Comics and Trump’s tariffs 2.0: ‘They might fuck us up at any moment’

1 month ago 18

Gina Gagliano | May 1, 2025

At the beginning of this year, I talked to eighteen publishers about their thoughts on what 2025 would bring for tariffs, given the current administration’s promises to send rates through the roof: rising from a 7.5% rate to 100%. The conclusion: fewer books, more expensive books, and fewer customers willing to pay increased rates.

The industry has been on tenterhooks waiting to see how things would unfold as this year has turned, and the updates and policies have been unclear at best: rates announced and then changing, possible exceptions for books, and publishers left struggling to figure out how the latest policies might — or might not — roll out.

“The back and forth has been surprising to me — or at least hard to keep up with,” said Zach Clemente, Publisher of Bulgilhan Press. “It's so obvious that it's motivated by petty feelings of revenge and control, it's disgusting, really.”

“We didn’t expect how personal and politicized some of the rhetoric around these trade decisions would become,” Mad Cave Studios VP of Marketing Allison Pond and President Mark Irwin told me over email. “The framing of tariffs as a tool of cultural antagonism — against countries we’ve long considered global partners — has been disheartening. It feels like publishing and creative work are being caught in the crossfire of a much broader political game. We also didn’t expect just how fast the economic impact would trickle down. The ripple effects aren’t theoretical anymore — they’re showing up in print quotes, shipping delays, and tighter retailer orders.”

“Anyone who said things were going as expected would be lying,” said Damien Wassel, Co-Founder and CEO of Vault Comics. “To be frank, all I expected was volatility. We’re getting plenty of that.”

François Vigneault, Marketing Manager of Pow Pow says, “The biggest difference between the anticipatory phase (post election to the inauguration) to now is just how chaotic and unpredictable the administration's moves have been in the actual implementation of the tariffs. The tariffs have been put on, taken off, put back on, and partially rescinded, with more planned in the coming days.”

He concluded: “The trouble (beyond the threat of potentially having to raise prices) is that we don't know what is going to happen.”

Right now, it seems that books (including comics and graphic novels) are exempt from the new tariffs.

Jeff Trexler, the Interim Director of the Comic Book Legal Defense Fund, unpacks the current tariff situation in a recent article: “The Trump administration issued an executive order imposing reciprocal tariffs on the majority of countries worldwide. The stated authority for this action was a statute commonly referred to as IEEPA, the International Emergency Economic Powers Act, 50 U.S.C. § 1702.”

Trexler continues: “The president’s authority under IEEPA is not absolute. As the EO itself notes, in accordance with IEEPA the EO’s new 10% and country-specific ad valorem duties shall not apply to ‘all articles that are encompassed by 50 U.S.C. 1702(b).’ The EO’ Annex II provides a long list of such articles and their respective HTS categories, but for our purposes the most significant are those originating in Section 1702(b)(3), which provides that the president has no IEEPA authority over the import or export ‘regardless of format or medium of transmission, of any information or informational materials, including but not limited to, publications, films, posters, phonograph records, photographs, microfilms, microfiche, tapes, compact disks, CD-ROMs, artworks, and news wire feeds.’”

Why are books except? Trexler explains: “IEEPA’s exemption for publications and other informational material regardless of format or medium was expressly created to exempt constitutionally protected free expression.”

Trexler told me, “I was pleasantly surprised that the original EO included the IEEPA informational material exemption categories in its main text and Annex 2. The Trump administration famously ignored the informational material exemption in the first-term attempt to ban TikTok, so it seems they learned their lesson from the courts that flagged this for them!”

So it’s good news for comics and graphic novels on the tariff front! But that doesn’t mean everyone can take a break for a sign of relief.

In the book publishing industry, the increased tariffs are only one of the many costs affecting the supply chain. Responses from publishers and distributors have ranged across the board.

US-based printer Print Ninja (who works with printers both in the US and in China) is seeing little impact for their book printing program. They say in an April newsletter, “Books are one of the products that are exempt from the (very hefty) 145% tariff on imports into the US from China. We've also absorbed the initial tariff (pre-April increases) into our pricing structure. The newest round of tariffs has had the exception for publications in place.”

