(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, founder and CEO of toy maker Basic Joy!:
++SOUNDBITE PARTIALLY COVERED++
"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. Wide office
9. Employee drafting
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.
“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,” he added.
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