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President Trump announced a reduced 10% tariff on British luxury cars like Rolls-Royce, Range Rover, and Aston Martin, exempting them from the 25% tariff on auto imports. However, he maintained steep tariffs on Mattel toys, despite the company's efforts to diversify its supply chain away from China. Trump justified the car tariff reduction by stating these cars wouldn't be made in the U.S. He dismissed concerns about increased toy prices, arguing that gasoline price reductions are more significant. Mattel indicated price increases for U.S. consumers are likely.

Prepared by Christopher Adams and reviewed by editorial team.