Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: On a summer morning, a group of US Americans, Chinese,
Speaker 2: and Vietnamese are packed in a van. We're moving fast
Speaker 2: on a brand new highway that slices through Vietnam's Red
Speaker 2: River Delta. We're on our way to a toy factory,
Speaker 2: but just a few hundred yards away from the factory gate,
Speaker 2: we've come to a dead halt, stem met by an
Speaker 2: unexpected obstacle. Huge puddles.
Speaker 3: Apparently didn't identify the.
Speaker 2: The road leading to the factory gate is pocked marked
Speaker 2: with water filled potholes as big as truck tires. The
Speaker 2: only option is to get out and walk the last
Speaker 2: hundred yards.
Speaker 3: Okay, this is the truth.
Speaker 2: It's barely nine am and it's already ninety degrees. My
Speaker 2: travel companion is ready to face the heat.
Speaker 3: It's hard to dress for these factory tours. I've now
Speaker 3: just basically green an attire of a T shirt and
Speaker 3: some sort of very light white pants.
Speaker 2: I'm here with Alana Woldenberg Ruffman, vice president of marketing
Speaker 2: and product development for Learning Resources, a family run toy
Speaker 2: company just outside of Chicago. She's a mechanical engineer by
Speaker 2: training and helps run the family business alongside her dad,
Speaker 2: CEO Rick Woldenberg, and her two brothers.
Speaker 3: You know, some of my earliest memories with toys would
Speaker 3: be like the Learning Resources cash register, or like the
Speaker 3: Pretend phone, which is a little dated at this point.
Speaker 3: You need the Pretend iPhone.
Speaker 2: The company traces its roots back more than a century
Speaker 2: ago to Lana's great grand father. These days, if you
Speaker 2: have young kids, there's a chance you know their products.
Speaker 2: Botley the coding robot, and Pretend cash registers are hit
Speaker 2: with consumers.
Speaker 4: Hey you see money to Yes, this is the pretendent plane,
Speaker 4: Learning Resources cash registered.
Speaker 2: Most of these toys are made in China and sold
Speaker 2: through major retailers like Target and Walmart. For years, it
Speaker 2: was a winning formula. Efficient Chinese factories produced low cost
Speaker 2: goods and American consumers benefited with affordable prices. But President
Speaker 2: Donald Trump's returned to the White House, an escalation of
Speaker 2: the trade war that began in his first term has
Speaker 2: upended that formula. On April second, Trump announced the steepest
Speaker 2: American tariffs in more than a century, with a ten
Speaker 2: percent minimum tariff and even higher duties on some sixty nations,
Speaker 2: starting with China.
Speaker 5: So if you look at that China first row, China
Speaker 5: sixty seven percent, that's tariffs charged to the USA, including
Speaker 5: currency manipulation and trade barriers.
Speaker 2: For Learning Resources, this was a gut punch. The company
Speaker 2: had already started shifting production out of China during Trump's
Speaker 2: first term, but at the beginning of the year, about
Speaker 2: sixty percent of its toys were still made there. Here's
Speaker 2: Alana at one hundred and forty five percent.
Speaker 3: It's a van on our products. People didn't know what
Speaker 3: was going to happen to our business.
Speaker 2: Within weeks, Learning Resources took the Trump administration to court
Speaker 2: and won. A district judge in Washington, d c. Ruled
Speaker 2: the president's tariffs were illegal, but the Levey stayed in
Speaker 2: place as Trump appealed. Now the case is headed to
Speaker 2: the Supreme Court, with arguments set for next week.
Speaker 3: We're the only private company that brought our own lawsuit.
Speaker 3: We were kind of faced with the decision of die
Speaker 3: or do something.
Speaker 2: While battling it out in court, the company also began
Speaker 2: rebuilding the manufacturing network it has been decades developing.
Speaker 3: We don't know what the teriff rates are going to
Speaker 3: be at any given time, on any given day, and
Speaker 3: so we're proactively out here trying to diversifire our supply
Speaker 3: chain so that we are able to ride the waves.
Speaker 3: At the end of the day, we're just we're betting
Speaker 3: it is highly likely that some products that we move,
Speaker 3: we will have to move again.
Speaker 2: We're following along as Learning Resources is forced to shift
Speaker 2: its supply chain to Vietnam, and as a company tries
Speaker 2: to move forward, it's also confronting a hard truth. China's
Speaker 2: manufacturing infrastructure, built over decades isn't something you can walk
Speaker 2: away from overnight.
