While it is true that Trump referred to Mattel as a country, he quickly said "his toys" — referring to Mattel CEO Ynon Kreiz — would have to bear 100% duties, indicating he understood Mattel made toys.

President Donald Trump took aim at the “country” of Mattel, the manufacturer of Barbie dolls and Hot Wheels. Earlier this week, the company indicated that it would bump up prices because of the president’s 145 percent tariff on most Chinese exports.

As far as its efforts to address tariffs, Kreiz said that the company is also focused on diversifying its global supply chain to reduce its reliance on China. The Mattel chief claimed in the conversation today that in two years, no single country will represent more than 25% of Mattel’s sourcing.