But independent distributor IPG announced changes to IPG Ink, their digital printing service, in their April newsletter: “Due to significant market pressures experienced over the past several months, affecting our production costs, materials, and logistical expenses, we will be implementing a price increase of 5% on all book types. We have made every effort to mitigate the impact of recent inflationary pressures, but we find this price increase necessary in order to ensure the continued quality and sustainability of our printing services.”

This follows email communication on tariffs from IPG CEO Joe Matthews. “The dearth of solid information about books being included or not, along with constantly changing tariff rates in a potential trade war, have made clear communication impossible. I can, however, lay out a few principles that may guide us. IPG is sometimes the receiver of foreign shipments. If a tariff is levied to IPG, IPG will pass this cost to the publisher statement as an expense. This will be our policy if we see new tariffs added.”

Industry organization the American Booksellers Association rounds up the full effects of the tariffs on the industry and on American readers, “It is likely that tariffs will increase the price of books and shipping, mainly because of how they could impact the cost of producing books (imported paper and ink except Canada and Mexico if USMCA-compliant) and possible increases in fuel prices. Much will depend on how publishers and suppliers respond to the tariffs — where they source paper and ink and other items to produce books. That said, even small input cost increases might nudge book prices up 5%-10%. Inflation from broader tariff impacts could amplify this; and some economists project tariffs could cost the average household $3,800 per year according to an analysis by Yale University, and will impact low-income households the hardest.”

They conclude: “This, of course, would likely shrink consumer spending on books.”

“Because trade policy is incremental, we are focused on working with the president’s team and Congress as they consider long-term strategies to strengthen the international economic position of American businesses and workers,” said Lui Simpson, EVP of global policy for the Association of American Publishers in an article for book industry trade publication Publishers Weekly.

And despite the tariff exemption for books, other adjacent industries are still getting hit.

“Most comic shops stock more than books,” Trexler told me. “Collectibles and apparel would be two key issues.”

The American Booksellers Association called out coffee and shopping bags — two things you might frequently find in your local bookstore or comics store — as tariff targets that might have your local bookseller or comic book seller facing increased costs.

What does that look like? They explain: “For shopping bags from Canada and Mexico, USMCA-compliant bags face a 0% tariff under the existing fentanyl/migration IEEPA orders. Canada’s a big player in paper bags, exporting kraft paper and finished bags that often meet USMCA rules of origin (e.g., North American pulp and production). Mexico supplies some plastic and reusable bags, also largely USMCA-compliant. Non-compliant bags from these countries look to face the universal 10% tariff (formerly a 25% tariff), but most bags (paper especially) qualify for the 0% rate. For shopping bags from other countries, the reciprocal tariffs kick in. Shopping bags from China face at least a minimal additional 125% tariff on top of existing duties, according to media reports, with rates up to 25%-50% for 57 nations (e.g., Vietnam at 46%). Raw materials like plastic resin or cotton from tariffed countries could also nudge prices up indirectly.”

“The exemption does not apply to game products,” Print Ninja shared in a recent newsletter. “Those are currently priced with the additional 145% tariff costs. While we absorbed much of that cost early on, the rapid and unpredictable jumps have become too much to take on without destroying our business model. We're still hopeful that a revised trade partnership will alleviate this.”

How is Print Ninja reacting to this? “We're pausing quoting of any international custom game orders, as we continue to work to find solutions to the orders that were in process.”

The response internationally from comics and graphic novel publishers to the tariff rollout has been overall dismay. In general: everything is anxiety when it comes to publishing graphic novels in 2025.

A publisher who spoke to me anonymously told me, “We're claiming the freedom of speech exemption to the new tariffs, which is in somewhat of a grey zone since it hasn't been challenged in court. I get the feeling most if not all publishers are claiming it? So currently the tariffs are not yet effecting us at all, except for the generally anxiety that they might fuck us up at any moment, but we're currently proceeding at normal.”

