Business
How Trump’s Tariffs on China Are Affecting Toy Companies
At the biggest toy industry trade show in the Western Hemisphere this weekend, toy makers, as usual, displayed seemingly endless rows of stuffed animals, action figures and puzzles, hoping to entice retailers to pick their products.
But this year, the chatter at Toy Fair New York was dominated not by the next Barbie, but a larger game, one of global tactics, that could make most toys more expensive for U.S. consumers.
Almost 80 percent of toys sold in the United States are made in China. Last week, just as toy vendors from across the United States and dozens of other countries started to flock to the Jacob K. Javits Convention Center for the annual toy fair, President Trump announced a 10 percent tariff on Chinese goods that would come on top of the 10 percent he already imposed a month ago.
Companies big and small — from family-owned brands to household names — are trying to figure out how to manage the new costs related to tariffs. Stationed at a booth lined with plush stuffed animals, Linda Colson, the vice president of sales at Mary Meyer Corporation, said her company, based in Vermont, was in a state of paralysis over pricing. “We don’t know what to do,” she said. “I think a lot of people in this building are just waiting to see what everybody else is doing.”
Jay Foreman, the chief executive of Basic Fun, a toy manufacturer and distributor in Florida, sells to retailers including Walmart and Target. After Mr. Trump ordered the 10 percent tariff on China in February, Mr. Foreman started thinking of ways to avoid passing those costs onto his customers. So last Wednesday, he met with his company’s board of directors to devise a plan that would split the burden: the company, its factories in China and its retail customers would each absorb 3.5 percent of the added cost.
But just hours later, Mr. Foreman tuned into CNBC and heard Mr. Trump declare that new tariffs on China could jump to a total of 20 percent this week. The company’s plans “went right out the window,” said Mr. Foreman, whose company employs about 110 people in the United States and a total of 165 people globally.
“Now, those can’t be absorbed, and that additional tariff has to be passed onto the consumer,” he added. “It tipped the domino.”
The Tonka Mighty Dump Truck, which Basic Fun makes under a license from Hasbro, currently retails for $29.99. That price will probably increase between $5 and $10 for consumers, Mr. Foreman said.
Some of the bigger companies at the convention expressed confidence that their Chinese suppliers would absorb a portion of the added costs, as factories would not want to lose business.
Safari, which sells animal figurines, produces about 90 percent of its products in China, said Danny Falero, the company’s director of marketing, and manufacturers have said they are willing to make some concessions. He emphasized that his company did not intend to raise prices unless Mr. Trump’s policies went into effect.
“It’s slightly theater, so let’s see what actually lands, and then we’ll make adjustments based on that,” Mr. Falero said.
Looming tariffs were weighing heavily on Luis Prior, who owns Meavia Toys, a small company in Corbin, Ky. His three-year-old business designs sensory toys for children with special needs and are sold to teachers, hospitals and museums.
Mr. Prior said that regardless of whether tariffs on China stayed at 10 percent or doubled on Tuesday, he would have to raise his prices. But the uncertainty has made it impossible to make any specific pricing decisions, he said. When he returns home from the convention this week, Mr. Prior plans to go through his products, item by item, and reassess.
“Exhaustion,” Mr. Prior said. “That’s the only way I can describe it.”
Three billion toys are sold in the United States each year, generating $42 billion in sales and supporting nearly 700,000 jobs, according to the Toy Association, a trade group representing the U.S. toy industry.
The association has been lobbying for an exemption from Mr. Trump’s broad tariffs, pointing in part to the fact that small businesses make up roughly 96 percent of the industry, said Greg Ahearn, the group’s chief executive. During Mr. Trump’s first term in the White House, he had imposed 10 to 25 percent tariffs on many Chinese products — but he backed down from tariffs on toys, among other consumer goods.
While most toys are made in China, some manufacturing has moved to Mexico in recent years, but Mr. Trump also said that the 25 percent tariff he had imposed on Mexico and Canada would go into effect on Tuesday.
