Toy Association Says Tariffs Will Devastate Industry, Result in $3.4 Billion in Lost Wages
The Toy Association testified yesterday that new tariffs would devastate the toy industry and cause a 10 percent reduction in the U.S. toy workforce.
Rebecca Mond, the Association’s vice president of federal government affairs said a 25 percent tariff applied to toys and games would cause 68,000 lost jobs and $3.4 billion in lost wages.
“Overall, tariffs on the toy industry would reduce the economic impact of the toy industry on the U.S. economy by approximately 10 percent, or $10.8 billion,” said Mond.
The Toy Association also noted that tariffs would have a severely negative impact during what is an historically inopportune time for the toy industry given the recent bankruptcy and liquidation of Toys“R”Us, which resulted in the closure of 800 stores and the elimination of 30,000+ U.S. jobs.
http://www.tabletopwire.com/toy-association-says-tariffs-will-devastate-industry-result-in-3-4-billion-in-lost-wages/
