Mattel outlines steps to mitigate Trump’s tariffs impact

Mattel, maker of Barbie dolls, outlined steps on Monday to mitigate the impact of President Trump’s tariffs, saying that “when necessary,” the company is prepared to adjust its prices to make up for potential losses.

“The company is operating in an uncertain macro-economic environment with significant volatility, including changes in global trade policy and U.S. tariffs,” the company’s first quarter report read.

“Although tariffs did not affect Mattel’s first quarter financial results, the company is taking mitigating actions designed to fully offset the potential incremental cost impact of tariffs on future performance,” the company continued.

The company listed several steps, including, “Where necessary, taking pricing action in its U.S. business.”

Mattel also said it would accelerate efforts to diversify its supply chain to further reduce “reliance on China-sourced product,” and it would optimize “product sourcing and product mix.”

The company said it would not provide a full-year outlook for 2025 until the economic future becomes clearer.

“Given the volatile macro-economic environment and evolving U.S. tariff landscape, it is difficult to predict consumer spending and Mattel’s U.S. sales in the remainder of the year and holiday season,” the report read.

President Trump has faced backlash in recent days for saying children can get by with fewer dolls this year if his sweeping tariff policies drive up living costs for families. Trump doubled down on that position during a Sunday interview on NBC’s “Meet the Press.”

“I don’t think that a beautiful baby girl needs — that’s 11 years old — needs to have 30 dolls,” Trump said. “I think they can have three dolls or four dolls, because what we were doing with China was just unbelievable. We had a trade deficit of hundreds of billions of dollars with China.”

“I’m just saying, they don’t need to have 30 dolls. They can have three. They don’t need to have 250 pencils; they can have five,” he added.