特朗普一拳打来，印度“挑战中国玩具大国”美梦，又碎了

Core Viewpoint - The article discusses the impact of high tariffs imposed by the Trump administration on India's toy manufacturing industry, highlighting the challenges faced by Indian manufacturers in competing with China and the potential decline in growth due to these tariffs [1][2]. Group 1: Impact of Tariffs - The Trump administration announced tariffs of up to 50% on toys imported from India, severely affecting local manufacturers like Vijendra Babu, who now faces significant order cancellations and inventory issues [1][2]. - Babu estimates holding $20 million worth of unsellable goods and has seen new orders worth $15 million put on hold, leading to a projected growth decline of 15% instead of the anticipated 40% [2]. Group 2: Industry Challenges - Indian toy manufacturers are struggling with inventory backlogs and are forced to rethink strategies, with some agreeing to produce at cost to maintain operations and avoid layoffs [2][5]. - The article notes that despite efforts to promote "Make in India," the country still heavily relies on imports from China for essential components, limiting its competitiveness in the global market [6][8]. Group 3: Market Dynamics - The Indian toy export market to the U.S. was only $100 million last year, significantly lower than China's $11 billion and Vietnam's $3 billion, indicating a substantial gap in market presence [6]. - The "China+1" strategy adopted by some U.S. companies to diversify supply chains is challenged by India's increasing dependence on Chinese imports, complicating the goal of reducing reliance on China [8].