Speaker 3: Because China has been manufacturing hub for so long, it
Speaker 3: developed a lot of expertise. That same infrastructure doesn't exist
Speaker 3: anywhere else in the world today.
Speaker 2: This is the big take Asia from Bloomberg News. I'm
Speaker 2: Wanha today on the show. You can move manufacturing out
Speaker 2: of China, but can you really take China out of manufacturing?
Speaker 2: We hit the road with an American toymaker caught in
Speaker 2: the crosshairs of Trump's shifting trade policy and uncover the
Speaker 2: hidden costs of trying to stay one step ahead. Before
Speaker 2: this trip, I hadn't been back to Northern Vietnam since
Speaker 2: the pandemic. I was born in Saigon, when it was
Speaker 2: still the capital of South Vietnam, a country divided by war.
Speaker 2: After the US withdrew in defeat in nineteen seventy five,
Speaker 2: the country was unified under Communist rule, but it was
Speaker 2: left deeply impoverished. Families like mine, who had fought on
Speaker 2: the losing side faced bleak futures. Here's my dad recounting
Speaker 2: the fears that gripped him after the war ended.
Speaker 6: I feel danger. I don't know when they kept me
Speaker 6: put to the yale, and I don't know what they
Speaker 6: can do because I am a soldier.
Speaker 2: My dad fought for South Vietnam against the Communist forces.
Speaker 2: After the war, soldiers like him were sent to re
Speaker 2: education camps and their families were branded as traders. They
Speaker 2: were denied access to jobs, higher education, opportunities to improve
Speaker 2: their lives.
Speaker 6: Then I don't see a future for me. Then how
Speaker 6: about you guy? You know no future. That's the reason
Speaker 6: we tried to escap You know, we need to go
Speaker 6: leave Vietnam.
Speaker 3: We go.
Speaker 2: We fled as boat refugees when I was a child
Speaker 2: and resettled in California. I still remember my parents reading
Speaker 2: letters from relatives back home. My mom reduced to tears
Speaker 2: by the accounts of failed harvests, the lack of medicine,
Speaker 2: and please for financial help. In the late eighties, Vietnam
Speaker 2: began economic reforms, but it wasn't until nineteen ninety four,
Speaker 2: when the US lifted a decades long trade embargo, that
Speaker 2: the country truly opened to global trade.
Speaker 5: A year after Vietnam and the US signed a historic
Speaker 5: trade pact, sales at this garment factory in Hanoi have
Speaker 5: hit record levels.
Speaker 2: Orders in twenty ten, more than thirty years after my
Speaker 2: family left, I was hired as Bloomberg's Vietnam Beer chief
Speaker 2: in Hanoi, where we chronicled the country's growing manufacturing prowess.
Speaker 2: I followed Vietnam's rise since then, but nothing prepared me
Speaker 2: for the pace of change I'm seeing now while look
Speaker 2: all of us, Look how much construction. We're heading to
Speaker 2: a factory called dum Fun. It's tucked inside an industrial
Speaker 2: park in the town of Fully, about an hours drive
Speaker 2: south of Hanoi and roughly one hundred and thirty miles
Speaker 2: from the Chinese border. The industrial zone was approved in
Speaker 2: twenty seventeen, just months after President Trump first took office
Speaker 2: and began threatening China with trade actions. Within two years,
Speaker 2: rice fields were transformed into a sprawling complex of factories Dungfu,
Speaker 2: stretching nearly two football fields. Long was started by a
Speaker 2: Chinese entrepreneur who ran a manufacturing plant in eastern China
Speaker 2: for fifteen years.
Speaker 7: They are tiny, is like kind a big palm in
Speaker 7: the front.
Speaker 2: That's Jimmy Lee, a manager from Longshore. The company makes
Speaker 2: toys in China and is a longtime partner of Learning
Speaker 2: Resources in Vietnam. They're helping to connect the American company
Speaker 2: to factories like this one, with Jimmy often on the
Speaker 2: ground to oversee projects. He's talking about the pond at
Speaker 2: the factory gate. In Chinese culture, having water near the
Speaker 2: entrance is seen as a sign of good luck. And
Speaker 2: if you add a north facing gate even better.
Speaker 8: It seems like they had a yeah, one hundred percent
Speaker 8: north door with a pond in the front. You know,
Speaker 8: it's a It's a typical.
