Tariffs, Margins, and Myths: What the Numbers Actually Say

A few days ago, I published a blog post calling for cooler heads in the board game industry as the initial wave of tariffs hit imports from China. I urged publishers and retailers alike to stop blaming external forces and start taking responsibility for their own models and decisions. I pointed out that the real pain wasn’t coming from policy—it was coming from outdated systems and a lack of ownership.

Turns out, those tariffs? They’ve gone up again.

And just like before, the sky is falling—again.

At least, according to some.

But here’s the thing: it’s still not the tariffs.

It’s still us.

The Poster Children for Panic

Two of the industry’s most recognizable voices—Meredith Placko of Steve Jackson Games and Jamey Stegmaier of Stonemaier Games—have been leading the charge on how devastating these tariffs will be.

Meredith says they’re facing $3.00 games rising to $4.62, and that the only path forward is to raise retail prices from $25 to $40 to survive. Jamey has echoed similar concerns, highlighting the lack of infrastructure to produce domestically and the high risks of shifting strategies. I covered all of this in my previous blog post you can read here.

These aren’t indie newcomers. These are seasoned veterans, leading multi-million dollar brands with decades of experience and dedicated fanbases. And yet, their answer to a $3-$12 increase in cost is a $15-$40 price hike to the consumer.

That math doesn’t check out.

Let’s Break It Down

Let’s take Meredith’s numbers at face value:

• Manufacturing Cost (pre-tariff): $3.00

• Tariff Impact: $3.12 (with 104% increase)

• Add shipping, customs, etc.: generous estimate lands it at $7.93 per unit

  
  

Now, even if you’re using traditional distribution—selling to a distributor at 40% of MSRP—you’d need to charge the distributor about $10 just to break even. That’s assuming you do nothing to cut costs elsewhere.

But here’s the kicker:

Games like Munchkin don’t need distribution.

They’re evergreen products with decades of brand recognition. Retailers already know the name. Consumers already know what they’re buying.

Same goes for Jamie's Wingspan, Finspan, Wyrmspan, Attentionspan...

At $60 retail and a $12 production cost, Stonemaier already had a strong margin. But with tariffs pushing their landed cost closer to $28 per unit, the distributor model no longer holds up. If they shifted to a direct-to-consumer strategy, they’d not only bypass those compounded distribution cuts—they could lower the price for players and still profit more per sale.

We ran the numbers: Even if Stonemaier dropped the price of Wingspan or Wyrmspan on their own website to $50, they'd still net over $21 per unit in profit.

At $45? Nearly $17.

And even at $40, they'd make nearly $12 per unit—after 104% tariffs, customs, and shipping.

That’s not just survivable—it’s better.

So when we’re told that prices must go up or games can’t be produced anymore, we have to ask:

“Is it really the tariffs—or is it the model?”

Because the math paints a much clearer picture than the fear.

Fear Mongering Isn’t Strategy

So why are we being told there’s “no silver lining,” that this is a “lose-lose-lose,” and that prices must go up?

Because too many publishers built their businesses on dependency—not sustainability.

They handed off their sales to distributors.

They handed off their customer relationships to retailers.

They handed off their pricing to a market that cares more about perceived value than gameplay.

So now, when something shifts, they have no control.

And instead of owning that, they’re blaming the shift.

It’s not the tariffs. It’s the model.

What We Did Differently at High Noon

At High Noon, we decided from day one that we wouldn’t play by broken rules. We sell directly to our retailers. We sell directly to our customers. We design our games to be fun first, not flashy. We kept our manufacturing lean—not cheap—and focused on delivering value through gameplay, not gimmicks.

So when the tariffs hit? We didn’t flinch.

Because we weren’t built on bloat. We were built to last.

And we’re not alone.

Every publisher has the power to reimagine how their business works.

Every retailer has the power to choose partnerships that respect their margins.

Every consumer has the right to question why their favorite game suddenly costs $15 more—when nothing about the game has changed but the business behind it.

To the Newcomer Publisher: This Is Your Moment

If you’re about to launch your first game and wondering if the tariffs have doomed you before you’ve even begun—they haven’t.

Here’s why:

Let’s say your game is simpler.

You’re not producing 50 miniatures and layered punchboards.

Maybe your game is mostly cards, a board, a rulebook, a few dice, and some tokens.

I recently got a quote for a game like that—$3.65 per unit.

Let’s add in the 104% tariff, 5% customs, and $2.50 shipping: Your final landed cost? Around $8.48.

If you price your game at $40 MSRP and sell it to backers for $30, you’re still making $21.52 per unit.

Even in retail, selling it at $20 to a store nets you over $11.

The myth that “tariffs will kill your profit margin” only holds up if your business wasn’t built with margin in the first place.

The Game Is Changing—And That’s a Good Thing

The tariff hike didn’t kill us.

It just exposed what was already broken.

If your business was built on shallow margins and passive dependency, you’re feeling the heat.

But if you’re willing to own your numbers, own your sales, and own your future—you’ll be fine.

In fact, you might even come out ahead.

And if you're a retailer or player reading this, wondering why prices are skyrocketing—it’s not because of tariffs. It’s because some companies built their empires on a foundation of fluff.

At High Noon, we built ours on value, strategy, and direct relationships.

If you’re looking to work with a publisher who walks that talk, you know where to find us.