'Will there be a Christmas?' Toy company CEO says kids may bear brunt of Trump’s trade war

01 May

U.S. President Donald Trump speaks to the media on board Air Force One on the way to Miami, Florida, U.S., April 12, 2025. REUTERS/Nathan Howard

One executive in the toy industry is warning that President Donald Trump's across-the-board tariffs will be harmful for both businesses and families alike — particularly children.

Earlier this week, Trump dismissed concern over price increases from his broad-based tariffs by saying that in Christmas of 2025, "maybe the children will have two dolls instead of 30 dolls, and maybe the two dolls will cost a couple of bucks more than they would normally." Trump made the comment from the Oval Office after being asked about the impact of his trade war with China, where the U.S. is taxing Chinese imports by 145% (China has imposed a reciprocal 125% tariff on American goods).

In a Thursday interview with CNN, Jay Foreman — who is the CEO of toy company Basic Fun — said Trump's comment was flippant and ignored very real concerns businesses like his have with his trade policy. Foreman said that because he sources most of his raw materials from China, it would take a significant amount of time to move his manufacturing base to the U.S. and that many Americans' livelihoods depend on the stability of the supply chain.

"Imagine if he said to Apple, well, instead of selling 30 iPhones, you only sold two," he said. "It's it's a flow of business. Everybody suffers. The retailer suffers, the trucking company suffers, the shipping company... I mean early h's never made anything, you know, a product necessarily. So he doesn't know what we really go through to do it."

Foreman went on to explain that roughly 80% of toys sold in the United States are made in China, and that the manufacturing standard there are "top quality." He then said that there's a "de facto embargo" with China under the current tariff structure, and that shortages later this year will be inevitable.

"At the end of the day, parents will find things for their kids, even if they have to make them, you know, handcraft them. The issue really is, will there be a Christmas for a lot of families?" Foreman said. "Because parents are going to be losing jobs. Mom and dad might lose their job at a toy company or some other import company ... so while a child may get two instead of 20, the parents might be spending their kids college education money to try to keep paying the rent and keep their business up and running."

"We need some relief," he continued. "We understand where the president is coming from ... We're trying to work with the administration. But the fact is it takes time and we need some relief now. Otherwise, a lot of small businesses will go under and a lot of people will be laid off in the coming weeks and months."

Watch the full segment below, or by clicking this link.

- YouTubewww.youtube.com

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