Hasbro Pressing Trump Administration on ‘Terrible’ Impact of Tariffs, Says CEO
Though Hasbro products escaped three rounds of Trade Act Section 301 tariffs implemented or proposed on Chinese goods, the toymaker is talking with its congressional delegations and the Trump administration “to ensure we’re communicating just how terrible an impact an…
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ongoing tariff or trade war” would have on the company and the U.S. economy, said CEO Brian Goldner on a Monday earnings call. “We’ve only seen nonmaterial changes to the tariff schemes of other countries that don’t really impact our business.” The company’s toy business “has not been part” of the Section 301 duties that took effect July 6, he said: "A free-trade environment" is "the best course for our company and for the industry.” Hasbro sources about 65 percent of its global product from China, but “we’re moving more production" to alternative sources, said Goldner. “We found some great new partners and territories that provide very-high-quality product,” he said. Hasbro draws about 25 percent of its U.S. revenue from products built in factories it runs in five U.S. states, said Goldner.