Speaker 7: Full set up.
Speaker 2: Elana and her team are visiting Dumbfung for the first time.
Speaker 2: It's one of a dozen factories they'll visit this week
Speaker 2: to assess production and find ways to control costs that
Speaker 2: are already rising. We begin our tour in the warehouse
Speaker 2: where bags of raw materials, including plastic resin are stacked
Speaker 2: five feet high.
Speaker 3: So one of the things that we've been working through
Speaker 3: with our factories is literally where they get the raw materials.
Speaker 3: That's a big element of controlling the cost. So, like
Speaker 3: this is ABS.
Speaker 2: Alana leans over sacks of glossy plastic pellets, scanning the labels.
Speaker 2: She's inspecting ABS, a common plastic used to make lego
Speaker 2: bricks as well as learning resources toys.
Speaker 1: Yeah.
Speaker 3: So do you know if all the avs comes from
Speaker 3: China for this factory or are they getting it from
Speaker 3: other countries too.
Speaker 8: Out of China also, but plain sauce to be in China.
Speaker 3: Yeah, And as there is a particularly challenging type of plant.
Speaker 2: It turns out only two types of plastic the factory
Speaker 2: needs can be sourced locally in Vietnam. And we soon
Speaker 2: realized the trucks pulling into the factory earlier were loaded
Speaker 2: with raw materials from China, making routine deliveries of imported parts.
Speaker 2: We passed the warehouse and step onto the factory floor,
Speaker 2: stopping in front of an injection molding machine.
Speaker 3: So there's piping in here that's feeding in the plastic
Speaker 3: pullets that we just saw and it's going to melt
Speaker 3: them into a shape of the steelhol.
Speaker 2: The plant is currently making more than fifty learning resources toys,
Speaker 2: with more coming in. One of them is Campfire chat Mellows,
Speaker 2: a product that's being made in Vietnam for the first time.
Speaker 2: It's a storytelling toy designed to spark conversations. Imagine a
Speaker 2: cozy campfire that flickers with led light. There are soft,
Speaker 2: squishy marshmallows called chat mellows, each printed with a unique emoji,
Speaker 2: a magic wand a storm a jigsaw puzzle.
Speaker 3: Once upon time, there is one little boy who is
Speaker 3: playing jigsaw puzzles.
Speaker 2: And then these images are story starters. Kids slide them
Speaker 2: onto sticks and pretend to roast them over the campfire
Speaker 2: while telling stories to each other. At the injection molding machine,
Speaker 2: a robotic steal arm grabs onto squishy marshmallows that have
Speaker 2: emerged from the mold. Elana says that kind of automation
Speaker 2: is actually missing in many of the factories she's visited
Speaker 2: this week.
Speaker 3: The automation is a period, so like you look around
Speaker 3: and there's a lot of people, but there's not as
Speaker 3: many machines covering the same thing that a person might do,
Speaker 3: and so that's gonna bring the cost up a little bit.
Speaker 2: In Vietnam, factories still rely heavily on manual labor because
Speaker 2: advanced machinery like this isn't easy to come by and
Speaker 2: often needs to be imported, likely from China, which dominates
Speaker 2: much of the market for toy manufacturing. And even in
Speaker 2: factories that do have automation like this one, Alana's noticed
Speaker 2: something else that affects productivity.
Speaker 3: So whereas in China, am I in tape one worker
Speaker 3: to worker machine, in Vietnam I will take two workers
Speaker 3: because they don't understand they're not as familiar with the
Speaker 3: machine free it. So that'll take six to twelve months
Speaker 3: for them to really learn it and to get it
Speaker 3: to the same level of automation that exists already in China.
