Medical Device Companies Could Be Hurt By Chinese Tariffs
US medtech firms, including GE Healthcare (NYSE:GE) and the thriving Minnesota-based medtech sector, are concerned that tariffs on Chinese products proposed by President Trump could significantly affect their business, according to two reports released this week.
GE Healthcare executives are worried that the tariffs could hurt the competitiveness of its products, including its magnetic-resonance imaging units which are produced in Waukesha, according to a Boston Business Journal report.
GE is reportedly requesting that the Trump administration remove certain parts and components made in China from a list of products that could be on the receiving end of new US tariffs.
“GE’s requests for adjustments to the proposed tariff list have been limited … to those products that should be removed because tariffs would impose significant and disproportionate costs on U.S. business, workers and consumers without advancing — or potentially even undermining — the President’s goals,” GE wrote in comments to the US Trade Representative, the BBJ reported.
Chinese-produced parts are essential for a number of GE’s devices, including ultrasound machines, patient monitors, MRI machines, CT machines and X-ray machines, some of which are produced by GE owned facilities in the region while others are produced by local Chinese companies, according to the report.
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