Magic: The Gathering is already off to an incredible start in 2025, and that success appears to be helping shield its owner, game and toy maker Hasbro, from the immediate impact of United States President Donald Trumps tariffs. Chief executive Chris Cocks told investors Thursday that the outlook for the year remains the same as it was before tariffs were announced on April 2 — positive, with profit growing as planned and ample dividends for investors. That confidence is in part thanks to its extremely profitable business unit, Wizards of the Coast, which remains relatively isolated from tariffs.
However, Cocks was clear in calling for a tariff exemption for toys.
“Ultimately, tariffs translate into higher consumer prices, potential job losses as we adjust to absorb increased costs, and reduced profit for our shareholders,” Cocks said. “We believe there should be free and fair trade for toys, an industry critical not only to hundreds of thousands of American jobs, but also to the joy and developmental wellbeing of millions of children, families, and fans across the U.S. and worldwide.”
In the opening statement of Thursdays investor call, Cocks was quick to mention Hasbros collaboration with Square Enix to produce Magic: The Gathering - Final Fantasy. The Universes Beyond set is easily the years most highly anticipated trading card game expansion. The cards, which include some extravagant decks for the popular Commander format, wont be out until June 13, but Cocks said that even as a pre-order, Magic - Final Fantasy is already the best-selling set in Magic history.
Magic can remain profitable going forward even in the face of the current tariff climate, Cocks explained, because its primarily produced in the United States. The line has some products that rely on manufacturers in Kyoto, Japan and in Europe — two locations that have so far avoided the most extreme Trump tariffs. But it is wholly isolated from the tariffs currently placed on China.
“The only thing in Wizards that we import from China is [Dungeons & Dragons] boxed sets,” Cocks said, “so thats actually a bigger input on the tariff duties I mentioned for Wizards than the Japanese duties for Magic.”
D&Ds next boxed set — the first for the games revised 5th edition — is based on co-creator Gary Gygaxs signature module The Keep on the Borderlands. Its expected to launch on Sept. 16.
