By Roshan Fernandez
Shares of toy companies were higher Monday morning after President Trump said the U.S. and China have agreed to large tariff cuts on each other's goods.
Shares of Funko climbed 30% to $4.55 after hitting a 52-week low on Friday; shares of Jakks Pacific were up 14% at $22; shares of Mattel were 10% higher at $18.96; and shares of Hasbro were up 6.5% at $65.52.
President Trump's "reciprocal" tariffs on China will be 10%, down from 125%. Beijing said it will lower its respective retaliatory tariffs to the same level. The U.S. said those reductions will be in place for 90 days while trade negotiations continue.
Trump told reporters in April that China was profiting by selling Americans items they didn't need while defending his tariff plan. "Maybe the children will have two dolls instead of 30 dolls, you know? And maybe the two dolls will cost a couple of bucks more than they would normally," he said at the time.
During Trump's first term, toy makers took measures to diversify production away from China, where the majority of toys are manufactured.
Write to Roshan Fernandez at roshan.fernandez@wsj.com
(END) Dow Jones Newswires
May 12, 2025 10:46 ET (14:46 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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