“I think one thing that makes this especially difficult is the inconsistency and unpredictability of the policy,” said Rob Salkowitz, journalist at Forbes.com and ICv2. “If we had clarity that there was going to be, say, a 25% tariff on these goods from these countries, you could plan for that. But if a business anticipates the tariffs based on announcements, obtains an alternate source of supply that is 15% over what they’d ordinarily pay, but less than the tariffed price of an import — and then the tariff gets suspended — that puts the prudent business at a competitive disadvantage from one that didn’t plan ahead at all. This is one of the reasons that even generally conservative economists don’t like mercantilism. It has perverse effects on domestic businesses which can make the industries in the so-called protected economy less competitive and less efficient over time. At the very least, it’s likely to create distortions that hurt American consumers because suppliers will be managing to arbitrary and changeable policy dictates rather than real market conditions.”

Liz Frances, Publisher of Street Noise, said, “The whole atmosphere is just so nerve-wracking. It's hard to make business decisions when international relations are fluctuating so widely and so quickly. And I am frightened to see that the Trump administration is operating so recklessly. And for small business owners everything just seems incredibly risky.”

“Luckily, thus far the impact has been minimal relative to some of the worst case scenarios we had been envisioning,” Eric Reynolds, Associate Publisher at Fantagraphics told me. “But I also think that could change in a heartbeat.”

“We are super hopeful that the tariff exemptions our overseas printers have found are actually real and will stay in effect, but it’s pretty scary not even knowing what the situation is or how it will change,” Silver Sprocket Publisher Avi Ehrlich shared.

“More than anything else, the uncertainty is what's causing me the most anxiety,” Bulgihan's Clemente said. “Once (if, even) they kick in, I'll be able to have a more defined anxiety, but at least then I could try to find ways to work around them.”

It’s not just publishers who are anxious and confused: printers are too. Fieldmouse Press recently ran a crowdfunding campaign to defray the costs of upcoming tariffs — despite the fact that publishers should be exempt from them.

In a message to backers this month, they said, “The printer we are working with, located in China, is operating under the belief that, for now, the tariffs are very much in place. Moreover, this remains a volatile situation overall, as threats of further U.S. tariffs and worldwide retaliatory actions remain a real possibility. As of now, unfortunately, it is uncertain whether or not we will need the money raised in our GoFundMe until the boat with our books arrives, which will be in three to four weeks.”

Other printers are proceeding apace with the tariff exceptions without problems — at least, so far.

“Most printers are working with us to navigate tariffs as best they can,” Reynolds told me.

Ehrlich forwarded me this message they’d received from one of their printers. “We heard from freight forwarders and our other U.S. publishing clients. Many of them have decided to use the HTSUS 9903.01.22 code for their books. It's no problem for us to follow this instruction — we will put this code on the commercial invoices and shipping documents, the freight forwarder/customs agent will also file this code when they clear the U.S. customs.”

“I was not surprised by the confusion among government officials at Customs and the shippers/customs borders that are collecting tariffs. The tariffs were imposed at a far greater scale and with faster speed than is typical, and it takes a while for the system to catch up with change in normal circumstances,” Trexler told me.

For an international perspective on what’s going on in the United States, I talked to several Canadian publishers.

“We're extremely proud to be a Canadian company," Vigneault told me. “Not only do we publish some of the best cartoonists from Canada (which means we're publishing some of the best cartoonists, period), but we edit, translate, design, and print our books right here in Canada, too, which is becoming increasingly rare. For economic, environmental, and ethical reasons we wanted our production to happen here, and not overseas. Now you see the U.S. government hitting Canada, a putative ally, with a higher tariff rate than what is being imposed on China. It feels like a betrayal. While we'd definitely prefer to never have had this whole tariff thing come up in the first place, I will say that we are proud of the Canadian response to the Trump administration's trade war.”

Vigneault concluded: “I want to emphasize for American readers that this is a very big deal up here, and Canadians are taking Trump's open threats to destroy our economy, annex our country, and turn us into the ‘51st State’ very seriously. The geopolitical and economic situation between our countries has changed for the worse, probably irrevocably. Canadians are pissed, and there is a groundswell of national pride in the face of these provocations. Elbows up!”

Andy Brown, Publisher of Conundrum, agrees. “Frankly, tariffs are not at the top of my list of concerns,” he told me.

Andrew Benteau, Founder of Black Panel Press, said, “It seems like one minute we're expecting tariffs and the next we're exempt. It makes it difficult to invest in new books. The constant back and forth on tariffs is making it difficult to make sound decisions regarding which titles to publish and the quantity of copies to produce. Tariffs will impact cover prices, which will impact demand and, therefore, the size of print runs. It seems impossible to trust information in the media, so we're just waiting for shipments to arrive to find out for certain whether tariffs will be applied before ordering new books. This will likely result in publication delays.”

