As the trade war between the U.S. and China continues to brew, the medical technology industry is bracing for heavy impact from China's $5 billion in tariffs on imported U.S. goods—including medical imaging devices and technology, according to an article published Sept. 24 by Forbes.
China’s retaliatory tariffs were declared last week after the Trump Administration placed $250 billion in tariffs on Chinese imported goods in August. Component parts made in China that are used to make medical imaging devices and other technologies have been the most impacted by the Trump Administration’s tariffs.
The Advanced Medical Technology Association (AdvaMed) expressed a shared sense of fear regarding the tariffs among its member companies—including Johnson & Johnson, Abbott Laboratories, Medtronic, Stryker and Baxter International—at the 2018 MedTech Conference in Philadelphia on Monday, Sept. 24. The company is also working on a report detailing devices and companies impacted by the tariffs and expects to issue it in the next two months, according to Forbes.
“The latest Chinese tariffs cover almost all remaining U.S. medtech exports to China in 2017, plus possible non-tariff measures such as delayed regulatory approval, tendering discrimination,” according to Forbes.
Read the entire story below.
A recent graduate from Dominican University (IL) with a bachelor’s in journalism, Melissa joined TriMed’s Chicago team in 2017 covering all aspects of health imaging. She’s a fan of singing and playing guitar, elephants, a good cup of tea, and her golden retriever Cooper.