Retail

I would have had to fire employees if Trump imposed tariffs

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Basic Fun CEO Jay Foreman told CNBC on Friday that the company would have had to lay off employees in the new year if an initial trade deal with China didn’t work out.

“It would have cost jobs, profit and cost a real, real upset of our business and many businesses in the toy industry,” Foreman said on “Squawk on the Street,” moments after President Donald Trump confirmed additional tariffs won’t be placed on Beijing.

The duties of 15% were set to take effect on Sunday and would have affected about $160 billion in Chinese-made goods including toys, phones, computers and clothing.

If the levies were implemented, Foreman said, about 15% of Basic Toys’ U.S. workforce and a handful of…



Source cnbc.com

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