Speaker 2: You know you're trying to squeeze, Jimmy says. This factory
Speaker 2: has about a third more workers than a similar plant
Speaker 2: in China, and unlike Chinese laborers who've worked years or
Speaker 2: even decades at facilities like this, many of these workers
Speaker 2: are new to assembly work. Some of the staff we
Speaker 2: spoke to came off farms and are relatively new to
Speaker 2: assembly lines. That lack of experience, combined with lower automation
Speaker 2: hits productivity. Alana says some vendors report making four pound
Speaker 2: and units a day in China, but only twenty five
Speaker 2: hundred in Vietnam. We follow the Chatmellow's productions through the
Speaker 2: paint department, where workers manually spray red and orange flames
Speaker 2: on the toy, then onto the assembly floor, where hundreds
Speaker 2: of workers in blue company issued polo shirts and caps
Speaker 2: sit at long metal tables. Workers on the line split
Speaker 2: open the plastic logs, insert screws, install battery contacts, and
Speaker 2: solder the electronics board. On the assembly line, a Chinese
Speaker 2: manager is showing a worker how to fit apart together,
Speaker 2: pointing out where to pay extra attention. His instructions and
Speaker 2: mandra are translated into Vietnamese and the workers questions are
Speaker 2: relaid back. This factory has relocated about twenty engineers and
Speaker 2: managers from China to Vietnam, and that's to help bridge
Speaker 2: the gap in experience and technical know how. It's a
Speaker 2: common practice for factories here. Jimmy says, Chinese workers have
Speaker 2: developed specialized skills over decades that are difficult to quickly
Speaker 2: replicate elsewhere.
Speaker 8: Every single Chinese factory moving from here, they will rely
Speaker 8: on their own team to split up. I mean the
Speaker 8: core member of the team WI still Chinese, he posed
Speaker 8: that is with experienced.
Speaker 2: The tariffs also bring another risk Learning Resources has yet
Speaker 2: to calculate. To explain. Alana picks up the chat Mellow.
Speaker 3: Toy the interior. These chips are made introduced in China
Speaker 3: and then imported here. The soldering is done locally. This
Speaker 3: product will need batteries, those will be imported. You cannot
Speaker 3: five batteries locally in Vietnam. The metal is.
Speaker 2: Imported, so a big contrast to China, where more than
Speaker 2: ten thousand companies form an extensive sourcing network for the
Speaker 2: toy industry. Vietnam's toy suppliers are in the hundreds, a
Speaker 2: fraction of what China has.
Speaker 3: So within a city center or geographic area in China
Speaker 3: you can find a plastics flyer, a print supplier, a
Speaker 3: foam supplier, a wood supplier, and so on. So all
Speaker 3: that is available locally. That same infrastructure doesn't exist anywhere
Speaker 3: else in the world.
Speaker 2: Today, all these imported materials could spell trouble for businesses.
Speaker 2: On top of the twenty percent terrace on Vietnam. Trump
Speaker 2: has also slapped a forty percent transshipment rate on goods
Speaker 2: that originate in China but are then exported from Vietnam.
Speaker 2: That extra levy is designed to crack down on companies
Speaker 2: that re route made in China products through Vietnam, adding
Speaker 2: little or sometimes no additional manufacturing. So far, the administration
Speaker 2: hasn't offered any guidance on how these higher duties will
Speaker 2: actually be enforced, So.
Speaker 3: The rules on trendshipment haven't been fully defined yet. So
Speaker 3: these are things that we need to guess on and
Speaker 3: whether componentry which is brought in from other countries might
Speaker 3: impact the terraff raight.
Speaker 2: Elana says all these factors add up more workers, less automation,
Speaker 2: imported components, Chinese engineers. They make manufacturing in Vietnam ten
Speaker 2: to fifteen percent more expensive than in China. Elana says
Speaker 2: the entire process scouting factories, moving molds, prototyping adds up
Speaker 2: to millions of dollars.
Speaker 3: They're not recoverable.
Speaker 2: There's a lot of costs here that aren't recoverable.
Speaker 3: Orders that we've lost, like those will never come back.
Speaker 3: Costs they are being passed to customers like all these things.
Speaker 4: Are irreparable harm.
Speaker 3: And that's part of why we were motivated to bring
Speaker 3: the lawsuit, is because there's a lot of damage being
Speaker 3: done and there's a lot of small medium sized businesses
Speaker 3: who don't have the ability to stand up, and so
Speaker 3: we wanted to stand up on behalf of the thousands
Speaker 3: of companies like our start A.
Speaker 8: Factor Vennez.
