https://sputnikglobe.com/20191029/publisher-of-harry-potter-series-becomes-casualty-in-us-china-trade-war-1077176826.html
Publisher of Harry Potter Series Becomes Casualty in US-China Trade War
Publisher of Harry Potter Series Becomes Casualty in US-China Trade War
Sputnik International
LONDON (Sputnik) - Bloomsbury Publishing, responsible for publishing many prominent literary works, including the famous Harry Potter series, has become a... 29.10.2019, Sputnik International
2019-10-29T21:09+0000
2019-10-29T21:09+0000
2022-08-06T12:51+0000
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Publisher of Harry Potter Series Becomes Casualty in US-China Trade War
21:09 GMT 29.10.2019 (Updated: 12:51 GMT 06.08.2022) LONDON (Sputnik) - Bloomsbury Publishing, responsible for publishing many prominent literary works, including the famous Harry Potter series, has become a casualty in the ongoing trade war between the United States and China, Nigel Newton, chief executive of the publishing house, announced on Tuesday.
The publisher has been hit by a 15 percent tariff, introduced by US President Donald Trump's administration against products made in China, including Bloomsbury's books that are printed there.
"It is not a cost we anticipated, and it's one we hope to take in our stride," Newton told BBC broadcasting network.
He also expressed hope that tariffs will not have a strong effect on 2019 financial results. The publishing house has reported a five percent decrease in profit from March to August.
US has been waging a tariff war against China for almost a year now, while Beijing has retaliated with its own tariffs on US goods. The ongoing tensions have affected the trade internationally, with the global growth having dropped up to 0.6%.
