Toy company sues Trump admin over tariffs

Recently, Rick Woldenberg, CEO of Learning Resources, sued the Trump administration, claiming high tariffs would catastrophically damage his family's toy firm.

He said his company was unable to stop 19 shipments to the U.S., which, had they been brought in last year, would have cost about $15,000 in duties and tariffs. However, he estimates that the same shipment, shipped by mistake, will cost over $1 million in duties and cause problems with lines of credit. "It's sent our company kind of into a form of chaos," he said.

He noted that the price of some goods skyrocketed from $10 to $24.50, which is too costly in a competitive market. The company has largely halted non-essential Chinese imports, keeping only necessities. Watch the video for more.