“I am very nervous about the retaliatory actions other countries are taking in response to Trump's insanity, through measures such as Canada's proposed 25% tariff on US books,” Clemente told me. “While I don't have a ton of business in Canada, I do have a good number of readers and I'd worry that they'd have to pay even more to read comics I and other U.S. publishers put out.”

In an article for The Beat, Fantom Comics’ Jacob Shapiro commented, “Maybe Trump’s idea is that Drawn & Quarterly should suffer because they’re Canadian, so the great American Fantagraphics can take over the literary graphic novel market ... but as a retailer, I’d rather be able to sell comics from all over the world.”

U.K. publishers also weighed in.

Ricky Miller, co-Publisher of Avery Hill Publishing, unpacks how the tariff changes will affect the publisher. “In order to sell into the U.S. market, Avery Hill works with a US distributor (SCB) and a U.S. based order fulfillment company (White Squirrel). My understanding is that as things stand (and who knows if and when this will change), books originating from the U.K. will face a tariff of 10% at point of entry to the U.S. Further, as most of our books are printed in the EU, for those books there will be a tariff of 20% instead of 10%.”

Emma Hayley, Managing Director of Self Made Hero, told me, “If tariffs on books do come into force for U.K./European imports, that would be pretty devastating. As a small publisher, our margins are such that we would need to increase the cover price of our books to absorb any potential tariff, and that might see fewer overall sales as consumers feel the pinch. I have looked into printing in the U.S. in the past, but the estimates for printing short run full color, high end graphic novels have been too exorbitant to contemplate. The production process when it comes to graphic novels is different to a standard book. Paper choices are important when evaluating how the colors will print for instance. We work in a collaborative way with authors to get as close to their intended vision as possible when it comes to the look and feel of their work. Even the texture of the paper can be important. And we work closely with our trusted printers to ensure that we get the quality each of our graphic novels deserve.”

Higher tariffs would make U.K. publishers reconsider their business with the U.S. "We’d have to seriously reconsider how we sell to the US market as sending books to our US distributors would be prohibitively expensive and entirely wipe out our margin," Miller said.

What are publishers doing to deal with potential tariff changes?

“We're just waiting for shipments to arrive to find out for certain whether tariffs will be applied before ordering new books,” Andrew Benteau, Founder of Black Panel Press, told me. “This will likely result in publication delays.

For some publishers, this means raising prices. Vanessa Todd-Holmes, Vice President of Production and Scheduling at Dark Horse said, “We continue to review the impact of tariffs on our bottom line and, where required, have adjusted retail price to offset the impact.”

“If the tariffs stay on for an extended period and our new books get hit with a 25% markup, we'll have to pass that on to the consumer, since our margins are too thin for us to eat that cost,” Vigneault said. “So we obviously hope that the U.S. government hears the widespread criticisms of this policy and makes some adjustments. It's frustrating for us, of course, because we are just starting to make inroads into the American market.”

He concluded: “Of course ultimately it is the American consumer who has to pay the price.”

Some publishers are looking at different printers or exploring other changes to their business models.

“The primary thing we are doing to mitigate any tariffs in China or elsewhere in Asia is to shift as much of our printing elsewhere as we can: India, Europe, etc.,” said Reynolds. “Comics and books seem exempt from tariffs in Canada so far, but we print very little in Canada.”

Avery Hill's Miller told me, “In the medium to long-term we’ll need to be reviewing our options as to whether we want to keep selling our books through distributors in the U.S., or instead pivot to trying to sell the rights to U.S. publishers.”

But for others, the current tariff level isn’t indicating a need for major changes — at least, not yet.

“For now we're continuing to do the work we plan to do while actively pursuing business relationships with printers in the U.S.A. Limited data suggest that even with the additional tariffs, it's still largely cheaper to print in China,” Alex Hoffman, Publisher of Fieldmouse Press told me.

“Based on my inclusion in the original TCJ article, I was contacted by a domestic printer that I feel is promising, though the comparison quote I requested left me a little underwhelmed. It's not so high that I can immediately say no, but not low enough to generate enthusiasm,” Clemente said.

