CEO’s ‘end of days’ warning as Trump’s tariff shock on China sparks panic among US importers
[ad_1] This is a representational AI image American importers are finding it hard to cope with a wave of new tariffs on Chinese goods announced by US President Donald Trump, with some warning of dire consequences. Rick Woldenberg, CEO of Illinois-based educational toy company Learning Resources, called the situation "the end of days" after Trump abruptly raised tariffs on Chinese imports to 145 per cent, up from an already steep 54 per cent. The move, intended to punish China for alleged unfair trade practices, has blindsided business owners."When he announced a 20 per cent tariff, I made a plan to survive 40 per cent, and I thought I was being clever," said Woldenberg. "I never imagined 145 per cent."The impact on Learning Resources — a third-generation family-run business that has manufactured toys in China for decades — could be devastating. […]