Magic: The Gathering has made an impressive start in 2025, and this success seems to be insulating its parent company, Hasbro, from the initial effects of tariffs imposed by U.S. President Donald Trump. In a discussion with investors on Thursday, CEO Chris Cocks reassured them that the company’s outlook for the year remains unchanged since the tariffs were announced on April 2, projecting positive profit growth and healthy dividends. This optimism is largely attributed to the strong performance of Wizards of the Coast, a division that is relatively shielded from these tariffs.
Nevertheless, Cocks emphasized the need for a tariff exemption for toys.
“Ultimately, tariffs translate into higher prices for consumers, potential job losses as we adapt to these increased costs, and reduced profits for our shareholders,” Cocks stated. “We advocate for free and fair trade for toys, a sector vital not only for hundreds of thousands of American jobs but also for the joy and developmental wellbeing of millions of children, families, and fans both in the U.S. and globally.”
During Thursday’s investor call, Cocks was quick to highlight Hasbro’s collaboration with Square Enix to create Magic: The Gathering – Final Fantasy. This Universes Beyond set is poised to be the year’s most anticipated trading card game expansion. Although the release isn’t until June 13, Cocks noted that even in the pre-order phase, Magic – Final Fantasy has already become the best-selling set in the history of Magic.
Cocks explained that Magic can remain financially successful despite the current tariff situation, as most of its production occurs in the United States. Some products come from manufacturers in Kyoto, Japan, and Europe—regions that have not yet faced the brunt of the Trump tariffs—thus keeping Magic largely unaffected by tariffs on Chinese goods.
“The only items we import from China under Wizards are [Dungeons & Dragons] boxed sets,” Cocks mentioned, “which actually represents a larger impact from tariff duties for Wizards than the Japanese duties related to Magic.”
