00:32 GMT +319 November 2019
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    Publisher of Harry Potter Series Becomes Casualty in US-China Trade War

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    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%.

     

    Tags:
    tariffs, books, United Kingdom, China, United States, trade war, Harry Potter
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