- Mattel CEO Ynon Kreiz told C온라인카지노사이트 he does not foresee toy manufacturing coming to America.
- Instead, the company expects to raise prices in the U.S. to offset President Donald Trump's 145% tariff on Chinese imports.
- By the end of the year, less than 40% of Mattel's product will be sourced from China, with a goal of reducing that to below 25% in the next two years.
Watch 온라인카지노사이트 5 free wherever you are
WATCH HEREOne of the goals of President Donald Trump's 145% tariffs against is to drive manufacturing back to America. But the odds of that are low, at least when it comes to toys.
"We don't see that happening," CEO Ynon Kreiz said on C온라인카지노사이트's "" Tuesday, less than a day after the company .
Get top local stories delivered to you every morning with 온라인카지노사이트 DFW's News Headlines newsletter.
SIGN UP "We need to remember that a significant part of toy creation happens in America," he said. "Design, development, product engineering, brand management all happens in America. Making product, producing product in other countries, allows us to create quality products at affordable price points."
Mattel has been diversifying its global manufacturing for nearly a decade in an effort to reduce its dependence on China. By the end of the year, less than 40% of Mattel's product will be sourced from the country. Kreiz noted that in two years, no country will represent more than 25% of Mattel's sourcing.
In the meantime, Mattel is taking mitigating actions to fully offset costs associated with Trump's trade war with China, including raising prices in the U.S., while aiming to keep the cost of many toys low.
Money Report
The company is expecting to keep between 40% and 50% of its products under $20, according to Roth analyst Eric Handler.
"This is something we are committed to do," Kreiz said. "To continue to create quality product and find the right balance of price and value all in the service of the consumer."
Since the tariffs were announced on April 2, Mattel's stock is down about 19%.