How are small print run mini-comics publishers whose production is entirely based in the United States affected?

“I print very locally — typically, within the five boroughs of New York City, where I live,” said Robyn Chapman, Publisher of Paper Rocket Press. “I haven't noticed price hikes yet. One of my printers (Minuteman Press in Brooklyn) said the tariffs haven't affected their prices yet, but that doesn't mean they won't in the future.”

Dan Nott, Co-Publisher of Parsifal Press, told me, “Parsifal Press is on the micro-press side of the publishing spectrum — we do small runs of books that we've either printed ourselves or worked with North American printers on. We mostly print in the U.S., but have also worked with Colour Code up in Toronto. So while the tariffs are not directly affecting the cost of our books the same as others, we're expecting to see increases in cost for paper, toner, ink — everything really. Our goal has always been to try and break even on production costs and support artists however we can. The margins that allow us to do that have always been slim, and we expect it to become more challenging, at least in the short-medium term.”

Chapman concurs: “I have been keeping my prices artificially low for years. This is a labor of love for me, so breaking even is a win as far as I'm concerned. Also, I got started in self-publishing in the late nineties, and back then, there was a feeling back then that zines should be as cheap as possible. Three to five bucks, ideally. I still aim for this price when possible. But I do need to break even, so I might have to raise my prices just to do that.”

Rising paper costs and other supply chain expenses (many of which are affected by the tariffs) aren’t just an issue for mini-comics publishers.

“We are being impacted by potential tariffs on paper imported from Canada,” says Vanessa Todd-Holmes, Vice President of Production and Scheduling at Dark Horse. “While we do not import paper directly, the U.S. does import a large amount of both pulp and paper from Canada. In preparation for potential tariffs, paper demand has increased as has the price. We have seen that reflected in the books and comics we print in both the US and Canada.”

Damien Wassel of Vault Comics, told me, “The paper supply problem has been ongoing for many years, resulting from consolidation, closure, and protracted labor disputes. The addition of tariffs to this already messy environment is not helping anyone.”

“Even modest increases in tariffs on books — or on components like paper — create difficult tradeoffs. Publishers are being cornered into a place where the options are either raise prices, cheapen the product, or take the hit. None of those feel good,” said Mad Cave Studios' Allison Pond and Mark Irwin.

Publisher after publisher told me how tight the margins are in making books — especially for small presses and comics publishers focusing on art and quality.

“It’s important to remind ourselves that the tariff is on the cost price of the book (so print cost) rather than the retail cost,” said Miller. “So in reality we’re probably looking at a 2-4% increase of costs against the retail price. But in a business of fine margins like this, any more cost increases are unwelcome and as we already only keep 15% of cover price (after printers have been paid and distributors and retailers have taken their cut and we’ve paid the creator), we’re looking at something closer to retaining only 10% of cover price towards keeping the lights on.”

But Ehrlich has a different viewpoint on how much books and comics are affected. “Other industries like kitchen appliances are way more impacted by tariffs because so much more of the sale price is directly the production cost," he said. "Books have production costs that are typically less than 10% of retail price, with much more in distribution and marketing costs. Yes, tariffs suck and increase costs, but publishers hypothetically could much more easily absorb that extra 20% or increase books list price by much smaller margins than what's required in other industries and not have it result in as dramatic of retail price increases.”

Dealing with all these changes and decisions takes time and energy — which takes publishers away from directing their energy into publishing books.

“We are carefully considering and reviewing our publishing plans and schedules, making adjustments as needed and as we expect will help us navigate these uncertain times,” Cara O’Neil, VP of Marketing at Dark Horse, told me.

“We’ve expanded the list of suppliers we work with, which helps us navigate supply chain squeezes, but complicates procurement significantly,” Wassel said.

“Negotiating distribution contracts, deciding on print runs, and figuring out shipping times, it's all much more complicated than it ought to be. Every hour you have to spend trying to figure out what is going on and how you are going to respond to this stuff is an hour you can't spend on the fundamental elements of the business of publishing great graphic novels,” said Vigneault.

With new excitement and popularity for graphic novels and manga, and for the growing ebook and audio book graphic novel market, 2025 is a time for marketplace change and the new tariffs reflect.