The Toy Association has been visiting senators’ offices and pushing to get its message to people inside the Trump administration, Mr. Ahearn said, as well as communicating with its members daily to share the latest updates on tariffs.
Mr. Trump’s announcement of an additional tariff on China coincided with Mr. Ahearn’s preparations for the Toy Fair. “It wasn’t good, and now it’s unbearable for us as an industry,” Mr. Ahearn said, adding that a 20 percent tariff will inevitably be passed onto consumers.
In an interview with CNBC on Monday, the White House trade adviser, Peter Navarro, doubled down on Mr. Trump’s tariff plans, saying their effect on consumer prices would be “second order small” when taking in account the administration’s simultaneous plans to deregulate industry, reduce the size of the federal government and expand energy production.
“I don’t see the president wavering on any of this,” he said.
Five years ago, Sharon Azula and her husband started a company called the Tooth Brigade selling tooth-fairy pillows. Last summer, they lowered the retail price for a pillow — a small stuffed animal with a tooth pouch — to $14, down from $16, which helped boost demand.
Tariffs, especially if they amount to 20 percent, are likely to force Ms. Azula to raise prices again, since everything they sell is manufactured in China. When they started the brand, she and her husband wanted to manufacture their products in the United States, but it was too expensive, she said.
Now, motioning to a pillow at her Toy Fair booth, Ms. Azula said she was worried that higher prices could sink the business.
“When I’m here, I try not to think about it,” she said, tearing up. “But when you try to think about what the future is going to be — I don’t know. I just don’t know.”
Business
Battered by ICE raids, L.A.’s Fashion District desperately needs Black Friday miracle
Lizzie Osorio remembers customers flooding Lion Boots in early May, browsing embroidered shoes and tasseled suede dresses.
Beyoncé had four concerts scheduled in Los Angeles at SoFi Stadium for her Cowboy Carter tour. So the store tucked in Santee Alley, where 24-year-old Osorio works selling cowboy boots and other Western-style clothing, was the perfect stop for fans.
Osorio expected, or perhaps hoped, the store would see similar traffic at the start of the Thanksgiving holiday week.
After the tumult of President Trump’s immigration crackdown, that remains to be seen. Over the summer, several raids in the neighborhood sparked protests. But the mass arrests and fears of deportation turned the Fashion District into a ghost town for several weeks after, with storefronts shuttered and frightened workers staying home.
The story was the same in other business districts that cater to immigrants. Although conditions have improved in recent months, merchants are still feeling the pain and in desperate need of a holiday retail miracle.
Shoppers stroll through the Santee Alley in downtown’s Fashion District where business owners are working to recover from losses caused by recent immigration enforcement.
Local officials and activists are encouraging people to shop on Black Friday and beyond, including by holding a festival over the weekend. But it remains unclear how many will feel safe enough to come out.
Some merchants are “living sale to sale, customer to customer,” said Anthony Rodriguez, president of the Fashion District’s business improvement district, a private group of property owners in the area.
“These aren’t big-box stores,” Rodriguez said. “These are family-owned and, in some cases, generational businesses that more than ever need L.A.’s support. If people can come down and just spend $10 to $15 … that’s how we can make a difference.”
On Monday, Osorio said she made just one sale: a pair of utility boots.
She opened the store at 9:30 a.m. and sold the boots at around 2 p.m. They had been marked down $30 from their typical price of $160 because customers have been so reluctant to spend money, she said.
“We are waiting for the good times,” Osorio said. “Honestly, I felt like it was going to be better this week, but it’s been really, really slow. We just pray and keep the faith. Let’s see what happens.”
Small businesses in the area — which includes the historically vibrant, bustling open-air shopping corridor Santee Alley, known for bargain prices — are looking for ways to recoup some of their losses through holiday sales.
