President Trump's tariffs are causing significant strain on U.S. small and midsize businesses, which account for about a third of annual imports. A report indicates that nearly one in five of these firms fear they won't survive in the next five years, particularly in light of high costs and restricted access to financing. Isaac Larian, CEO of MGA Entertainment, describes the hardships faced by his toy company due to tariffs, including potential layoffs and canceled expansion plans, while prices for products are expected to rise dramatically.
"Frankly, I'm getting angry," said Isaac Larian, CEO of MGA Entertainment, regarding new tariffs that have forced costly decisions about layoffs and halted expansion plans.
Nearly one in five small-to-midsize firms are pessimistic about their chances of survival over the next five years, citing tariffs as a significant factor.
MGA Entertainment has paid nearly $10 million in tariffs over two weeks, leading to potential layoffs and raising product prices dangerously for the holiday season.
The toy industry is lobbying for exemptions to the 145% tariff on Chinese goods, as companies face dire financial consequences from these tariffs.
Collection
[
|
...
]