Speaker 2: After the break, what does the supply chain shift mean
Speaker 2: for workers on the factory floor, for families in nearby villages,
Speaker 2: and for American consumers back home. The town of Fully,
Speaker 2: about forty miles from Vietnam's capital city of Hanois, sits
Speaker 2: in the Red River Delta. It's in a valley surrounded
Speaker 2: by lush, green, karst limestone mountains, a post guard landscape
Speaker 2: until you get close and see the peaks being quarried
Speaker 2: to build roads and industrial parks. It's a small, off
Speaker 2: the beaten path town that historically attracted mostly locals, but
Speaker 2: during our time there, we bumped into Chinese visitors and
Speaker 2: heard Mandarin at breakfast and at roadside cafes. Most hotels
Speaker 2: were nearly full because most rooms were now being used
Speaker 2: to house Chinese workers. A trend that began in the
Speaker 2: past year. My own family left Vietnam during a time
Speaker 2: of high tensions with China, with the two countries engaged
Speaker 2: in a border war in nineteen seventy nine. Then Vietnam
Speaker 2: harassed ethnic Chinese and questioned their loyalty. It forcibly expelled
Speaker 2: families with Chinese roots who lived along the northern border regions.
Speaker 2: My father's side of the family had immigrated from China
Speaker 2: to southern Vietnam in the early nineteen hundreds, and those
Speaker 2: discriminatory policies after the war pushed out families like ours.
Speaker 6: And we're by the Obo and we modify the bowl
Speaker 6: running on the ocean.
Speaker 2: In summer of nineteen seventy nine, my father and his
Speaker 2: brothers retrofitted a riverboat to make it seaworthy, and my
Speaker 2: grandfather navigated our way through the South China Sea. All
Speaker 2: three hundred of the people who fled on our overloaded
Speaker 2: boat were ethnic Chinese.
Speaker 6: And we take a chance fifty to fifty, you know, fifty,
Speaker 6: diet fifty, you know a lie, No, fifty to fifty.
Speaker 2: Through the years, my dad has talked about that difficult
Speaker 2: decision to risk all of our lives on the sea
Speaker 2: because he and my grandfather couldn't see a way for
Speaker 2: his children to have hopeful futures in our homeland. Because
Speaker 2: of our ancestry, we brave storms and pirate attacks to
Speaker 2: become refugees in far away countries. Countless others didn't survive
Speaker 2: the journey. In Vietnam, that dark chapter is all but forgotten.
Speaker 2: The relations between China and Vietnam still have points of contention.
Speaker 2: They're entwined economically, Chinese investors are brave more than ever,
Speaker 2: and Chinese capital funds nearly thirty percent of all new projects.
Speaker 2: Just a few hundred yards from the dum Fund plant,
Speaker 2: we stop at a roadside eatery right across from the
Speaker 2: site of new factories under construction. Winty Twin is seventy
Speaker 2: eight years old. She's just finished lunch and is chatting
Speaker 2: with her neighbor.
Speaker 7: This is my hometown. These will rice fields all the
Speaker 7: way to the river.
Speaker 2: Long before the factories arrived. Generations of families here, including
Speaker 2: the winds, worked the land rice, wheat, cassava. In Vietnam,
Speaker 2: land is sacred. After babies are born, their umbilical cords
Speaker 2: are buried in the fields to ask the land to
Speaker 2: protect them, and when they die, they're often buried in
Speaker 2: the same rice fields where they toiled.
Speaker 7: Who all of this area used to be in my
Speaker 7: family's fields, all the way out to there. We have farmers.
Speaker 7: What do we do without our fields?
Speaker 2: In twenty thirteen, the government requisitioned the land to make
Speaker 2: way for industrial development. Duyen and her neighbors say they
Speaker 2: were forced to sell their ancestral farms and compensated about
Speaker 2: ten thousand dollars, a price they deemed to both.
Speaker 7: They reclaimed the land, so we had to sell. No
Speaker 7: one wanted to sell, but we had no choice. You
Speaker 7: couldn't refuse. Come, Come what is.
Speaker 2: In the end, Duyn's family brought a small plot across
Speaker 2: the street from the construction site. They paid nearly seven
Speaker 2: times the government's compensation price per square meter. They built
Speaker 2: a house and opened a small cafe serving construction workers,
Speaker 2: but she worries it won't last. That workers will eat
Speaker 2: at the factory canteens once construction ends. During our visit,
Speaker 2: the air hung heavy with dust. Duyn and her neighbors
Speaker 2: worry about pollution, both in the air and from the factories,
Speaker 2: given the breakneck pace of development. Still, she acknowledges the
Speaker 2: factories have open doors. Her daughter in law, once a farmer,
Speaker 2: now earns nearly three hundred dollars a month at the
Speaker 2: dum Fun factory making toys for learning resources. Her husband
Speaker 2: weilds at construction sites. Together, they've saved enough to send
Speaker 2: their son, Luin's grandson to study automotive engineering in South Korea.
