One of the world’s biggest toymakers, which supplies retailers including Walmart and Target, plans to move all US-bound production away from China and warned that tariffs meant American consumers would “inevitably” end up paying more for toys.
Allan Wong, chair and chief executive of Hong Kong-based VTech, said on Wednesday that the toy maker was “aiming to complete the transfer of its production of US-bound products away from China” before the end of next year.
VTech, which specialises in educational toys, plans to shift production to its factories in Malaysia, Mexico and Germany, Wong said at a press conference.
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