The U.S. medical device industry is facing nearly $1 billion in tariffs from the Trump administration, about $4 billion less than what was originally expected, according to AdvaMed. Customs and Border Protection began collecting the additional duties on July 6.
The Trump administration announced in April that it intended to impose tariffs on $50 billion worth of Chinese imports as part of a plan to keep American companies from manufacturing their technology in China and transferring intellectual property to domestic Chinese enterprises.
AdvaMed initially predicted that the medical device industry was facing about $5 billion worth of tariffs on medical device and technology products from China, many made by U.S. companies. Then they knocked the estimate down to $2.8 billion worth of medical device and technology products. Now the number is down to $836 million, though the new plans to impose tariffs on an addditional $200 billion in Chinese goods could add less than $100 million to the $836 million amount.
At DeviceTalks Boston, Tyler Shultz will give attendees an inside look at Theranos and how he was able to sound the alarm after he realized the company was falling apart. Shultz will take attendees behind the story that everyone is talking about: the rise and fall of Elizabeth Holmes and her diagnostic company, Theranos.
Join Shultz and 1,000+ medical device professionals at the 8th annual DeviceTalks Boston.