Speaker 2: It's a future, she says, made possible by factory work.
Speaker 2: That hope for a better future also lies a few
Speaker 2: miles away at the Hannam Vocational School. Here, students as
Speaker 2: young as fifteen are training to become machine operators and engineers.
Speaker 2: The school says nearly all graduates land factory jobs. Global
Speaker 2: companies like LG, Hyundai and Samsung send trainers and donate equipment.
Speaker 3: And what thought, I have a movie through you.
Speaker 2: Sixteen year old Duncom is a returning student at the school.
Speaker 2: Gum says he loves tinkering with electronics and he's eager
Speaker 2: to find a factory job.
Speaker 3: Am I garden.
Speaker 8: Factories have a lot of equipment and machines, so they
Speaker 8: need people to fix and maintain them.
Speaker 1: That's why I chose to study industrial electricity.
Speaker 6: Fixed machines at the planks.
Speaker 2: Gaum says a university education might not lead to a
Speaker 2: career right away, but he's certain he can have his
Speaker 2: choice of factory jobs. My conversation with his confident teenager,
Speaker 2: upbeat about his future, left an impression on me. After
Speaker 2: a week in Vietnam, it's clear that optimism runs deep,
Speaker 2: centered around the factories and foreign investors pouring capital into
Speaker 2: the region. The country's leaders are highly attuned to the
Speaker 2: shifting geopolitical wins and are bent on maintaining growth. The US,
Speaker 2: once a wartime enemy turned trading partner, now seems like
Speaker 2: a fickle friend with its high tariffs, so Vietnam's counting
Speaker 2: on foreign investors to help ride it out. Before heading home,
Speaker 2: I asked Alana for her final thoughts after a week
Speaker 2: of crisscrossing the country and visiting a dozen factories.
Speaker 3: Vietnam certainly has potential. The products that we saw made
Speaker 3: here are very high quality. They're certainly expertise here, and
Speaker 3: it's growing and changing rapidly. I think some of the
Speaker 3: hang ups though, or that there's not as much capacity,
Speaker 3: so there's just physically not as much manufacturing space here
Speaker 3: as there is in China. And then Additionally, you can't
Speaker 3: get a lot of the raw materials locally, and so
Speaker 3: that is driving cost.
Speaker 2: For now, Learning Resources is placing its bets on Vietnam,
Speaker 2: but tariffs are adding pressure. The company has already raised
Speaker 2: prices of its toys by an average of six percent
Speaker 2: the bare minimum to cover the costs, and Alana says
Speaker 2: more hikes are on the way if Trump imposes additional tariffs.
Speaker 2: But the biggest cost isn't on any invoice. Because of
Speaker 2: the tariffs, Learning Resources had to cut its product development
Speaker 2: budget in half. That meant shelving over one hundred new products,
Speaker 2: including an entire line of educational toys for classrooms.
Speaker 3: That whole range had to go on hold because it
Speaker 3: was too big and too complex. It was going to
Speaker 3: take too many resources, and we just couldn't justify it
Speaker 3: given all the other things I had to do. So
Speaker 3: that's one that just personally for me, that makes me
Speaker 3: very sad because it's a product that teachers have been
Speaker 3: asking us to do for years.
Speaker 2: Elana says consumers will pay for the tariffs twice in
Speaker 2: higher prices and in toys from the industry with a
Speaker 2: little less magic because instead of investing in innovation toy
Speaker 2: makers are syncing their budgets into tariffs and supply.
Speaker 3: Chains, theser costs that have led to us slashing budgets
Speaker 3: and pulling back on investments that we were going to make.
Speaker 3: We are hiring less people, We're coming out with fewer
Speaker 3: products for the consumers.
Speaker 4: This is just going to mean higher prices and less choice.
Speaker 2: This is the big take, Asia from Bloomberg News. I'm wanha.
Speaker 2: This is the first episode in an ongoing series on
Speaker 2: how one American toy maker is grappling with record high tariffs.
Speaker 2: Join us as the journey continues. If you like the episode,
Speaker 2: sure to subscribe at Bloomberg dot com, slash podcast offer,
Speaker 2: leave a review, and even better, tell a friend It
Speaker 2: really makes a difference. Thanks for listening, See you next time.