Medical device companies are preparing for the impact of new tariffs on Mexico and Canada and another hike on China tariffs. The changes, which went into effect Monday and Tuesday, could increase the cost of medical products and reduce sales outside of the U.S. if countries retaliate.
The new tariffs are in addition to previous levies last month on aluminum and steel. President Donald Trump also proposed enacting reciprocal tariffs against additional countries, but federal agencies are still working out specific plans.
Medical device companies have shared few specifics on how they plan to navigate the new tariffs. Healthcare industry groups, including Advamed and the American Hospital Association, have called for the Trump administration to exempt medical devices and supplies. However, there have not yet been specific carve-outs.
Catch up on MedTech Dive’s coverage on how tariffs could impact the medical device industry.
