Hasbro has outlined its plans to move the bulk of its production operations outside of China in a move to escape President Trump’s trade war.
The company confirmed the move this week in response to the 25 per cent tariff Trump placed on $34 billion worth of Chinese imports.
The toymaker currently sources one third of its products from China but will now move to other parts of the world, chief executive Brian Goldner said during a conference call.
Goldner did not say where the company will move production to.
It also detailed its Q2 revenues in which it dropped seven per cent compared to June last year. Goldner said that while Hasbro was moving past the Toys R Us bankruptcy, it didn’t “expect to recapture all of the loss of revenue in 2018.”
However, it expects to have done so by 2019.