“Regardless of political feelings about the current administration, we're in a period of global trade realignment,” Uncivilized Publisher Tom Kaczynski told me. “The current global trade situation has been developing for a couple of decades, and we're in for a few years of turmoil no matter who is in charge.”

In a recent blog post, he commented, “Higher prices will create new incentives for domestic printers to increase capacity and quality. Over time, this should result in lower prices and simplified logistics. I don’t know how likely that is. But, as a publisher, I’d prefer domestic production. Everything becomes simpler: shipping, timelines, and other logistics become easier to manage.”

Ehrlich has doubts about the viability of domestic printing leveling up. “I don't know how economically viable it is for printers here to be equipped for printing on deliberately chosen paper stocks with bespoke Pantone ink colors and other special effects when comics seem to be less than 10% of book sales (not even accounting for the amount of manga that is black and white). U.S. sales of full-color graphic novels are maybe thirty million per year for the whole country compared to around forty million full-color comics in the much-smaller country of France. We do have book printers like Lakeshore and Walsworth who can do it, but I suspect that it’s simply an issue of scale that has their pricing over double that of other countries, with their main competitive advantage being faster turn-around time.”

They concluded, “The American government doesn't really support literature or comics at all, with film and television being the de facto American media.”

Other publishers are seeing the industry havoc from the global trade realignment play out in different ways for their businesses.

“We were bracing for turbulence in 2024 — but the way it’s playing out in 2025 is even more destabilizing than expected. The tariffs are only part of the story: they’re compounding an already fragile economy where inflation, rising material costs, and reduced consumer spending are forcing readers to make tougher choices,” Pond and Irwin said.

“The bigger issue for us lately has been the Diamond bankruptcy,” Benteau told me. “Combined with the potential of new tariffs, it's causing us to reconsider the size of print runs, the number of new titles we publish, and the release dates of upcoming titles.”

Andy Brown, Publisher of Conundrum, said, “As a Canadian I am far more concerned about the fact that the very independence of my country is under threat due to this ‘trade war.’ I will not cross the border into the U.S.A. And many of the artists I publish have told me they feel concern for their safety if they do. So that means no more U.S. festivals, no in person sales conferences, no U.S. tours. So that will affect sales and the bottom line far more than tariffs. I will be seeking out European markets even more.”

He’s not alone, Vigneault said, “Another thing that has come up recently is the frequent reports of foreign nationals being treated horribly, like Jasmine Mooney, a Canadian who was detained by ICE for two weeks. Recently, some countries such as Germany have issued travel advisories to their citizens. This atmosphere has made the idea of having our Canadian creators come out to festivals in the U.S.A. extremely fraught for us, which is a shame because we love connecting with readers in the States; we just had a great time at MoCCA in New York. The next show Pow Pow has scheduled in the U.S.A. is SPX in September, so we have a little while to consider our options, but I would be lying if I told you we weren't extremely concerned about this.”

For some publishers, events of 2025 are affecting other parts of their financial plans.

“The conservative social agenda, elimination of granting programs based on diversity, and the focus on destroying DEI initiatives is extraordinarily troubling, especially since our work is largely focused on publishing underrepresented voices in comics," Hoffman said. "2025 should have been one of the first years we could reasonably apply for a NEA grant, but we decided to forgo that option given the last-minute changes to granting and the potential risk that a complete and open application might pose to our artists in the wrong hands. This isn't going to change our publishing program, but it does give us concerns about distribution and other business factors moving into 2026.”

“As the economy suffers, little businesses like Street Noise are getting squeezed from all sides,” Street Noise's Frances said. “There just isn't as much money to go around as there was. Our financial outlook is increasingly uncertain. And it seems more and more challenging just to keep things going. Thankfully, we have a strong community of authors, artists, and readers. And the books we publish feel increasingly vital and relevant in this age of uncertainty. So, we will continue to move forward in the face of whatever this volatile political administration throws at us.”

The same is true for Mad Cave Studios. "We believe in the power of books to educate, entertain, and elevate," Pond and Irwin said. "In times like this, stories matter more than ever. So we’ll keep finding ways to reach readers — because that’s the part we can control.”

Read Entire Article