tariffs on many Chinese imports to 30% from 145%. China cut its tariffs on American goods to 10% from 125%. If a deal is not reach in 90 days, the tariffs could go back up, though Trump said Monday that they would not rise to 145%. Some importers may hold off on ordering from China, hoping for even lower tariffs later. Importers weighing whether to rush goods in over the next 90 days must also determine if suppliers in China can fill those orders and get them onto vessels by the end of July. Voyages from Chinese ports to the West Coast of the United States can take two to three weeks. Because the timing is tight, Gene Seroka, executive director of the Port of Los Angeles, does not expect a huge surge of imports in the coming weeks. "Ninety days is not a long runway for people in our business," he said. Seroka added that big retailers might have sufficient products at least for a while because they had brought in large volumes of goods before Trump's tariffs took effect in April. The 30% tariff is still high by historical standards, so importers may decide to pay it only for goods they really need. But others may rush in shipments across the board. Foreman said that while the 30% tax would pose a challenge to a medium-size company like his, it was manageable. He said he could discuss splitting the higher cost with his suppliers and the retailers that sold his products. At this tariff level, consumers can expect a roughly 15% increase in the price on some toys, he added. The tariffs are one of many shocks to supply chains in recent years. Spending during the coronavirus pandemic led to a deluge in imports that overwhelmed ports and shipping companies. And freight costs surged. Separately, low rainfall reduced the amount of water available to the Panama Canal, allowing fewer vessels to pass through. Then, in 2023, the Houthi militia in Yemen started attacking ships in the Red Sea, forcing most shipping lines to take a long detour around the southern tip of Africa. A dockworkers' strike last year at ports on the East Coast of the United States caused more disruption. Overall, supply chains functioned quite well after the upheavals of the pandemic. Using the huge profits they earned during the pandemic, shipping lines bought scores of new vessels. As a result, they had the spare capacity to handle surges in volume and big disruptions like the detour around Africa. The impact of Trump's tariffs has been easy to spot in trade data. In the last five weeks, bookings to ship containers from China to the United States were 45% below the level in the same period last year, according to data from Vizion, a logistics technology company, and Dun & Bradstreet. The Port of Los Angeles received 31% fewer containers last week than during the same week in 2024, while the number of vessels visiting the port was down 20%, Seroka said. Now, shipping lines may have to reorganize their networks again, straining capacity. As a result, shipping rates could rise as much as 20% in the short term, said Peter Sand, chief analyst at Xeneta, a shipping market analytics company.