Shoppers stroll along Santee Alley in downtown’s Fashion District. More than half a dozen businesses in the alley and on Santee Street said their sales remained down after the onslaught of federal immigration raids, with some doing better than others.
Foot traffic in the area is back at levels seen before federal immigration raids began in Los Angeles in early June, according to the business improvement district.
But Rodriguez said traffic fluctuates day to day and is “at the mercy” of rumors, at times false, of federal enforcement operations circulated among group chats of merchants and community members.
Such alerts prompt businesses to shut down at a moment’s notice with “people literally running from their stores,” Rodriguez said. He said that, one day, agents from the U.S. Fish and Wildlife Service were conducting an investigation in the area and were confused for Customs and Border Protection officers.
Rodriguez said there are “very valid reasons” to pay attention to alerts but that minimizing their harmful effects is crucial for economic recovery.
Visitors to stores and businesses in the Fashion District dropped dramatically in the week or so after the initial raids on June 6. Foot traffic in the Fashion District dropped 33% while visitors to Santee Alley specifically dropped by 50%, according to the business improvement district.
Rodriguez said it took at least three weeks to recover foot traffic, and even so, vendors are struggling because “people are not spending like they used to.”
And the typical holiday boost has yet to make an appearance, Rodriguez said.
“As of right now, we are not seeing the holiday spike we have seen in previous years,” he said.
In May, the Fashion District saw some 1.98 million visitors, while in June that number dropped to 1.2 million, according to the group. In September, the district saw 1.3 million visitors, far below the the 1.5 million the area saw in the same period last year.
Santee Alley in downtown’s Fashion District where business owners are working to recover from losses caused by recent immigration enforcement.
Pop music blared from open doors on Monday afternoon on Santee Street as the light faded. A smattering of storefronts were closed, but most were open, ready to welcome tourists and local families doing their holiday shopping. Clumps of customers gathered. The alley was lively compared with the weeks after the first summer raids.
Maria Fuertes, 43, and her daughter had prowled the area for more than seven hours, since 9 a.m., shopping for outfits for a December wedding. They had made the more-than-hourlong trek from Eastvale in Riverside County to look for formal dresses and shoes. Fuertes said she often shops in the area around the holidays and that it “feels empty” compared to years past.
“It’s kind of creepy and lonely,” Fuertes said.
More than half a dozen businesses in the alley and on Santee Street told The Times their sales remained down after the onslaught of federal immigration raids, with some doing better than others. A lingerie shop saw a dip but not a severe one, with online sales remaining strong. The owner of an accessories store said business was down 30%, while an employee at a jewelry store said business was down 70%.
A local merchants association known as Somos los Callejones and the Los Angeles Tenants Union partnered with Councilmember Ysabel Jurado to host a street festival Saturday in an effort to attract customers in the lead-up to Black Friday.
According to Jurado’s office, the festival drew some 500 attendees. Vendors set up booths and racks of clothing along Olympic Boulevard between Santee Street and Maple Avenue, which was closed to vehicle traffic. The event featured live music, and organizers raffled off 10 turkeys.
Shoppers stroll along Maple Avenue in downtown’s Fashion District.
The raffling of turkeys highlighted the food insecurity many families in the area are facing, Jurado said in an interview. Some have lost their primary breadwinners to the Trump administration’s deportation efforts, and children have begun to skip school to keep their households afloat.
“Some were so excited to win [turkeys],” Jurado said, adding that the food insecurity “has been really sobering.”
“These are the realities that people are continuing to grapple with,” she said, “as their loved ones have been taken.”
Businesses said they were marketing deals when possible — and emphasizing customer service.
The California Mirage Jewelry Design Center, which is on prime real estate at the entrance to Santee Alley and has been in operation since the 1990s, has been offering 30% off on all items since last week, a promotion that will last through Black Friday.
Carolina Medrano, 38, a store employee who on Monday evening rearranged twinkling gold chains, said that even with the discount, business had been “super slow.”
