Nilay Patel

How do you make decisions?

What's your framework?

I think that makes sense in the context of creativity and making stuff.

There's a set of decisions you've had to make recently that just seem on the ground, in the weeds about how to manufacture things in the world that we live in today, especially around tariffs.

So tariffs are obviously uncertain.

They're coming and they're going.

You've had a lot of layoffs in which you've attributed to tariffs.

There was a pretty big round in 23 and smaller rounds in 24 and then in 25.

what do you think the tariff situation is now?

How are you making decisions around that now as you make toys?

Are you going to sue for tariff refunds?

I saw today like thousands of companies are suing for tariff refunds.

And if you actually get refunds, do you pass them back to consumers or you just keep it?

The goal of the tariff policy as stated by the administration is to move manufacturing back to the United States.

You were just talking earlier about how easy it is to go to China and just become a toy manufacturer because that capacity is there.

Have you moved any manufacturing back to the United States?

Is it worth it to do so?

Yeah.

No, I was looking on the website just before we started.

I went on Hasbro.com.