Rick Woldenberg thought he had come up with a sure-fire plan to protect his Chicago-area educational toy company from President Donald Trump’s massive new taxes on Chinese imports.
"When he announced a 20% tariff, I made a plan to survive 40%, and I thought I was being very clever," said Woldenberg, CEO of Learning Resources, a third-generation family business that has been manufacturing in China for four decades. "I had worked out that for a very modest price increase, we could withstand 40% tariffs, which was an unthinkable increase in costs."