“I believe everybody is struggling,” said Jessica Morales, 40, an employee at a nearby dress retailer who asked that the store not be named, since she didn’t have permission from her supervisor.
As she used a long pole with a hook to hang a glittery pink dress on a high rack, Morales noted that some customers had become more aggressive in trying to negotiate a lower price, threatening to go to other vendors.
She tries to emphasize the quality and variety of the store’s dresses, and that some other nearby retailers are no longer able to afford to keep their inventory well-stocked.
Some customers talk of quinceañeras being canceled, or their husbands telling them to stay home from parties for fears of raids, Morales said.
“People are trying to save their money. Everyone’s scared to come out,” Morales said. “You have to find a way to connect with customers.”
Women’s attire on display at the corner of Olympic Boulevard and Maple Avenue in downtown’s Fashion District where business owners are working to recover from losses caused by recent immigration enforcement.
The hit to sales in the aftermath of immigration raids comes as the local economy is already suffering, weakened by the rise of e-commerce, tourism disruptions from COVID-19 lockdowns and inflationary and other economic pressures pushing consumers to spend less.
Ilse Metchek, a former president of the California Fashion Assn. who has worked in the industry since the 1950s, said the merchandise sold in Santee Alley had changed in recent years. It shifted from the good-quality excess products of local brands — which were then sold at bargain prices — to imitation or cheap goods often imported from abroad.
Famously, Richard Riordan, who served as mayor of Los Angeles from 1993 to 2001, “took a very publicized walk [through Santee Alley] where he paid $10 for a silk shirt and made a whole big to-do about it,” Metchek said.
The move by then-President Reagan to grant amnesty, giving legal status and a path to citizenship to many immigrants lacking authorization, helped pave the way for a booming fashion economy, she said.
Immigration crackdowns in recent years, regulations that have increased labor costs and China’s manufacturing boom in the early 2000s have created a difficult economy for California fashion brands and workers.
“It’s a pity,” Metchek said. “There’s a clear pattern of why and what has happened here. This is not nuclear physics.”
Gloria Andrade, 53, owns a business selling makeup, accessories and miscellaneous electronics in the Maple Alley Fashion Center in downtown L.A. that has operated for some 25 years. In May, her family opened up a second storefront nearby in Santee Alley, without anticipating the raids and resulting downturn.
A view of the corner of Olympic Avenue and Santee Street in downtown’s Fashion District where business owners are working to recover from losses caused by recent immigration enforcement.
Andrade said the rent for her new location is about $4,500, and that she’s two months behind. Many neighboring businesses are in a similar situation, she said.
“It’s the first day of vacation and nobody came,” she said of the Thanksgiving holiday. “We’ll wait for Christmas to see how it goes.”
Business
Fall Art Auction Quiz: Are You Smarter Than a Billionaire?
In a single week, collectors spent a whopping $2.2 billion on art at New York’s auction houses. While that $236 million Klimt portrait made headlines, plenty of other paintings and sculptures sold for sums that might surprise you.
Can you guess which of these works sold for more?
Note: Listed sale prices include auction fees.
Image credits: “Paradise Pies (VI): Red” via Sotheby’s; “Untitled” via Christie’s; “From our side” via Christie’s; “TAGOMIZOR” via Christie’s; “Blumenwiese (Blooming Meadow)” via Sotheby’s; “Waldabhang bei Unterach am Attersee (Forest Slope in Unterach on the Attersee)” via Sotheby’s; “Cowboy Eating with Shoulder Hole” via Sotheby’s; “Untitled (Cowboy)” via Christie’s; “A Clear Unspoken Granted Magic” via Christie’s; “Sarah” via Phillips; “Modern Painting Triptych II” via Sotheby’s; “Nude with Blue Hair, State I” via Christie’s; “Abstraktes Bild” via Christie’s; “Sunflower V” via Christie’s; “Wall Relief with Bird” via Christie’s; “Hulk (Rock)” via Sotheby’s; “America” via Sotheby’s; gold by MirageC via Getty Images.
