Donald Trump's latest tariffs have crashed the stock market, and many countries are facing huge losses. The import taxes for the US market have been set to a minimum level of 10%, while the taxes for countries like China, Vietnam, India and the European Union are so high.
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Company sues Donald Trump for tariffs
This increased the prices of goods and services, and the gaming industry was the most hit. Most of the gaming consoles, accessories and equipment that are imported to the US are from China and Vietnam. Stonemaier Games, a popular board game developer, has now sued Donald Trump over the tariffs. The brand is based out of St Louis and is now suffering due to the latest tariffs, which have put the company and its employees' lives in uncertainty.
The company was founded in 2012, and their best game is Wingspan, which won numerous game of the year and expansion of the year awards in the US. Till now, the game has sold more than 600,000 copies. They have now filed a lawsuit against Trump’s tariffs of 145% on goods coming from China. For every $10 manufacturing cost, it has to pay an additional $14.50 as tax to import it into the US. The company also estimated the cost to be $1.5 million.
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Donald Trump is in talks with economic advisors, and very soon, the tariffs will come down once he secures a trade deal with other countries. More than 35% of Stonemaier sales come outside the US, and that is what keeps the company alive. Stonemaier is a tabletop gaming brand, but the video game industry is hit even harder.
Nintendo, the makers of the Switch 2 console, suspended pre-orders due to the tariffs and only recently started receiving orders again in the US. Another brand, Square Enix, has stopped the pre-orders for game-related merchandise due to the huge tariffs on imports from China. Most of the goods and equipment are coming out of China and Vietnam, and everything came to a halt after Trump's decision.
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