'I Thought This Would Be Drama Free, How Wrong I Was' — Games Workshop Secured a £7.8 Million Refund on Donald Trump's Tariffs, but Iran War Threatens Supply Chain

The brag of Warhammer shaper Games Workshop has said the institution managed to unafraid a £7.8 cardinal (approx. $10.3 million) refund connected Donald Trump’s tariffs, but different issues, specified arsenic the Iran War, endanger its proviso chain.

The UK-based institution makes the bulk of its wealth done the merchantability of miniatures, which are painted by fans and utilized to play a assortment of tabletop games, specified arsenic Warhammer 40,000. The U.S. is simply a important marketplace for Games Workshop, and truthful erstwhile Trump’s tariffs kicked in, the institution was deed hard.

In its latest fiscal report, Games Workshop CEO Kevin Rountree said the institution paid £12 cardinal (approx. $15.9 million) successful caller U.S. tariffs during the past fiscal year. But pursuing the U.S. Supreme Court ruling that declared the tariffs illegal, Games Workshop reclaimed £7.8 cardinal of tariffs for the play to February 2026.

In February, the Supreme Court said Trump’s unprecedented usage of the International Emergency Economic Powers Act (IEEPA) was illegal. In aboriginal April past year, Trump held up a illustration portion speaking during a “Make America Wealthy Again” commercialized announcement lawsuit successful the Rose Garden astatine the White House, and declared “Liberation Day.” The announcement confirmed further tariffs targeting goods imported to the U.S. The U.S. Customs and ‌Border Protection bureau ‌said it collected ​about $166 cardinal successful duties and deposits nether the exigency tariffs imposed ‌by Trump.

But pursuing the Supreme Court decision, Trump introduced a caller 10% planetary tariff rate, which Rountree said would outgo Games Workshop £13 cardinal (approx. $17.2 million) successful caller U.S. tariffs this fiscal year.

“Well, I thought this would beryllium play free, however incorrect I was,” Rountree said during prepared remarks. “The continuous hard enactment connected ratio gains to amended our gross borderline has continued. Unlike immoderate companies, we bash not see tariffs arsenic an exceptional item, but alternatively portion of the uncertainty of operating globally.” Those mitigation measures see terms increases and operational changes (Games Workshop announced terms rises past October).

Trump’s tariffs person besides had a important interaction connected the satellite of video games, with Nintendo suing the U.S. authorities and demanding a refund with interest. Nintendo precocious insisted it was nether nary work to walk that wealth backmost to consumers — adjacent though they paid higher prices for Switch 2 products. Presumably Games Workshop would person a akin view.

Speaking of uncertainty, Rountree said "conflicts astir the world” endanger to disrupt Games Workshop’s proviso chain. He besides flagged higher integrative ​input costs, estimating a astir £2 cardinal deed from supply-chain disruption and inflationary pressures linked to volatility successful planetary vigor markets.

Still, the Warhammer roar shows nary motion of slowing down. Games Workshop’s nett earlier taxation roseate 4.9% ​to a grounds £275.7 cardinal (approx. $366 million) for the fiscal ​year ⁠ended May 31, driven by continued maturation successful the halfway Warhammer business. “‘Games Workshop and the Warhammer hobby are successful large shape,” Rountree declared.

Photo by John Keeble/Getty Images.

Wesley is Director, News astatine IGN. Find him connected Twitter astatine @wyp100. You tin scope Wesley astatine [email protected] oregon confidentially astatine [email protected].