(12 May 2025)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Boca Raton, Florida — 12 May 2025
1. Wide Jay Foreman, founder and CEO of toy maker Basic Joy, working in his office
2. Television screen showing President Donald Trump speaking
3. Close care bears stuffed animals
4. SOUNDBITE (English) Jay Foreman, CEO of Basic Joy:
"The temporary reduction, which we hope will be permanent, was great news, actually. I mean, at 145% tariff, we were basically frozen. It was an embargo. We weren’t shipping anything. At 30%, now goods can begin to flow. Doesn’t mean that it won’t cost us some profit to try to absorb some of it. Doesn’t mean the prices won’t go up for the consumer, but it will mean that the flow of products, whether it’s back-to-school merchandise, Halloween merchandise, or toys and gifts for the holidays, Christmas holidays, that merchandise will start to flow. So we’ll sort of… Christmas will be saved. And our hope is, from here, is the 30 percent will maybe go down to 10 percent or less."
5. Display with toys distributed by Basic Joy
6. Lite-Brite game
7. Close Littlest Pet Shop toys
8. SOUNDBITE (English) Jay Foreman, CEO of Basic Joy:
"As a company based in South Florida, we’re very used to this concept of a hurricane coming. You see it weeks and days away, and then it’s coming across, and the line is coming towards you. And is the line gonna move up, and is the lines gonna move down, or is it gonna hit you direct? And we were looking like a direct hit at 145% tariff, and then this morning it moved up. So, it’s not gonna give us a direct hit, but we’re still in the wind field. It’s maybe a category one, it’s not a category three or four. And it would be really nice if the wind could go to tropical breezes, and maybe we come down to 10%, which would be 40 mile an hour winds instead of 80 and 150. And so, it kind of feels a little bit like we dodged a hurricane, we didn’t get free of the wind and the rain, but so far, we’ve dodged major impact.”
9. Wide of office
10. Employee drafting
11. Wide of office
12. SOUNDBITE (English) Jay Foreman, CEO of Basic Joy:
"Because the tariffs have come down to 30%, you’re going to be seeing probably 10-15% increase in the cost of merchandise, not 30% not 50% not double or triple, as it would have been, or a huge lack of a lot of product. You know, empty shelves, you won’t see empty shelves, there will be product to buy. Now, some things that you most want will go out of stock very quickly. If you have things on your list and things you know you want to get, it’s probably better to get it sooner than later. And there’ll be some companies that just, you know, got caught in the downdraft and in the undertow and they’re going to get sucked under and their products won’t be available. And these are typically smaller companies, more Main Street businesses that we’re really looking at complete devastation."
13. Entrance to office
STORYLINE:
American businesses that rely on Chinese goods reacted with measured relief Monday after the U.S. and China agreed to pause their exorbitant tariffs on each other’s products for 90 days.
Importers still face relatively high tariffs, however, as well as uncertainty over what will happen in the coming weeks and months. Many businesses delayed or canceled orders after President Donald Trump last month put a 145% tariff on items made in China.
“At 145% tariff, we were basically frozen. It was an embargo. We weren’t shipping anything. At 30%, now goods can begin to flow,” said Jay Foreman, CEO of Basic Joy, a toy manufacturer of toys including Tonka trucks, Care Bears, and Littlest Pet Shop.
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