Zachary Small contributed reporting. Produced by Josephine Sedgwick.
Business
Fubo TV blasts NBCUniversal for pulling channels
Subscribers of sports streaming service Fubo TV have lost access to channels owned by NBCUniversal in the latest TV distribution dust-up.
Fubo blasted NBCUniversal for its stance during collapsed contract negotiations, resulting in a blackout of NBCUniversal channels just days before Thanksgiving when scores of viewers hunker down for turkey and football. NBC is set to broadcast the Macy’s Thanksgiving Day Parade, the National Dog Show and Thursday night’s NFL game featuring the Cincinnati Bengals battling the Baltimore Ravens. The events also will stream on Peacock.
The blackout, which also includes Bravo, CNBC and Spanish-language Telemundo, affects Fubo’s nearly 1.6 million customers.
The dispute comes a month after NBCUniversal’s rival, Walt Disney Co., acquired the controlling stake of Fubo and folded the smaller sports-centric offering into Disney’s Hulu + Live TV. (Hulu + subscribers still have NBCUniversal channels available because they are covered by a separate distribution contract.)
Fubo customers could also miss NBC’s broadcast of the Macy’s Thanksgiving Day Parade.
(Eduardo Munoz Avarez / Associated Press)
In its Tuesday statement, Fubo alleged that NBCUniversal had refused to give Fubo leeway to offer just a few of its channels — rather than its entire portfolio. Fubo is looking to control costs and designed its product to be a slimmed-down version of a bulky bundle — but one with a heavy complement of sports networks.
Fubo also took issue with NBCUniversal negotiating on behalf of the cable channels that NBCUniversal plans to cast off in January as part of a corporate split.
Legacy cable channels including MS Now (formerly MSNBC), Syfy, CNBC, USA Network and Golf Channel will be form the new publicly traded company, Versant.
“Fubo offered to distribute Versant channels for one year,” Fubo said in its statement, adding that it views most of those networks as “not being worth the cost.”
“NBCU wants Fubo to sign a multi-year deal – well past the time the Versant channels will be owned by a separate company,” Fubo said. “NBCU wants Fubo subscribers to subsidize these channels.”
NBCUniversal, owned by cable and broadband giant Comcast, countered that it had offered Fubo similar terms to those contained in deals struck with other pay-TV distributors — but Fubo balked.
“Unfortunately, this is par for the course for Fubo,” NBCUniversal said. “They’ve dropped numerous networks in recent years at the expense of their customers, who continue to lose content.”
The Nov. 21 blackout came one week after Disney resolved a separate, high-profile dispute with Google’s YouTube TV. That dispute, which resulted in a two-week blackout of Disney-owned channels, including ESPN, for about 10 million YouTube TV customers, hinged on fee increases sought by Disney.
The two companies also tussled over YouTube TV’s desire to offer the ESPN streaming app to its customers at no extra cost.
They reached a compromise, and YouTube came away with authorization to provide some ESPN streaming content.
In September, YouTube TV avoided a similar blackout of NBC channels by making a deal just hours before the deadline.
Disney acquired 70% of Fubo TV in October 2025.
(Justin Sullivan / Getty Images)
Fubo pointed to NBCUniversal’s recent deals with YouTube TV and Amazon Prime Video, which allows those companies to offer NBC’s streaming app Peacock as part of their channel stores. Fubo alleged that NBC refused to give Fubo the same rights.
“Fubo is committed to bringing its subscribers a premium, competitively-priced live TV streaming experience with the content they love,” Fubo said. “That includes multiple content options, including a sports-focused service, that can be accessed directly from the Fubo app. We hope NBCU reconsiders their stance, or we’ll be forced to move forward without them.”
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