The boss of Warhammer maker Games Workshop has said the company managed to secure a £7.8 million (approx. $10.3 million) refund on Donald Trump’s tariffs, but other issues, such as the Iran War, threaten its supply chain.
The UK-based company makes the majority of its money through the sale of miniatures, which are painted by fans and used to play a variety of tabletop games, such as Warhammer 40,000. The U.S. is a significant market for Games Workshop, and so when Trump’s tariffs kicked in, the company was hit hard.
In its latest financial report, Games Workshop CEO Kevin Rountree said the company paid £12 million (approx. $15.9 million) in new U.S. tariffs during the last financial year. But following the U.S. Supreme Court ruling that declared the tariffs illegal, Games Workshop reclaimed £7.8 million of tariffs for the period to February 2026.
In February, the Supreme Court said Trump’s unprecedented use of the International Emergency Economic Powers Act (IEEPA) was illegal. In early April last year, Trump held up a chart while speaking during a “Make America Wealthy Again” trade announcement event in the Rose Garden at the White House, and declared “Liberation Day.” The announcement confirmed additional tariffs targeting goods imported to the U.S. The U.S. Customs and Border Protection agency said it collected about $166 billion in duties and deposits under the emergency tariffs imposed by Trump.
But following the Supreme Court decision, Trump introduced a new 10% global tariff rate, which Rountree said would cost Games Workshop £13 million (approx. $17.2 million) in new U.S. tariffs this financial year.
“Well, I thought this would be drama free, how wrong I was,” Rountree said during prepared remarks. “The continuous hard work on efficiency gains to improve our gross margin has continued. Unlike some companies, we do not consider tariffs as an exceptional item, but rather part of the uncertainty of operating globally.” Those mitigation measures include price increases and operational changes (Games Workshop announced price rises last October).
Trump’s tariffs have also had a significant impact on the world of video games, with Nintendo suing the U.S. government and demanding a refund with interest. Nintendo recently insisted it was under no obligation to pass that money back to consumers — even though they paid higher prices for Switch 2 products. Presumably Games Workshop would have a similar view.
Speaking of uncertainty, Rountree said “conflicts around the world” threaten to disrupt Games Workshop’s supply chain. He also flagged higher plastic input costs, estimating a roughly £2 million hit from supply-chain disruption and inflationary pressures linked to volatility in global energy markets.
Still, the Warhammer boom shows no sign of slowing down. Games Workshop’s profit before tax rose 4.9% to a record £275.7 million (approx. $366 million) for the fiscal year ended May 31, driven by continued growth in the core Warhammer business. “‘Games Workshop and the Warhammer hobby are in great shape,” Rountree declared.
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Wesley is Director, News at IGN. Find him on Twitter at @wyp100. You can reach Wesley at [email protected] or confidentially at [email protected].